The Ohio Medical Debt Fairness Act seeks to amend the Revised Code to provide significant protections for individuals dealing with medical debt. Key provisions include capping the interest rate on medical debt incurred after the law's effective date at a maximum of three percent per annum and prohibiting the reporting of such debts to consumer reporting agencies. This ensures that individuals are not adversely affected in their credit reports due to unpaid medical expenses. The bill also clarifies definitions related to medical debt and establishes that these protections apply specifically to debts incurred after the law's enactment.

Additionally, the bill introduces new regulations regarding the garnishment of personal earnings and debt scheduling agreements. It mandates that no garnishment proceedings can be initiated for medical debts incurred after the effective date and requires a written demand for payment to be made before seeking a garnishment order. The legislation also revises the definition of a "credit services organization" by changing the language regarding adverse credit information and clarifies which entities are excluded from this definition. Overall, the Ohio Medical Debt Fairness Act aims to alleviate the financial burden of medical debt on residents and protect their credit ratings.

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