OH HB520

Increases maximum interest rate for consumer installment loans from 25% to 36% per year on unpaid principal balances, calculated using the actuarial method.

Allows licensees to convert precomputed loans to interest-bearing loans at the original rate when maturity is accelerated, with borrower credit for the same refund as if prepayment occurred on the conversion date.

Establishes safe harbor for lenders making bona fide errors; lenders may correct violations within a reasonable time by crediting open accounts or mailing refund checks with interest calculated at the loan's original rate.

Permits consumer installment lender employees to work from remote locations provided no in-person customer interactions occur there, appropriate data safeguards are maintained, and consumer records are not kept at the remote location.

Modifies refinance restrictions to allow refinancing charges in certain circumstances and clarifies payment application procedures for interest-bearing loans.