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#1653229 - 01/19/12 08:59 PM Prepayment Penalty Consumer Installment Loans
bugleboy Offline
100 Club
Joined: Jan 2005
Posts: 136
Ohio
May prepayment penalties be imposed on consumer installment loans in Ohio? The Ohio Revised Code speaks about mortgage loans but I can't find anything specific regarding consumer installment loans
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Rudeness is the weak man's imitation of strength...Eric Hoffer

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#1654111 - 01/21/12 09:31 PM Re: Prepayment Penalty Consumer Installment Loans bugleboy
jlroberts Offline
Diamond Poster
jlroberts
Joined: Sep 2009
Posts: 1,601
Ohio
Not sure if this is what you are looking for:

1301:8-3-24 Points and prepayment penalties on real estate loans.
Pursuant to sections 1321.51 to 1321.60 of the Revised Code, no points or prepayment penalties are permissible on loans not secured by real estate. No prepayment penalty permitted by division (G)(1) of section 1321.57 of the Revised Code shall extend beyond the time allowed pursuant to division (C)(1) of section 1343.011 of the Revised Code. First lien mortgages made subject to sections 1321.51 to 1321.60 of the Revised Code shall not be subject to prepayment penalties if otherwise contrary to the applicable provisions of section 1343.011 of the Revised Code.

Replaces: 1301:8-3-24

Effective: 07/01/2008
R.C. 119.032 review dates: 11/15/2012
Promulgated Under: 119.03
Statutory Authority: 1321.54(A)
Rule Amplifies: 1321.57(G)
Prior Effective Dates: 4/1/1990, 6/1/07

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