The bill amends section 1321.44 and enacts new sections 1317.081, 1321.142, 1321.412, 1321.593, and 1321.633 of the Revised Code to prohibit the financing of the purchase, lease, or lease-purchase of dogs and cats. Specifically, it states that no retail seller or licensee may make loans or retail installment sales for these animals, and any such transactions made in violation of this law will be considered void. The sellers and lenders will have no rights to collect any principal, interest, or charges related to these sales or loans, nor will they have any security interest in the animals.

Additionally, the bill establishes that violations of these provisions are deemed unfair or deceptive acts, allowing injured borrowers to seek relief under existing consumer protection laws. The attorney general and the superintendent of financial institutions are granted the authority to enforce these new regulations, including the ability to bring actions to enjoin violations. The existing section 1321.44 is repealed, indicating a significant shift in the legal framework surrounding the financing of pet purchases in Ohio.

Statutes affected:
As Introduced: 1321.44