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OH HB322
Bill
Status
9/4/2012
Primary Sponsor
William Coley
Click for details
AI Summary
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Permits Ohio banks to charge interest, fees, and other charges on revolving credit agreements at rates matching or lower than out-of-state banks charge to Ohio customers, notwithstanding existing rate limitations in the Revised Code
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Extends the same charging authority to Ohio savings and loan associations, savings banks, and credit unions for revolving credit agreements
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Defines "revolving credit agreement" as repeated transaction agreements where credit becomes available as outstanding balances are repaid, excluding agreements secured by residential mortgages
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Applies to revolving credit agreements only; does not affect residential mortgage lending or other secured credit products
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Enacts four new sections (1109.181, 1151.2911, 1161.441, and 1733.253) establishing parallel provisions for banks, savings and loan associations, savings banks, and credit unions respectively
Legislative Description
To permit Ohio banks, savings and loan associations, savings banks, and credit unions to charge the same or lower rates or amounts of interest, fees, or other charges under a revolving credit agreement that the respective out-of-state financial institutions may charge Ohio revolving credit customers.
Ohio banking institutions-same interest/charges as out-of-state banks
Last Action
Effective Date
9/4/2012