OH

Ohio State Information

Legal Status: Legal (Ohio Supreme Court decision that payday loans can be made pursuant to the Ohio Mortgage Lending Act and Ohio Small Loan Act or as credit services organizations results in rates up to 591%.)

Citation:
Ohio Rev. Code Ann. 1321.35 et seq. Short-Term Loan Act (No payday lenders are licensed under this law.)

Loan Terms:
Maximum Loan Amount: $1000
Loan Term: 91 days to 1 year. If the monthly payment is less than 6% of gross monthly income or 7% of net monthly income, the loan may be for less than 91 days.
Maximum Finance Rate and Fees: 28% APR and the lesser of 10% of the loan maintenance fee or a $30 maintenance fee.
Finance Charge for 14-day $100 loan: N/A
APR for 14-day $100 loan: N/A

Debt Limits:
Maximum Number of Outstanding Loans at One Time: The original loan must be precomputed and must have substantially equal payments. 
Rollovers Permitted: None
Cooling-off Period: 2 loan limit in 90 days
Repayment Plan: Yes, 60 days, no fees

Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs after default; damages
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax: (614) 728-0380
Regulator Website

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