Ohio Revised Code Chapter 1321 - Small Loans

• Section 1321.01 - Small Loan Definitions.
  (A) As used in sections 1321.01 to 1321.19 of the Revised Code: (1) "Person" includes individuals, partnerships, associations, trusts, corporations, and all other legal...
• Section 1321.02 - Exceptions To License Requirement.
  No person shall engage in the business of lending money, credit, or choses in action in amounts of five thousand dollars or less, or...
• Section 1321.03 - Application For License - Fee.
  Application for a license shall be in writing, under oath, and in the form prescribed by the division of financial institutions, and shall contain...
• Section 1321.04 - Investigation By Division - Notice Of Filing Of Application - Notice To Licensees - License Issued - Denial Of Application.
  Upon the filing of an application under section 1321.03 of the Revised Code and payment of fees pursuant to section 1321.20 of the Revised...
• Section 1321.05 - Contents Of License - Annual Fee And Assessment - Current Assets.
  Each license shall state the address at which the business is to be conducted and shall state fully the name of the licensee. Each...
• Section 1321.06 - Additional Licenses - Change Of Place Of Business.
  Not more than one place of business shall be maintained under the same license issued under sections 1321.01 to 1321.05 of the Revised Code,...
• Section 1321.07 - Annual Examination Of Licensee - Fees And Mileage Of Sheriff And Witnesses - Subpoena.
  At least once each year the division of financial institutions shall make an examination of the business, loans, books, papers, and records of each...
• Section 1321.08 - Suspension Or Revocation Of License.
  In accordance with Chapter 119. of the Revised Code: (A) The division of financial institutions shall, upon written notice to the licensee stating the...
• Section 1321.09 - Licensee To Preserve Books - Annual Report.
  (A) Every licensee shall keep and use in the licensee's business such books, accounts, and records as will enable the division of financial institutions...
• Section 1321.10 - Rules And Orders - Procedure In Case Of Violation - Certified Statements - Prima-facie Evidence.
  In accordance with Chapter 119. of the Revised Code: (A) The division of financial institutions may adopt rules and the superintendent of financial institutions...
• Section 1321.11 - Prohibited Statements And Representations.
  No licensee or other person subject to sections 1321.01 to 1321.19 of the Revised Code shall advertise, display, distribute, or broadcast or cause or...
• Section 1321.12 - Licensee Prohibited From Certain Acts.
  No licensee shall conduct the business of making loans under sections 1321.01 to 1321.19 of the Revised Code, within any office, room, or place...
• Section 1321.13 - Maximum Interest Rate - Prepayment - Insurance.
  (A) Notwithstanding any other provisions of the Revised Code, a licensee may contract for and receive interest, calculated according to the actuarial method, at...
• Section 1321.131 - Agreement Or Consent For Alternative Interest Rate.
  As an alternative to the interest permitted in division (A) of section 1321.13 and in division (B) of section 1321.16 of the Revised Code,...
• Section 1321.14 - Duties Of Licensee - Prohibited Activities.
  Licensees under section 1321.01 of the Revised Code shall: (A) At the time any interest-bearing or precomputed loan is made, deliver to the borrower...
• Section 1321.15 - Limitation Of Charges - Determination Of Indebtedness.
  (A) No licensee shall knowingly induce or permit any person, jointly or severally, to be obligated, directly or contingently or both, under more than...
• Section 1321.16 - Open-end Loans By Licensee - Interest - Charges.
  (A) A licensee may make open-end loans pursuant to an agreement between the licensee and the borrower whereby: (1) The licensee may permit the...
• Section 1321.17 - Provisions Applicable To All Loans.
  No loan made outside this state for which a greater rate of interest, consideration, or charges than is authorized by sections 1321.01 to 1321.19...
• Section 1321.18 - Complaint For Reversal, Rescission, Or Modification Of Order Of Division - Procedure.
  In addition to any other remedy that may be available, any licensee and any person alleging to be aggrieved by an order or action...
• Section 1321.19 - Cancellation Or Alteration Of License.
  Sections 1321.01 to 1321.19, inclusive, of the Revised Code may be modified, amended, or repealed so as to effect a cancellation or alteration of...
• Section 1321.20 - Annual License Or Certificate Of Registration Fee.
  (A) Every person licensed or registered under this chapter shall pay to the superintendent of financial institutions, prior to the last day of June,...
• Section 1321.21 - Division Of Consumer Finance Fund.
