S.B. No. 355 Summary

• Creates the Ohio Consumer Installment Loan Act establishing comprehensive licensing and regulatory requirements for consumer installment lenders, effective July 1, 2017.

• Requires lenders to obtain licenses from the Superintendent of Financial Institutions with minimum net worth of $50,000 and $50,000 in assets per license location.

• Sets maximum interest rates at 25% per year for closed-end loans and 28% per year for open-end loans, with detailed regulations on loan terms, fees, insurance, and prepayment refunds.

• Establishes extensive recordkeeping, advertising, and disclosure requirements including loan statements, ledger records, litigation and repossession files maintained for specified periods.

• Authorizes the Superintendent to suspend, revoke, or fine licensees for violations with maximum penalties of $25,000 per violation and allows the Attorney General to bring enforcement actions.