Ohio § 1321.632 Consumer installment loan licensee authority; prohibited activities

Ohio Statutes

§ 1321.632 — Consumer installment loan licensee authority; prohibited activities

Ohio § 1321.632

Title 13Commercial Transactions

Ch. 1321Various Loans

This text of Ohio § 1321.632 (Consumer installment loan licensee authority; prohibited activities) 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. § 1321.632 (2026).

Text

A licensee may engage in the business of making loans provided the licensee does not do any of the following:

(A)Assess an origination fee pursuant to section1321.68of the Revised Code more than three times in any twelve-month period;

(B)Accept a dated instrument from the borrower as security for a loan;

(C)Hold an instrument for a period of time prior to negotiation or deposit of the instrument;

(D)Pay to a borrower, credit to a borrower's account, or pay to another person on the borrower's behalf the amount of an instrument, less interest, fees, or any other charges permitted by section1321.68of the Revised Code;

(E)Refinance the loan during the first one hundred twenty days of the loan term;

(F)Except for the deferment charge permitted by section1321.68of the Revised Code, c

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A licensee may engage in the business of making loans provided the licensee does not do any of the following:

(A) Assess an origination fee pursuant to section1321.68of the Revised Code more than three times in any twelve-month period;

(B) Accept a dated instrument from the borrower as security for a loan;

(C) Hold an instrument for a period of time prior to negotiation or deposit of the instrument;

(D) Pay to a borrower, credit to a borrower's account, or pay to another person on the borrower's behalf the amount of an instrument, less interest, fees, or any other charges permitted by section1321.68of the Revised Code;

(E) Refinance the loan during the first one hundred twenty days of the loan term;

(F) Except for the deferment charge permitted by section1321.68of the Revised Code, charge or collect any fee, charge, or remuneration of any sort for renewing, amending, or extending a loan beyond its original term.

Last updated November 5, 2021 at 4:07 PM