(A) All short-term loan records required
to be maintained by section 1321.422 of the Revised Code and this rule shall be
kept current and shall be available at all times during normal business hours
for review by the division of financial institutions. Records shall be legible
and maintained in a type size that is clearly readable without magnification,
and in conformity with any specific typeface or font size that may be required
by state or federal law. Records shall be maintained in English except where
otherwise provided by federal or state law. When records are allowed to be in a
language other than English, the licensee, at its expense, shall be responsible
for providing the division with a full and accurate translation. For purposes
of recordkeeping, "current" means within thirty days from the date of
the occurrence of the event required to be recorded. Pursuant to section
1321.422 of the Revised Code, each licensee shall maintain the following
records:
(1) A ledger record for
each loan issued. The ledger record shall include a chronological entry of all
credits, debits, payments, and charges received, assessed, or disbursed in
connection with the loan. This information shall be recorded in an identifiable
manner and show the actual date of receipt, assessment, or disbursement and the
balance due on the account after each entry.
(2) A sortable electronic
spreadsheet containing all of the following fields of information:
(a) Account or loan number;
(b) Principal borrower's name;
(c) Principal borrower's residential
address;
(d) Whether the borrower or a dependent of the borrower is
on active duty in the armed forces of the United States;
(e) Whether the loan is new or a refinance;
(f) For a refinanced loan, the prior loan
number;
(g) Origination date of loan;
(h) Date finance charges begin to accrue;
(i) Amount financed;
(j) Loan term;
(k) Total number of payments;
(l) Frequency of payments;
(m) Payment due dates;
(n) Amount due for each payment;
(o) Total scheduled amount of payments due;
(p) Contractual rate of interest;
(q) Total scheduled amount of interest
charges;
(r) Federal annual percentage rate;
(s) Origination fee;
(t) Total scheduled amount of maintenance
fees;
(u) Total scheduled amount of finance charges;
(v) Nonsufficient funds fee, if any;
(w) Check cashing fee, if any;
(x) Loan status, whether active, paid, rescinded,
charged-off, non-accrual, or other status;
(y) Most recent date of payment;
(z) Amount of most recent payment;
(aa) Total amount of payments made;
(bb) Names of all co-makers, guarantors, or other
obligors.
(3) All loan agreements,
notes, disclosure forms, closing statements and other documents signed by the
obligors and taken in connection with loans made, shall be identified by the
account or loan number and maintained in a separate file for each
borrower.
(4) A sortable electronic spreadsheet of
all loans in litigation containing the following fields of
information:
(a) Account or loan number;
(b) Principal borrower's name;
(c) Principal borrower's residential
address;
(d) Date litigation proceedings were
initiated;
(e) Court or jurisdiction in which the litigation was
filed;
(f) Case number;
(g) Status of litigation, whether active, settled,
dismissed, final judgment entered, or other status;
(h) Date of any final judgment or settlement;
(i) Amount of any final judgment or
settlement.
(5) In the event of
litigation, copies of any final judgments or settlement agreements, to be
maintained in the principal borrower's file.
(6) In the event of
garnishment or attachment, copies of all notices served on employers and
records of amounts collected, to be maintained in the principal borrower's
file.
(B) Due bills, receipts, invoices or other evidence shall
be maintained in the file of original loan papers for any amount in excess of
twenty dollars paid by the borrower to or through the licensee for any
dishonored check, negotiable order of withdrawal, share draft or any other
negotiable instrument.
(C) Books, accounts, or records required to be maintained
by this rule and section 1321.422 of the Revised Code may be maintained in
their original form or other electronic media, provided:
(1) The licensee obtains
prior written approval from the superintendent; and
(2) Written printouts or
hard copies of the required data are readily available upon the request of the
division.
(D) A licensee shall comply with rules promulgated under 15
U.S.C. 1681w and 15 U.S.C. 6801, including 16 C.F.R. 682, as such rules are in
effect May 1, 2024.
(E) Before ceasing to conduct or discontinuing business as
a licensee, the licensee shall do both of the following:
(1) Arrange for and be
responsible for the preservation of the books and records required to be
maintained and preserved under this rule for the remainder of the period
specified in this rule;
(2) Notify the division
in writing of the exact address where the books and records will be maintained
during the required period.
(F) The division of financial institutions may suspend or
revoke any short-term loan license issued by the division or bring any other
authorized administrative enforcement action against any person for failure to
maintain records in accordance with division (A) of section 1321.422 of the
Revised Code or this rule.
