Ohio Rev. Code § 1321.403

Current with legislation from 2024 received as of August 15, 2024.

Section 1321.403 - [See Note] Short-term loan fee cap; exceptions

Notwithstanding any provision of sections 1321.35 to 1321.48 of the Revised Code to the contrary, a licensee shall not charge, collect, or receive in connection with a short-term loan a total amount of fees and charges that exceeds sixty per cent of the originally contracted loan amount. For purposes of this section, all charges made in connection with the loan shall be included when calculating the total loan charges except for all of the following:

(A) The check collection charge authorized under section 1321.40 of the Revised Code;

(B) The check cashing fee authorized under section 1321.40 of the Revised Code;

(C) The interest charges on a loan that is refinanced in accordance with section 1321.401 of the Revised Code.

R.C. § 1321.403

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.