  All fees, charges, penalties, and forfeitures collected under Chapters 1321., 1322., 4712., 4727., and 4728., sections 1315.21 to 1315.30, and sections 1349.25 to 1349.37...
• Section 1321.211 - [Repealed].
  Effective Date: 07-30-1993
• Section 1321.31 - Assignment Of Personal Earnings - Limitations - Priority.
  No assignment of, or order for, wages or salary is valid unless made in writing by the person by whom the said wages or...
• Section 1321.32 - Assignment Of Wages Invalid - Exception.
  Notwithstanding section 1321.31 of the Revised Code, no assignment of, or order for wages or salary is valid unless the wages assigned or ordered...
• Section 1321.33 - Wage Assignments For Support Of Spouse Or Children.
  The limitations and regulations of sections 1321.01 to 1321.19 and 1321.31 of the Revised Code do not apply to assignments of, or orders for,...
• Section 1321.35 - Short-term Lenders Definitions.
  As used in sections 1321.35 to 1321.48 of the Revised Code: (A) "Short-term loan" means a loan made pursuant to sections 1321.35 to 1321.48...
• Section 1321.36 - Short Term Lender License Required - Out-of-state Transactions.
  (A) No person shall engage in the business of making short-term loans to a borrower in Ohio, or, in whole or in part, make,...
• Section 1321.37 - Application For License - Investigation - Bond.
  (A) Application for an original or renewal license to make short-term loans shall be in writing, under oath, and in the form prescribed by...
• Section 1321.38 - License Contents - Place Of Business.
  (A) A license issued by the superintendent of financial institutions pursuant to sections 1321.35 to 1321.48 of the Revised Code shall state the address...
• Section 1321.39 - Short-term Loan Requirements And Restrictions.
  A licensee under sections 1321.35 to 1321.48 of the Revised Code may engage in the business of making loans provided that each loan meets...
• Section 1321.40 - Permissible Short-term Loan Fees.
  A person licensed pursuant to sections 1321.35 to 1321.48 of the Revised Code may charge, collect, and receive the following fees and charges in...
• Section 1321.41 - Short-term Loan Prohibitions.
  No person licensed pursuant to sections 1321.35 to 1321.48 of the Revised Code shall do any of the following: (A) Violate section 1321.36 of...
• Section 1321.42 - Refusal, Suspension, Or Revocation Of License - Fines.
  (A) The superintendent of financial institutions shall, in accordance with Chapter 119. of the Revised Code, suspend or revoke a license issued pursuant to...
• Section 1321.421 - Examination Of Licensee's Records.
  As often as the superintendent considers it necessary, the superintendent may examine the records of a licensee, but in any case, the superintendent shall...
• Section 1321.422 - Required Licensee Records And Reports.
  (A) Every licensee shall keep and use in the licensee's business such books, accounts, records, and loan documents as will enable the division of...
• Section 1321.43 - Implementing Rules And Enforcement Orders.
  The superintendent of financial institutions, in accordance with Chapter 119. of the Revised Code, may adopt rules and issue specific orders to enforce and...
• Section 1321.44 - Violations As Unfair Or Deceptive Acts - Criminal Proceedings.
  (A) A violation of section 1321.41 of the Revised Code is deemed an unfair or deceptive act or practice in violation of section 1345.02...
• Section 1321.45 - Prohibited Debt Collector Communications And Conduct.
  (A) (1) "Debt collector" means a licensee, officer, employee, or agent of a licensee, or any person acting as a debt collector for a...
• Section 1321.46 - Statewide Database Used To Determine Borrower Eligibility.
  (A) If more than four hundred persons are licensed under sections 1321.35 to 1321.48 of the Revised Code at any point after September 1,...
• Section 1321.461 - Alternative Borrower Database.
  (A) If a statewide common database is not developed under section 1321.46 of the Revised Code, each licensee shall subscribe to, report to, and...
• Section 1321.47 - Additional Duties Of Licensees - Civil Action By Borrower.
  (A) A person licensed, and any person required to be licensed under sections 1321.35 to 1321.48 of the Revised Code, in addition to duties...
• Section 1321.48 - Reports By Superintendent - Confidentiality Of Information.
  (A) The superintendent of financial institutions shall report semiannually to the governor and the general assembly on the operations of the division of financial...
• Section 1321.51 - Second Mortgage Loan Definitions.
