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Ohio Tightens Small Dollar Lending Law.Credit Solutions Organizations November 12, 2020

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Ohio Tightens Small Dollar Lending Law.Credit Solutions Organizations

On July 24, 2018, Ohio Governor Kasich finalized HB 123 into legislation, amending and streamlining the Ohio customer lending regulations and making changes that are significant the Ohio Short-Term Loan Law. Ohio Tightens Small Dollar Lending Law.

What the law states becomes October that is effective 29 2018 and loan providers must conform to these conditions for loans made start on April 27, 2019. Short-term Loan Law License Requirement. through to the passage of HB 123, consumer lenders in Ohio could originate loans pursuant to one of three certification guidelines: the General Loan Law, the little Loan Act, or perhaps the Consumer Installment Loan Act. These guidelines overlapped and offered loan providers having a modicum of freedom in supplying short-term or small-dollar loans to their clients.

As well as making revisions that are wholesale the Ohio Short-Term Loan Law (talked about further below), expanding the statute to apply to loans of $1,000 or less or with a term of per year or less, HB 123 amends Ohio’s other customer financing rules to exclude loans of $1,000 or less with a term of per year or less. (more…)

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