Statutes, codes, and regulations
Ohio Revised Code
Title 13 - COMMERCIAL TRANSACTIONS - OHIO UNIFORM COMMERCIAL CODE
Chapter 1321 - SMALL LOANS
Section 1321.402 - [See Note] Prepayment or refinancing prior to short-term loan maturity date

Ohio Rev. Code § 1321.402

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Current with legislation from 2024 received as of August 15, 2024.
Section 1321.402 - [See Note] Prepayment or refinancing prior to short-term loan maturity date

If a short-term loan is prepaid in full or refinanced prior to the loan's maturity date, the licensee shall refund to the borrower a prorated portion of the interest, monthly maintenance fees, and all other charges based on a ratio of the number of days the loan was outstanding and the number of days for which the loan was originally contracted. For purposes of this section, the monthly maintenance fee is not considered to be fully earned at the beginning of a month.

R.C. § 1321.402

Amended by 132nd General Assembly, HB 123,§1, eff. 10/29/2018, applicable to loans that are made, or extensions of credit that are obtained, on or after a date that is 180 days after the effective date of this act.