  As used in sections 1321.51 to 1321.60 of the Revised Code: (A) "Person" means an individual, partnership, association, trust, corporation, or any other legal...
• Section 1321.52 - Registering Second Mortgage Lenders And Brokers.
  (A) (1) No person, on that person's own behalf or on behalf of any other person, shall do any of the following without having...
• Section 1321.521 - Expansion Of Definition Of Mortgage Loan Originator.
  The superintendent of financial institutions may, by rule, expand the definition of mortgage loan originator in section 1321.51 of the Revised Code by adding...
• Section 1321.522 - Application For Exemption From Registration Forcredit Union Service Organization.
  (A) A credit union service organization seeking exemption from registration pursuant to division (D)(6) of section 1321.53 of the Revised Code shall submit an...
• Section 1321.53 - Application For Certificate Of Registration.
  (A) (1) An application for a certificate of registration under sections 1321.51 to 1321.60 of the Revised Code shall contain an undertaking by the...
• Section 1321.531 - Application For Mortgage Loan Originator License.
  (A) An application for a mortgage loan originator license shall be in writing, under oath, and in the form prescribed by the superintendent of...
• Section 1321.532 - Issuance Of Mortgage Loan Originator License.
  (A) Upon the conclusion of the investigation required under division (E) of section 1321.531 of the Revised Code, the superintendent of financial institutions shall...
• Section 1321.533 - Maintenance Of Net Worth And Assets; Corporate Surety Bond.
  (A) (1) A registrant engaged in residential mortgage loan activity shall not conduct business in this state, unless the registrant has obtained and maintains...
• Section 1321.534 - Evidence Of Pre-licensing Instruction.
  (A) Mortgage loan originator applicants shall submit evidence acceptable to the superintendent of financial institutions that, except as set forth in division (D) of...
• Section 1321.535 - Written Test.
  Each applicant for a mortgage loan originator license shall submit to a written test that is developed and approved by the nationwide mortgage licensing...
• Section 1321.536 - Continuing Education Requirement.
  (A) Each mortgage loan originator licensee shall complete at least eight hours of continuing education every calendar year. To fulfill this requirement, the eight...
• Section 1321.537 - Temporary Mortgage Loan Originator License For Out-of-state Loan Originators.
  (A) As used in this section: (1) "Out-of-state mortgage loan originator" means an individual to whom both of the following apply: (a) The individual...
• Section 1321.538 - Adoption Of Rules To Conform To Federal Law Regarding Temporary Licenses For Registered Mortgage Loan Originators.
  If the "Secure and Fair Enforcement for Mortgage Licensing Act of 2008," 122 Stat. 2810, 12 U.S.C. 5101, as amended, is modified after the...
• Section 1321.54 - Rules - Investigations.
  (A) The division of financial institutions may adopt, in accordance with Chapter 119. of the Revised Code, rules that are necessary for the enforcement...
• Section 1321.541 - Actions To Enforce Second Mortgage Loan Provisions.
  (A) The attorney general may directly bring an action to enjoin a violation of sections 1321.51 to 1321.60 of the Revised Code with the...
• Section 1321.55 - Records And Reports.
  (A) Every registrant shall keep records pertaining to loans made under sections 1321.51 to 1321.60 of the Revised Code. Such records shall be segregated...
• Section 1321.551 - Evading Second Mortgage Loan Requirements.
  (A) No registrant shall conduct the business of making loans under sections 1321.51 to 1321.60 of the Revised Code in any office, room, or...
• Section 1321.552 - Adoption Of Rules.
  (A) Notwithstanding any provision of sections 1321.51 to 1321.60 of the Revised Code, or any rule adopted thereunder, if the "Secure and Fair Enforcement...
• Section 1321.56 - Forfeiting Interest.
  Any person who willfully violates section 1321.57 of the Revised Code shall forfeit to the borrower the amount of interest paid by the borrower....
• Section 1321.57 - Computation Of Interest.
  (A) Notwithstanding any other provisions of the Revised Code, a registrant may contract for and receive interest, calculated according to the actuarial method, at...
• Section 1321.571 - Agreement Or Consent For Alternative Interest Rate.
  As an alternative to the interest permitted in division (A) of section 1321.57 and in division (B) of section 1321.58 of the Revised Code,...
• Section 1321.58 - Open-end Loans By Registrant - Interest - Charges.
  (A) A registrant may make open-end loans pursuant to an agreement between the registrant and the borrower whereby: (1) The registrant may permit the...
