The bill amends sections 2305.06 and 2305.07 of the Revised Code to reduce the statute of limitations for bringing actions based on written or oral contracts. Specifically, it changes the time limit for actions upon a written contract from six years to four years, and for actions upon a non-written contract from four years to two years. Additionally, the bill clarifies that actions on written contracts that do not specify a timeframe must be initiated within four years after the cause of action accrues, while actions based on a written contract with a specified timeframe cannot exceed thirty years from the accrual date.

Furthermore, the bill repeals the existing versions of sections 2305.06 and 2305.07 and establishes that the new limitations will apply to causes of action accruing on or after the effective date of the amendments. For actions that accrued prior to this date, the bill provides transitional provisions, allowing a four-year limitation for written contracts and a two-year limitation for non-written contracts, starting from the effective date or the expiration of the previous limitation period, whichever is shorter.

Statutes affected:
As Introduced: 2305.06, 2305.07
As Reported By Senate Committee: 2305.06, 2305.07
As Passed By Senate: 2305.06, 2305.07