OH HB182

Increases the maximum interest rate on consumer installment loans from 25% to 36% per year on unpaid principal balances

Allows lenders to convert precomputed loans to interest-bearing loans at the original contract rate when a loan is accelerated, either with or without a judgment being entered, provided the borrower receives appropriate refund credits

Permits lenders to charge fees in cases of loan refinancing, in addition to existing allowances for deferment charges

Changes payment application from mandatory ("shall") to permissive ("may") for applying payments first to unpaid charges, then interest, then principal

Creates a "bona fide error" safe harbor allowing lenders to avoid violation penalties if they correct errors within a reasonable time, including crediting overcharges plus applicable interest to the borrower