• Section 1321.59 - Prohibited Acts.
  (A) No registrant under sections 1321.51 to 1321.60 of the Revised Code shall permit any borrower to be indebted for a loan made under...
• Section 1321.591 - Compliance With Fair Debt Collection Practices Act.
  No registrant or licensee shall fail to follow the practices set forth in the federal "Fair Debt Collection Practices Act," 91 Stat. 874, 15...
• Section 1321.592 - Disclosure To Borrower.
  (A) In connection with providing a non-brokered loan secured by a lien on real property, a registrant or licensee shall, not earlier than three...
• Section 1321.593 - Duties And Standards Of Care.
  (A) A registrant, licensee, and any person required to be registered or licensed under sections 1321.51 to 1321.60 of the Revised Code shall, in...
• Section 1321.594 - Disclosure Regarding Material Changes.
  (A) In connection with making a non-brokered residential mortgage, no registrant or licensee shall fail to do either of the following: (1) Timely inform...
• Section 1321.60 - Advertising For Loans.
  (A) (1) Advertising for loans subject to sections 1321.51 to 1321.60 of the Revised Code shall not be false, misleading, or deceptive. (2) False,...
• Section 1321.71 - Insurance Premium Finance Company Definitions.
  As used in sections 1321.71 to 1321.83 of the Revised Code: (A) "Annual percentage rate" means the ratio of the finance charges, as authorized...
• Section 1321.72 - Exemptions From Provisions.
  Except as provided in division (D) of section 1321.78, sections 1321.71 to 1321.83 of the Revised Code do not apply with respect to any...
• Section 1321.73 - License - Annual Fee - Proof Of Net Worth.
  (A) No person shall engage in the business of entering into or otherwise acquiring premium finance agreements in the state without first having obtained...
• Section 1321.74 - Application For License As Premium Finance Company.
  (A) Application for a license as a premium finance company shall be in writing, under oath, in the form prescribed by the division of...
• Section 1321.75 - Revoking Or Suspending License.
  (A) The division of financial institutions may revoke, suspend, or refuse to renew a license of any premium finance company if, after investigation, it...
• Section 1321.76 - Records.
  (A) Each licensee shall keep records of its insurance premium finance transactions conducted under sections 1321.71 to 1321.83 of the Revised Code. Such records...
• Section 1321.77 - Administrative Rules.
  The division of financial institutions may adopt, in accordance with Chapter 119. of the Revised Code, rules that are necessary for the enforcement of...
• Section 1321.78 - Premium Finance Agreement - Notice Of Financing To Insurer.
  (A) A premium finance agreement shall: (1) Be dated, signed by the insured, and the printed portion thereof shall be in at least eight-point...
• Section 1321.79 - Finance Charge Limits.
  (A) A premium finance company shall not charge, contract for, receive, or collect a finance charge other than as permitted by sections 1321.71 to...
• Section 1321.791 - Agreement Or Consent For Alternative Finance Charges.
  As an alternative to the finance charges permitted by division (C) of section 1321.79 of the Revised Code, a premium finance company may contract...
• Section 1321.80 - Delinquency, Cancellation And Check Collection Charges.
  A premium finance agreement may provide for the payment by the insured of any of the following: (A) A delinquency charge of not more...
• Section 1321.81 - Cancellation Of Insurance Contract - Procedure.
  (A) When a premium finance agreement contains a power of attorney authorizing the premium finance company to cancel any insurance contract or contracts listed...
• Section 1321.82 - Return Of Gross Unearned Premium Upon Cancellation Of Contract.
  (A) Whenever a financed insurance policy is cancelled, the insurer that has been notified pursuant to division (C) of section 1321.78 of the Revised...
• Section 1321.83 - Secured Transactions Filing Provisions Not Applicable.
  No filing provisions of Chapter 1309. of the Revised Code apply to insurance premium finance agreements, and no filing of the premium finance agreement...
• Section 1321.84 - Effect Of Child Support Default On License, Certificate Or Permit.
  On receipt of a notice pursuant to section 3123.43 of the Revised Code, the division of consumer finance shall comply with sections 3123.41 to...
• Section 1321.90 To 1321.93 - [Repealed].
  Effective Date: 07-14-1987
• Section 1321.99 - Penalty.
  (A) Whoever violates section 1321.02 of the Revised Code is guilty of a felony of the fifth degree. (B) Whoever violates section 1321.13 of...

Last modified: October 10, 2016