The bill amends various sections of the Revised Code concerning consumer installment loans, specifically updating the licensing and regulatory framework for financial institutions. Key changes include the replacement of references from sections 1321.702 to 1321.703, emphasizing the necessity for lenders to obtain a license from the division of financial institutions before engaging in lending activities. The bill clarifies definitions related to loans and outlines specific conditions for licensees, including restrictions on fees and charges, as well as exemptions for certain credit transactions. These amendments aim to enhance consumer protection by ensuring lenders adhere to regulated practices and avoid predatory lending.

Additionally, the bill introduces new requirements for record-keeping and advertising, mandating that electronic records be preserved in a nonrewritable format and that licensees maintain detailed indices for examination. It establishes a framework for the superintendent of financial institutions to investigate violations and enforce compliance, including the ability to revoke or suspend licenses for legal infractions. The bill also provides protections for licensees against civil liability for unintentional clerical errors, streamlining the regulatory process while ensuring accountability and transparency in lending practices. Overall, the bill seeks to modernize the laws governing consumer installment loans in Ohio, enhancing both consumer protection and regulatory oversight.

Statutes affected:
As Introduced: 1321.02, 1321.62, 1321.63, 1321.631, 1321.632, 1321.64, 1321.643, 1321.644, 1321.65, 1321.651, 1321.66, 1321.663, 1321.665, 1321.666, 1321.67, 1321.673, 1321.674, 1321.69, 1321.691, 1321.70, 1321.701, 1321.702, 1321.703