The bill amends sections 1321.02, 1321.07, and 1321.141 of the Revised Code to revise the Small Loan Act in Ohio. Key changes include the introduction of new subsections that clarify the licensing requirements for individuals and entities engaged in lending money in amounts of five thousand dollars or less. Specifically, it establishes that no person may engage in such lending without a license from the division of financial institutions and outlines exemptions for certain financial entities. Additionally, the bill specifies that any contract for a loan that violates these provisions is void, and the lender has no right to collect any principal, interest, or charges.

Further amendments enhance the regulatory oversight of the division of financial institutions by allowing for more frequent examinations of licensees and providing the division with the authority to investigate potential violations. The bill also introduces provisions regarding the subpoena process for witnesses and the production of records during investigations. Overall, these changes aim to strengthen consumer protections and ensure compliance within the small loan industry in Ohio.

Statutes affected:
As Introduced: 1321.02, 1321.07, 1321.141