Lender’s License
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Statutes
"No person may engage in the business of lending money, credit, or choses in action for $5,000 or less, or exact, contract for, or receive regartding a loan, any interest and charges that are greater than the interest and charges that the lender would be permitted to charge for a loan of money if the lender were not a licensee, without first having obtained a license. Specified entities are excluded.
Any contract of loan in the making or collection of which an act is done by the lender that violates this section is void and the lender has no right to collect, receive, or retain any principal, interest, or charges. ORC §1321.02"
Any contract of loan in the making or collection of which an act is done by the lender that violates this section is void and the lender has no right to collect, receive, or retain any principal, interest, or charges. ORC §1321.02"
Cases
Comments
Please note that an unlicensed lender who adds charges for various services which in the aggregate exceed five thousand dollars ($5,000) will be enjoined from taking or enforcing judgment. See Murphy v. Citizens Discount Corp., 90 N.E.2d 622, 57 Ohio Law Abs. 90, 1950 Ohio Misc. LEXIS 380 (Ohio C.P. 1950).
Contributors
Shannon D. Lawson
The statutory information was edited and reviewed with the support of MultiState
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