OH HB608

Enacts new section 1321.90 to prohibit any person, including individuals, partnerships, associations, trusts, and corporations, from engaging in the business of making auto title loans in Ohio.

Defines "auto title loan" as a loan secured by a certificate of title to a borrower's motor vehicle.

Violators of the prohibition are guilty of a misdemeanor of the first degree, with the division of financial institutions authorized to revoke licenses or registrations after a hearing for violations.

Allows existing auto title loans made before the effective date to remain in effect until they terminate according to their terms, but prohibits renewal or extension of such loans on or after the effective date.

Permits administrative fines and civil penalties to be imposed in addition to criminal penalties for violations.