(A) As an alternative to the interest permitted in division (C) of section 1733.25 of the Revised Code, a credit union may contract for and receive interest at any rate or rates agreed upon or consented to by the parties to the contract for the loan or other extension of credit, but not exceeding an annual percentage rate of twenty-five per cent.
(B) The computation of the loan or other extension of credit balance on which interest is assessed and the method of compounding interest on the balance pursuant to this section shall be as agreed upon by the credit union and the member.
Effective Date: 02-11-1981; 04-14-2006
Section: Previous 1733.22 1733.23 1733.24 1733.241 1733.242 1733.243 1733.25 1733.251 1733.252 1733.253 1733.26 1733.27 1733.28 1733.29 1733.291 NextLast modified: October 10, 2016