OH HB325

Repeals sections 1321.35 to 1321.48 of the Revised Code, which comprised the Short-Term Loan Act that regulated payday lending.

Prohibits payday lending by non-traditional financial entities, restricting short-term loans to traditional financial institutions (banks, credit unions, savings and loan associations).

Amends multiple sections of the Revised Code to remove references to the repealed Short-Term Loan Act and update related lending regulations.

Adds minimum three-month repayment periods for certain loans under sections 1321.12 and 1321.59 to prevent ultra-short-term lending practices.

Maintains criminal penalties for unlicensed payday lending and updates consumer protection definitions to exclude short-term loans from certain regulatory frameworks.