Section 1321.632 - Consumer installment loan licensee authority; prohibited activitiesA licensee may engage in the business of making loans provided the licensee does not do any of the following:
(A) Assess an origination fee pursuant to section 1321.68 of the Revised Code more than three times in any twelve-month period;(B) Accept a dated instrument from the borrower as security for a loan;(C) Hold an instrument for a period of time prior to negotiation or deposit of the instrument;(D) Pay to a borrower, credit to a borrower's account, or pay to another person on the borrower's behalf the amount of an instrument, less interest, fees, or any other charges permitted by section 1321.68 of the Revised Code;(E) Refinance the loan during the first one hundred twenty days of the loan term;(F) Except for the deferment charge permitted by section 1321.68 of the Revised Code, charge or collect any fee, charge, or remuneration of any sort for renewing, amending, or extending a loan beyond its original term.Added by 132nd General Assembly, SB 24,§1, eff. 7/1/2017.