Ohio Personal Loan Laws and Regulations in (OH)

(last updated 11/13/2019)
1109.20 Interest and Finance Charge Rates

(A) A bank may contract for and receive interest or finance charges at any rate or rates agreed upon or consented to by the parties to the loan contract, extension of credit, or revolving credit agreement, but not exceeding an annual percentage rate of twenty-five per cent. In addition, a bank may charge, collect, and receive, as interest, other fees and charges that are agreed upon by the bank and the borrower, including, but not limited to, periodic membership fees, cash advance fees, charges for exceeding a designated credit limit, charges for late payments, charges for the return of a dishonored check or other payment instrument, guarantee fees, origination fees, processing fees, application fees, and prepayment fees. Any fees and charges charged, collected, or received by a bank in accordance with this division shall not be included in the computation of the annual percentage rate or the rates of interest or finance charges for purposes of applying the twenty-five per cent limitation.

This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Ohio, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Ohio Division of Financial Institutions.
The following classes of lending organizations may be exempt from some , all, or none of the regulations set by the state of Ohio. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.

Ohio Personal Lending Regulator (OH)

Regulating Authority
Ohio Division of Financial Institutions
77 South High Street
21st Floor
Columbus, OH 43215

Agency for Handling Complaints
Division of Financial Institutions
Office of Consumer Affairs
77 South High Street, 21st Floor
Columbus , OH 43215
(866)278-0003, (614)728-8400


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