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Commerce Division of Financial Institutions  
 

SHORT TERM LOAN

The Division of Financial Institutions regulates short term lenders in Ohio pursuant to Sections 1321.35 to 1321.48 and 1315.99 of the Ohio Revised Code.

• Forms

• Licensing

A person wishing to engage in the business of making short-term loans to a borrower in Ohio or assisting a borrower to obtain such a loan must first be licensed. Short-term loans are defined as loans of $500 or less with a term of not less than 31 days and may not have an APR of more than 28%.

Instructions and the forms required to apply for a short term license can be obtained at http://www.com.ohio.gov/fiin/Forms.aspx. The Division will investigate the applicant to determine they meet all the statutory requirements for licensure under the act.

Licenses must be renewed annually. Each short term lending office location must be individually licensed. If an office is to be relocated, the licensee must obtain a new license from the Division prior to conducting business at the new location.

• Compliance

Licensees are responsible for understanding and complying with the applicable statutes. The Division will periodically examine licensees for compliance with Ohio law and has the power to issue subpoenas in the process of conducting examinations and investigations.

In addition, the Division may deny applications for registration, revoke, suspend, or refuse to renew licenses, or impose fines against licensees pursuant to the Ohio Administrative Procedures Act, Chapter 119 of the Ohio Revised Code.