Ohio Administrative Code
Title 109:4 - Consumer Protection
Chapter 109:4-3 - Deceptive Acts or Trade Practices in Connection with Consumer Transactions
Section 109:4-3-30 - Limitation on advance payments

(A) Division (B)(9) of section 1345.031 of the Revised Code prohibits a supplier from arranging for or making a consumer transaction that includes terms under which more than two periodic payments required under the consumer transaction are consolidated and paid in advance from the loan proceeds provided to the consumer.

(B) The provisions of division (B)(9) of section 1345.031 of the Revised Code shall not apply to any residential mortgage loan with a maturity of less than one year, if the purpose of the loan is a "bridge" loan connected with the acquisition or construction of a dwelling intended to become the consumer's principal dwelling. However, this exemption shall not apply to a "covered loan" as that term is defined under division (D) of section 1349.25 of the Revised Code, or a mortgage under section 152(a) of the " Home Ownership and Equity Protection Act of 1994," 108 Stat. 2190, 15 U.S.C. 1602(aa), as amended, and the regulations adopted thereunder by the federal reserve board, as amended.