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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 4712.071 | Prohibited extensions of credit.

Ohio Revised Code
/
Title 47 Occupations-Professions
/
Chapter 4712 Ohio Credit Services Organization Act
 
Effective:
October 29, 2018
Latest Legislation:
House Bill 123 - 132nd General Assembly
PDF:
Download Authenticated PDF
 

No credit services organization shall sell, provide, or perform any of the services authorized under division (C)(1) of section 4712.01 of the Revised Code in connection with an extension of credit that meets any of the following conditions:

(A) The amount of credit is less than five thousand dollars.

(B) The repayment term is one year or less.

(C) The annual percentage rate exceeds twenty-eight per cent. For purposes of this division, "annual percentage rate" has the same meaning as in the "Truth in Lending Act," 82 Stat. 149 (1980), 15 U.S.C. 1606, as implemented by regulations of the consumer financial protection bureau.

Available Versions of this Section