The Ohio Medical Debt Fairness Act seeks to provide significant protections for individuals burdened by medical debt. Key provisions include capping the interest rate on medical debt incurred after the bill's effective date at a maximum of three percent per annum and prohibiting the reporting of such debt to consumer reporting agencies. This aims to prevent negative impacts on individuals' credit reports due to unpaid medical expenses. The bill also introduces new definitions for terms related to medical debt and garnishment, ensuring clarity in the legal framework surrounding these issues.

Additionally, the legislation establishes specific guidelines for debt scheduling agreements between consumers and credit services organizations, allowing debts to be included in these agreements as long as certain conditions are met. It also revises the definition of a "credit services organization" by changing the criteria for removing adverse credit information from a buyer's record. The bill repeals several existing sections of the Revised Code to streamline regulations and enhance consumer rights, ultimately aiming to alleviate the financial strain of medical debt and protect consumers' credit standing.

Statutes affected:
As Introduced: 1343.01, 1343.03, 1349.01, 2716.02, 2716.03, 4712.01