2006 Ohio Revised Code - 1317.07. Requirements of retail installment contract.
§ 1317.07. Requirements of retail installment contract.
No retail installment contract authorized by
section 1317.03 of the Revised Code that is executed in connection with any retail installment sale shall evidence any indebtedness in excess of the time balance fixed in the written instrument in compliance with
section 1317.04 of the Revised Code, but it may evidence in addition any agreements of the parties for the payment of delinquent charges, as provided for in
section 1317.06 of the Revised Code, taxes, and any lawful fee actually paid out, or to be paid out, by the retail seller to any public officer for filing, recording, or releasing any instrument securing the payment of the obligation owed on any retail installment contract. No retail seller, directly or indirectly, shall charge, contract for, or receive from any retail buyer, any further or other amount for examination, service, brokerage, commission, expense, fee, or other thing of value. A documentary service charge customarily and presently being paid on May 9, 1949, in a particular business and area may be charged if the charge does not exceed two hundred fifty dollars per sale.
No retail seller shall use multiple agreements with respect to a single item or related items purchased at the same time, with intent to obtain a higher charge than would otherwise be permitted by
Chapter 1317. of the Revised Code or to avoid disclosure of an annual percentage rate, nor by use of such agreements make any charge greater than that which would be permitted by
Chapter 1317. of the Revised Code had a single agreement been used.
HISTORY: GC § 6346-21; 123 v 77; Bureau of Code Revision, 10-1-53; 134 v H 350 (Eff 4-4-73); 139 v H 275 (Eff 8-1-81); 144 v H 298 (Eff 7-26-91); 148 v H 283. Eff 9-29-99; 150 v H 95, § 1, eff. 9-26-03; 151 v H 530, § 101.01, eff. 6-30-06.
The effective date is set by § 812.03 of 151 v H 530.
The effective date is set by section 179 of H.B. 95 (150 v - ).
Effect of Amendments
151 v H 530, effective June 30, 2006, in the first paragraph, substituted "two hundred fifty" for "one hundred".
H.B. 95, Acts 2003, effective September 26, 2003, substituted "one hundred" for "fifty" in the first paragraph.
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