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, particularly for loans of five thousand dollars or less. The bill specifies that no person may engage in such lending without a license and outlines exemptions for certain financial institutions and entities. Additionally, it establishes 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.

Furthermore, the bill enhances the authority of the division of financial institutions to conduct examinations and investigations of licensees and other parties involved in lending activities. It allows for more rigorous oversight, including the ability to subpoena witnesses and documents, and imposes penalties for non-compliance with the regulations. The amendments aim to strengthen consumer protections and ensure that lending practices adhere to established legal standards.

Statutes affected:
As Introduced: 1321.02, 1321.07, 1321.141