Ohio § 1321.47 Duties of short-term loan licensees; civil action by borrower

Ohio Statutes

§ 1321.47 — Duties of short-term loan licensees; civil action by borrower

Ohio § 1321.47

Title 13Commercial Transactions

Ch. 1321Various Loans

This text of Ohio § 1321.47 (Duties of short-term loan licensees; civil action by borrower) 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. § 1321.47 (2026).

Text

(A)A person licensed, and any person required to be licensed under sections1321.35to1321.48of the Revised Code, in addition to duties imposed by other statutes or common law, shall do all of the following:

(1)Follow reasonable and lawful instructions from the borrower;

(2)Act with reasonable skill, care, and diligence;

(3)Act in good faith and fair dealing in any transaction or practice or course of business in connection with a short-term loan.

(B)The duties and standards of care created in this section may not be waived or modified.

(C)A borrower injured by a violation of this section may bring an action for recovery of damages. Damages awarded shall not be less than all compensation paid directly or indirectly to a licensee from any source, plus reasonable attorn

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(A) A person licensed, and any person required to be licensed under sections1321.35to1321.48of the Revised Code, in addition to duties imposed by other statutes or common law, shall do all of the following:

(1) Follow reasonable and lawful instructions from the borrower;

(2) Act with reasonable skill, care, and diligence;

(3) Act in good faith and fair dealing in any transaction or practice or course of business in connection with a short-term loan.

(B) The duties and standards of care created in this section may not be waived or modified.

(C) A borrower injured by a violation of this section may bring an action for recovery of damages. Damages awarded shall not be less than all compensation paid directly or indirectly to a licensee from any source, plus reasonable attorney's fees and court costs. The borrower may be awarded punitive damages.

Last updated November 4, 2021 at 4:44 PM