Effective: September 26, 1996 Latest Legislation: Senate Bill 293 – 121st General Assembly (A) As used in sections 1321.01 to 1321.19 of the Revised Code: (1) “Person” includes individuals, partnerships, associations, trusts, corporations, and all other legal entities. (2) “License” means a license issued under sections 1321.01 to 1321.19 of the Revised Code to make […]
Effective: March 23, 2018 Latest Legislation: House Bill 199, Senate Bill 24 – 132nd General Assembly No person shall engage in the business of lending money, credit, or choses in action in amounts of five thousand dollars or less, or exact, contract for, or receive, directly or indirectly, on or in connection with any such […]
Effective: September 26, 1996 Latest Legislation: Senate Bill 293 – 121st General Assembly Application for a license shall be in writing, under oath, and in the form prescribed by the division of financial institutions, and shall contain the name and address of the applicant, and, if the applicant is a partnership or association, of every […]
Effective: October 9, 2021 Latest Legislation: House Bill 263 – 133rd General Assembly Upon the filing of an application under section 1321.03 of the Revised Code and payment of fees pursuant to section 1321.20 of the Revised Code, the division of financial institutions shall investigate the facts concerning the applicant and the requirements provided for […]
Effective: March 22, 2001 Latest Legislation: Senate Bill 180 – 123rd General Assembly Each license shall state the address at which the business is to be conducted and shall state fully the name of the licensee. Each license shall be kept conspicuously posted in the place of business of the licensee and is not transferable […]
Effective: September 26, 1996 Latest Legislation: Senate Bill 293 – 121st General Assembly Not more than one place of business shall be maintained under the same license issued under sections 1321.01 to 1321.05 of the Revised Code, but the division of financial institutions may issue additional licenses to the same licensee upon compliance with such […]
Effective: July 1, 2009 Latest Legislation: House Bill 525 – 127th General Assembly At least once each year the division of financial institutions shall make an examination of the business, loans, books, papers, and records of each licensee so far as they pertain to the licensed business, and it may make such an examination more […]
Effective: September 26, 1996 Latest Legislation: Senate Bill 293 – 121st General Assembly In accordance with Chapter 119. of the Revised Code: (A) The division of financial institutions shall, upon written notice to the licensee stating the contemplated action and the grounds therefor, and upon reasonable opportunity to be heard, suspend or revoke any license […]
Effective: June 18, 2002 Latest Legislation: Senate Bill 138 – 124th General Assembly (A) Every licensee shall keep and use in the licensee’s business such books, accounts, and records as will enable the division of financial institutions to determine whether the licensee is complying with sections 1321.01 to 1321.19 of the Revised Code and with […]
Effective: September 26, 1996 Latest Legislation: Senate Bill 293 – 121st General Assembly In accordance with Chapter 119. of the Revised Code: (A) The division of financial institutions may adopt rules and the superintendent of financial institutions may issue specific orders for the enforcement of sections 1321.01 to 1321.19 of the Revised Code. Every ruling, […]
Effective: September 26, 1996 Latest Legislation: Senate Bill 293 – 121st General Assembly No licensee or other person subject to sections 1321.01 to 1321.19 of the Revised Code shall advertise, display, distribute, or broadcast or cause or permit to be advertised, displayed, distributed, or broadcast, any false, misleading, or deceptive statement or representation with regard […]
Effective: September 26, 1996 Latest Legislation: Senate Bill 293 – 121st General Assembly No licensee shall conduct the business of making loans under sections 1321.01 to 1321.19 of the Revised Code, within any office, room, or place of business in which any other business is solicited or engaged in, or in association or conjunction therewith, […]
Effective: October 29, 1993 Latest Legislation: Senate Bill 140 – 120th General Assembly (A) Notwithstanding any other provisions of the Revised Code, a licensee may contract for and receive interest, calculated according to the actuarial method, at a rate or rates not exceeding twenty-eight per cent per year on that portion of the unpaid principal […]
Effective: February 11, 1982 Latest Legislation: House Bill 526 – 114th General Assembly As an alternative to the interest permitted in division (A) of section 1321.13 and in division (B) of section 1321.16 of the Revised Code, a licensee may contract for and receive interest at any rate or rates agreed upon or consented to […]
Effective: October 4, 1996 Latest Legislation: Senate Bill 293, House Bill 495 – 121st General Assembly Licensees under section 1321.01 of the Revised Code shall: (A) At the time any interest-bearing or precomputed loan is made, deliver to the borrower or, if there are two or more borrowers, to one of them, a statement in […]
Effective: October 29, 2018 Latest Legislation: House Bill 123 – 132nd General Assembly (A) A licensee shall not make a loan under sections 1321.01 to 1321.19 of the Revised Code that meets either of the following conditions: (1) The amount of the loan is one thousand dollars or less. (2) The loan has a duration […]
Effective: September 1, 2008 Latest Legislation: House Bill 545 – 127th General Assembly (A) No licensee shall knowingly induce or permit any person, jointly or severally, to be obligated, directly or contingently or both, under more than one contract of loan at the same time for the purpose or with the result of obtaining a […]
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly (A) A licensee may make open-end loans pursuant to an agreement between the licensee and the borrower whereby: (1) The licensee may permit the borrower to obtain advances of money from the licensee from time to time or the licensee may advance […]
Effective: July 14, 1981 Latest Legislation: House Bill 134 – 114th General Assembly No loan made outside this state for which a greater rate of interest, consideration, or charges than is authorized by sections 1321.01 to 1321.19 of the Revised Code has been charged, contracted for, or received is enforceable in this state and every […]
Effective: September 26, 1996 Latest Legislation: Senate Bill 293 – 121st General Assembly In addition to any other remedy that may be available, any licensee and any person alleging to be aggrieved by an order or action of the division of financial institutions, within thirty days from the entry of the order complained of, or […]
