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OH HB682
Bill
Status
12/9/2014
Primary Sponsor
Connie Pillich
Click for details
AI Summary
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Establishes protections for "covered borrowers" (armed forces members, veterans, reserves, national guard members, and their immediate families) when extending consumer credit, excluding mortgages, auto loans, and secured personal property purchases
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Requires creditors to provide written disclosures before borrowers become obligated, including annual percentage rate, total fees and charges, and a boldface warning that the loan cost exceeds average financial institution rates
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Caps interest rates at 28% annual percentage rate and limits allowable fees to interest charges and court-awarded damages, costs, and disbursements
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Prohibits creditors from requiring borrowers to waive legal rights, submit to arbitration, impose onerous notice provisions, use account access methods for repayment, extend credit when repayment is unlikely, or issue multiple extensions within 60 days
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Directs the superintendent of financial institutions to adopt rules implementing and enforcing these protections, including rules setting maximum indebtedness limits for covered borrowers
Legislative Description
Relative to the extension of consumer credit to members and veterans of the U.S. armed forces, including the reserves, or of the national guard, and to members of their immediate families.
Consumer credit-extended to military members and veterans
Last Action
To Military and Veterans Affairs
12/9/2014