Ohio § 1321.71 Insurance Premium Finance Company Law definitions

Ohio Statutes

§ 1321.71 — Insurance Premium Finance Company Law definitions

Ohio § 1321.71

Title 13Commercial Transactions

Ch. 1321Various Loans

This text of Ohio § 1321.71 (Insurance Premium Finance Company Law definitions) 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. § 1321.71 (2026).

Text

As used in sections1321.71to1321.83of the Revised Code:

(A)"Annual percentage rate" means the ratio of the finance charges, as authorized by sections1321.79and1321.791of the Revised Code, on a loan to the unpaid principal balance on the loan for any period of time, expressed on an annual basis.

(B)"Insurance premium finance company" or "premium finance company" means a person engaged in the business of entering into or otherwise acquiring premium finance agreements.

(C)"Person" means any individual, partnership, association, trust, corporation, or other legal entity.

(D)"Premium finance agreement" means an agreement by which an insured or prospective insured promises to pay a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an in

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As used in sections1321.71to1321.83of the Revised Code:

(A) "Annual percentage rate" means the ratio of the finance charges, as authorized by sections1321.79and1321.791of the Revised Code, on a loan to the unpaid principal balance on the loan for any period of time, expressed on an annual basis.

(B) "Insurance premium finance company" or "premium finance company" means a person engaged in the business of entering into or otherwise acquiring premium finance agreements.

(C) "Person" means any individual, partnership, association, trust, corporation, or other legal entity.

(D) "Premium finance agreement" means an agreement by which an insured or prospective insured promises to pay a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums on an insurance contract together with a finance charge as authorized and limited by sections1321.71to1321.83of the Revised Code.

(E) "License" means a license issued by the division of financial institutions under sections1321.71to1321.83of the Revised Code.

(F) "Licensee" means a premium finance company holding a license.

(G) "Superintendent of financial institutions" includes the deputy superintendent for consumer finance as provided in section1181.21of the Revised Code.

Last updated November 5, 2021 at 4:53 PM