Ohio § 1349.30 Voluntary adjustments correcting errors

Ohio Statutes

§ 1349.30 — Voluntary adjustments correcting errors

Ohio § 1349.30

Title 13Commercial Transactions

Ch. 1349Consumer Protection

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Bluebook

Ohio Rev. Code Ann. § 1349.30 (2026).

Text

(A)A person has no liability under section1349.31of the Revised Code, and shall not be subject to any sanction by the superintendent of financial institutions, for any failure to comply with section1349.26or1349.27of the Revised Code, if within sixty days after discovering the error, whether pursuant to the person's own procedures or an examination or investigation by the superintendent under division (A) or (B) of section1349.34of the Revised Code, and prior to the initiation of any action by the superintendent under divisions (C) to (F) of section1349.34of the Revised Code or the receipt of written notice of the error from the consumer, the person notifies the consumer or other person concerned of the error and makes whatever adjustments in the appropriate account are necessary to assur

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(A) A person has no liability under section1349.31of the Revised Code, and shall not be subject to any sanction by the superintendent of financial institutions, for any failure to comply with section1349.26or1349.27of the Revised Code, if within sixty days after discovering the error, whether pursuant to the person's own procedures or an examination or investigation by the superintendent under division (A) or (B) of section1349.34of the Revised Code, and prior to the initiation of any action by the superintendent under divisions (C) to (F) of section1349.34of the Revised Code or the receipt of written notice of the error from the consumer, the person notifies the consumer or other person concerned of the error and makes whatever adjustments in the appropriate account are necessary to assure that the consumer will not be required to pay an amount in excess of the charge actually disclosed, or the dollar equivalent of the annual percentage rate actually disclosed, whichever is lower.

(B) A creditor or assignee shall not be held liable in any action brought under section1349.29of the Revised Code, if the creditor or assignee shows by a preponderance of evidence that the compliance failure was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any such error. For purposes of this division, "bona fide error" includes, but is not limited to, clerical, calculation, computer malfunction and programming, and printing errors. "Bona fide error" does not include an error of legal judgment with respect to a person's obligations under sections1349.25to1349.36of the Revised Code.