Ohio SB269 revises the Small Loan Act to amend licensing requirements and interest rate caps for small loans.

Ohio SB269 amends the Small Loan Act by modifying licensing requirements for individuals and entities engaged in lending money, credit, or choses in action in amounts of five thousand dollars or less. The bill specifies that certain entities, such as banks and credit unions, are exempt from these licensing requirements. It also establishes interest rate caps and prohibits loans under specific conditions, such as loans of one thousand dollars or less or loans with a duration of one year or less.

Ohio SB269 revises the Small Loan Act to amend licensing requirements and interest rate caps for small loans.

Ohio SB269 amends the Small Loan Act by modifying licensing requirements for individuals and entities engaged in lending money, credit, or choses in action in amounts of five thousand dollars or less. The bill specifies that certain entities, such as banks and credit unions, are exempt from these licensing requirements. It also establishes interest rate caps and prohibits loans under specific conditions, such as loans of one thousand dollars or less or loans with a duration of one year or less.