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 prohibition are deemed void. The seller or licensee would have no right to collect any principal, interest, or charges related to the sale or loan, nor would they have any security interest in the animal.

Additionally, the bill establishes that violations of these provisions are considered unfair or deceptive acts under section 1345.02 of the Revised Code, allowing injured borrowers to seek relief similar to that available to consumers under section 1345.09. The bill also empowers the superintendent of financial institutions, borrowers, and prosecuting attorneys to take action against violations, ensuring enforcement of these new regulations. Existing section 1321.44 is repealed as part of this legislative update.

Statutes affected:
As Introduced: 1321.44