Ohio Administrative Code
Title 1301:8 - Division of Financial Institutions: Consumer Finance
Chapter 1301:8-3 - Second Mortgage Loan Act
Section 1301:8-3-12 - Prohibitions

Universal Citation: OH Admin Code 1301:8-3-12

Current through all regulations passed and filed through September 16, 2024

(A) No registrant shall take any note or other promise to pay that does not set forth the entire agreement made with the borrower.

(B) No registrant shall take any note or promise to pay in which blanks are left to be filled in after execution.

(C) No registrant shall charge or collect interest prior to the date of disbursement of the loan funds to the borrower.

(D) A new loan shall not be made for the purpose of paying any part of the interest or principal due on an existing loan with the same registrant unless the interest and principal balance of the existing loan is paid in full from the proceeds of the new loan.

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