Ohio § 1321.46 Verification of borrower's income before making short-term loan

Ohio Statutes

§ 1321.46 — Verification of borrower's income before making short-term loan

Ohio § 1321.46

Title 13Commercial Transactions

Ch. 1321Various Loans

This text of Ohio § 1321.46 (Verification of borrower's income before making short-term loan) 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. § 1321.46 (2026).

Text

(A)Before initiating a short-term loan transaction with a borrower, a licensee shall make a reasonable attempt to verify the borrower's income for purposes of division (B)(2) of section1321.39and section1321.391of the Revised Code. At a minimum, the licensee shall obtain from the borrower one or more recent pay stubs or other written evidence of recurring income, such as a bank statement. The written evidence shall include at least one document that, when presented to the licensee, is dated not earlier than forty-five days prior to the borrower's initiation of the short-term loan transaction. If the borrower intends to provide a bank statement, the licensee shall permit the borrower to delete from the statement the information regarding to whom the debits listed on the statement are paya

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(A) Before initiating a short-term loan transaction with a borrower, a licensee shall make a reasonable attempt to verify the borrower's income for purposes of division (B)(2) of section1321.39and section1321.391of the Revised Code. At a minimum, the licensee shall obtain from the borrower one or more recent pay stubs or other written evidence of recurring income, such as a bank statement. The written evidence shall include at least one document that, when presented to the licensee, is dated not earlier than forty-five days prior to the borrower's initiation of the short-term loan transaction. If the borrower intends to provide a bank statement, the licensee shall permit the borrower to delete from the statement the information regarding to whom the debits listed on the statement are payable.

(B) The superintendent of financial institutions may adopt rules under section1321.43of the Revised Code that set forth any other procedures the superintendent considers necessary to ensure accurate verification of borrower income.

Last updated November 4, 2021 at 4:44 PM