Ohio payday loan laws

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: $500
Loan Term: Minimum: 31 days
Maximum Finance Rate and Fees: 28% annual interest
Finance Charge for 14-day $100 loan: $1.08
APR for 14-day $100 loan: 28%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: One, four per year
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

Sourced from paydayloaninfo.org

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