Ohio SB456 amends consumer installment loan laws, affecting licensing, record-keeping, and advertising practices for lenders.
Ohio SB456 introduces changes to the consumer installment loan law, impacting licensing requirements, record-keeping obligations, and advertising practices for lenders. The bill mandates that lenders maintain specific records, including loan agreements, payment histories, and repossession details, for at least two years. It also requires lenders to notify borrowers of interest rate changes and provides guidelines for advertising loans, prohibiting misleading or deceptive practices.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.