Ohio § 1321.63 Activities for which consumer installment loan license is required

Ohio Statutes

§ 1321.63 — Activities for which consumer installment loan license is required

Ohio § 1321.63

Title 13Commercial Transactions

Ch. 1321Various Loans

This text of Ohio § 1321.63 (Activities for which consumer installment loan license is required) 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. § 1321.63 (2026).

Text

(A)(1) No person shall do either of the following without first having obtained a license from the superintendent of financial institutions under sections1321.62to1321.702of the Revised Code:

(a)Engage in the business of lending money under sections1321.62to1321.702of the Revised Code;

(b)Contract for, or receive, directly or indirectly, on or in connection with any such loan, any interest and charges that in the aggregate are greater than the interest and charges that the lender would be permitted to charge for a loan of money if the lender were not a licensee.

(2)Division (A)(1) of this section applies to any person, who by any device, subterfuge, or pretense, charges, contracts for, or receives greater interest, consideration, or charges than that authorized by this section for a

Free access — add to your briefcase to read the full text and ask questions with AI

(A)(1) No person shall do either of the following without first having obtained a license from the superintendent of financial institutions under sections1321.62to1321.702of the Revised Code:

(a) Engage in the business of lending money under sections1321.62to1321.702of the Revised Code;

(b) Contract for, or receive, directly or indirectly, on or in connection with any such loan, any interest and charges that in the aggregate are greater than the interest and charges that the lender would be permitted to charge for a loan of money if the lender were not a licensee.

(2) Division (A)(1) of this section applies to any person, who by any device, subterfuge, or pretense, charges, contracts for, or receives greater interest, consideration, or charges than that authorized by this section for any such loan, or who for a fee or any manner of compensation arranges or offers to find or arrange for another person to make any such loan.

(B) This section does not preclude the acquiring, directly or indirectly, by purchase or discount, of a bona fide obligation for goods or services when such obligation is payable directly to the person who provided the goods or services.

(C) Any contract of a loan in the making or collection of which an act is done by the lender that violates this section is void and the lender has no right to collect, receive, or retain any principal, interest, or charges.

Last updated November 5, 2021 at 4:01 PM