Chapter 1321: SMALL LOANS
1321.01 Small loan definitions.
(A) As utilized in sections 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 permit released under parts 1321.01 to 1321.19 associated with the Revised Code in order to make loans at a solitary bar or nightclub.
(3) “Licensee” means an individual to whom more than one licenses have already been released.
(4) “Principal quantity” means the actual quantity of money compensated to, or compensated or payable for the account of, the debtor.
(5) “Interest” means all costs payable straight or indirectly by a debtor to a licensee as a disorder to that loan or a software for the loan, nonetheless denominated, but doesn’t add standard fees, deferment fees, insurance coverage fees or premiums, court expenses, loan origination fees, always check collection fees, line of credit costs, credit history charges, or other costs and costs particularly authorized for legal reasons.
(6) “Interest-bearing loan” means that loan where the financial obligation is expressed since the principal amount and interest is computed, charged, and built-up on unpaid major balances outstanding every so often.
(7) “Precomputed loan” means that loan where the financial obligation is just a sum comprising the major quantity and the total amount of interest computed ahead of time in the assumption that every planned re re payments is going to be made whenever due.