Current through all regulations passed and filed through September 16, 2024
(A) The following
advertising requirements shall be observed by all registrants:
(1) The words "advertisement" and
"advertising," as used in section
1321.51 to
1321.60 of the Revised Code and
this chapter, shall include all material printed, published, displayed,
distributed or broadcast for the purpose of obtaining applications for loans.
Materials displayed or distributed over the internet, telephone, facsimile, or
other electronic transmission for the purposes of obtaining applications for
loans are considered advertising for purposes of this rule.
(2) A registrant shall not advertise that
loans will be made at any place other than that named in the certificate of
registration. Every advertisement shall state and clearly indicate the identity
of the registrant and shall do so in such a manner that prevents confusion with
the name of any other unrelated registrant. Registrants shall be identified by
means of tradenames, service marks or business names which are filed with the
division of financial institutions and Ohio secretary of state.
(3) A registrant shall not use loan
advertisements which provide only telephone or facsimile numbers or newspaper
box addresses and do not clearly indicate the identity of the registrant.
(4) A registrant shall not
advertise that loans shall be made within a specified time after the loan
application is received, unless it is the general practice of the registrant to
make loans within the specified time.
(5) A registrant shall not advertise special
terms, reduced rates, reduced payments, or any other special feature of a loan
within a specified limited time, unless the advertisement clearly states any
limitations that apply to the offer.
(6) A registrant shall not advertise by the
use of unqualified superlatives, including but not limited to "lowest rates,"
"lowest costs," "lowest payment plan," or "cheapest loans," or by making offers
which cannot be reasonably fulfilled.
(7) A registrant shall not advertise the
words "new" or "reduced," or words of similar import, in connection with rates,
costs, payments or plans, for more than ninety days after the rates, costs,
payments or plans shall have become effective.
(8) Any registrant specifying in any
advertisement charges on loans in dollars shall also state the length of time
required to repay the loans as well as the method of repayment, and shall, when
the rate of interest is stated, do so in a manner to prevent misunderstanding.
(9) Any registrant advertising
flat or average payments on loans which include principal and interest shall
specify the number and frequency of payments required to repay the loans.
Whenever the amounts of periodic payments are advertised, the amounts must
include all interest to the borrower, as well as principal. The principal
payments alone may be shown separately provided the interest charges are also
clearly stated with equal prominence.
(10) A registrant shall not advertise
rebates, rates, or charges below the maximum lawful rate of interest which are
conditioned upon prompt payment unless such the condition is clearly indicated.
(11) A registrant shall not
advertise:
(a) Waiver of payments in the
event of sickness or disability or other contingency, without advertising that
the interest and other charges, if assessed, continue during the waiver period.
(b) That the first payment on any
loan may be made more than thirty days after the date of loan closing, without
advertising that the interest and other charges, if assessed, will accrue from
the date of disbursement of the loan funds until the first payment is due.
(12) A registrant shall
not advertise for loans for illegal purposes.
(13) A registrant shall not advertise
specific amounts of loans to be made on designated makes and models of
automobiles unless it is also stated that the amounts so specified are only the
average loan values and are subject to the actual condition of such the
automobiles.
(14) A registrant
shall not give, or advertise an offer to give any article or merchandise or
anything of value, other than a reduction in interest, as an inducement to a
borrower to make a loan.
(15) A
registrant shall not advertise the availability of credit-related insurance
without disclosing the charge, if any, for the insurance.
(B) Every registrant shall maintain in each
registered office or in a central location, approved by the superintendent of
financial institutions, a records file of all advertising, including newspaper,
magazine, direct mailing facsimile advertising and solicitations, roadside
advertising, internet and scripts of radio and television commercials, for a
period of two years from the date disseminated. A record or other file shall be
readily available for inspection by the division of financial institutions at
all times. Every registrant shall notify the division of financial institutions
in writing of the location of the record or file. All registrants shall, upon
the request of the superintendent, provide to the division of financial
institutions any printed or electronic advertising done regarding any business
conducted under sections
1321.51 to
1321.60 of the Revised Code.
Text of advertising shall be maintained by the registrant for two years from
the date of usage.
