Ohio § 1321.674 Forfeiting consumer installment loan interest for interest rate violation

Ohio Statutes

§ 1321.674 — Forfeiting consumer installment loan interest for interest rate violation

Ohio § 1321.674

Title 13Commercial Transactions

Ch. 1321Various Loans

This text of Ohio § 1321.674 (Forfeiting consumer installment loan interest for interest rate violation) 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. § 1321.674 (2026).

Text

(A)Any person that willfully violates section1321.68of the Revised Code shall forfeit to the borrower the amount of interest paid by the borrower. The maximum rate of interest applicable to any loan transaction that does not comply with section1321.68of the Revised Code shall be the rate that would be applicable in the absence of sections1321.62to1321.702of the Revised Code. ( B) Any extension of credit under sections1321.62to1321.702of the Revised Code shall include a notice in at least ten point type at the bottom of the first page of any loan agreement to read: "This loan is governed by, and made pursuant to, the provisions of the Ohio Consumer Installment Loan Act under R.C. 1321.62 - 1321.702." Last updated November 5, 2021 at 4:40 PM

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(A) Any person that willfully violates section1321.68of the Revised Code shall forfeit to the borrower the amount of interest paid by the borrower. The maximum rate of interest applicable to any loan transaction that does not comply with section1321.68of the Revised Code shall be the rate that would be applicable in the absence of sections1321.62to1321.702of the Revised Code.

( B) Any extension of credit under sections1321.62to1321.702of the Revised Code shall include a notice in at least ten point type at the bottom of the first page of any loan agreement to read: "This loan is governed by, and made pursuant to, the provisions of the Ohio Consumer Installment Loan Act under R.C. 1321.62 - 1321.702."

Last updated November 5, 2021 at 4:40 PM