Chapter 1321: SMALL LOANS
1321.01 Tiny loan definitions.
(A) As utilized in parts 1321.01 to 1321.19 associated with the Revised Code:
(1) “Person” includes individuals, partnerships, associations, trusts, corporations, and all sorts of other appropriate entities.
(2) “License” means a license given under parts 1321.01 to 1321.19 for the Revised Code to help make loans at a place that is single of.
(3) “Licensee” means an individual to who a number of licenses have already been granted.
(4) “Principal quantity” means the total amount of money compensated to, or compensated or payable for the account of, the debtor.
(5) “Interest” means all fees payable straight or indirectly by way of a debtor to a licensee as a disorder to that loan or a software for the loan, nonetheless denominated, but will not consist of standard costs, deferment costs, insurance coverage fees or premiums, court expenses, loan origination charges, check always collection fees, personal line of credit fees, credit history fees, or other charges and costs particularly authorized by law.
(6) “Interest-bearing loan” means that loan where the financial obligation is expressed since the principal amount and interest is computed, charged, and obtained on unpaid balances that are principal every so often.
(7) “Precomputed loan” means that loan in that your financial obligation is a amount comprising the amount that is principal the quantity of interest computed ahead of time from the presumption that every planned re re re payments should be made whenever due.
(8) “Actuarial technique” means the strategy of allocating payments made on that loan involving the principal amount and interest whereby a repayment is applied first to your accumulated interest additionally the rest towards the unpaid principal amount.
(9) “Applicable cost” means the actual quantity of interest due to each month-to-month installment amount of the mortgage agreement. متابعة قراءة “Small installment loans”