OH HB694

Reduces the statute of limitations for actions upon written contracts (specialty, agreement, contract, or promise in writing) from 8 years to 3 years after the cause of action accrues.

Maintains the 3-year statute of limitations for actions upon contracts not in writing (express or implied).

Maintains the 6-year statute of limitations for actions upon liabilities created by statute other than forfeitures or penalties.

For causes of action that accrued before the effective date, the period of limitations is 3 years from the effective date or the expiration of the prior period of limitations, whichever occurs first.

Applies to actions where the cause of action accrues on or after the effective date of the act.