Ohio § 1321.402 Prepayment or refinancing prior to short-term loan maturity date

Ohio Statutes

§ 1321.402 — Prepayment or refinancing prior to short-term loan maturity date

Ohio § 1321.402

Title 13Commercial Transactions

Ch. 1321Various Loans

This text of Ohio § 1321.402 (Prepayment or refinancing prior to short-term loan maturity date) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 1321.402 (2026).

Text

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.

Last updated November 4, 2021 at 4:08 PM

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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.

Last updated November 4, 2021 at 4:08 PM