2019 Ohio Revised Code
Title [13] XIII COMMERCIAL TRANSACTIONS - OHIO UNIFORM COMMERCIAL CODE
Chapter 1321 - SMALL LOANS
Section 1321.632 - Licensees; prohibited activities.
A licensee may engage in the business of making loans provided the licensee does not do any of the following:
(A) Assess an origination fee pursuant to section 1321.68 of the Revised Code more than three times in any twelve-month period;
(B) Accept a dated instrument from the borrower as security for a loan;
(C) Hold an instrument for a period of time prior to negotiation or deposit of the instrument;
(D) Pay to a borrower, credit to a borrower's account, or pay to another person on the borrower's behalf the amount of an instrument, less interest, fees, or any other charges permitted by section 1321.68 of the Revised Code;
(E) Refinance the loan during the first one hundred twenty days of the loan term;
(F) Except for the deferment charge permitted by section 1321.68 of the Revised Code, charge or collect any fee, charge, or remuneration of any sort for renewing, amending, or extending a loan beyond its original term.
Added by 132nd General Assembly File No. TBD, SB 24, §1, eff. 7/1/2017.
