Ohio Code § 1321.02

§ 1321.02.

No person shall engage in the business of lending money, credit, or choses in action

in amounts of five thousand dollars or less, or exact, contract for, or receive, directly

or indirectly, on or in connection with any such loan, any interest and charges that

in the aggregate are greater than the interest and charges that the lender would be

permitted to charge for a loan of money if the lender were not a licensee, without

first having obtained a license from the division of financial institutions under sections 1321.01 to 1321.19 of the Revised Code . Sections 1321.01 to 1321.19 of the Revised Code do not apply to any person doing business under and as permitted by any law of this

state, another state, or the United States relating to banks, savings banks, savings

societies, trust companies, credit unions, savings and loan associations substantially

all the business of which is confined to loans on real estate mortgages and evidences

of their own indebtedness;  to registrants conducting business pursuant to sections 1321.51 to 1321.60 of the Revised Code ;  to licensees conducting business pursuant to sections 1321.62 to 1321.702 of the Revised Code ;  to licensees conducting business pursuant to sections 1321.71 to 1321.83 of the Revised Code ;  to licensees doing business pursuant to sections 1321.35 to 1321.48 of the Revised Code ;  to registrants conducting business as mortgage lenders under Chapter 1322. of the

Revised Code;  or to any entity who is licensed pursuant to Title XXXIX of the Revised

Code, who makes advances or loans to any person who is licensed to sell insurance

pursuant to that Title, and who is authorized in writing by that entity to sell insurance.  No person engaged in the business of selling tangible goods or services related

thereto may receive or retain a license under sections 1321.01 to 1321.19 of the Revised Code for such place of business. The first paragraph of this section applies to any person, who by any device, subterfuge,

or pretense, charges, contracts for, or receives greater interest, consideration,

or charges than that authorized by this section for any such loan or use of money

or for any such loan, use, or sale of credit, or who for a fee or any manner of compensation

arranges or offers to find or arrange for another person to make any such loan, use,

or sale of credit.  This section does not preclude the acquiring, directly or indirectly, by purchase

or discount, of a bona fide obligation for goods or services when such obligation

is payable directly to the person who provided the goods or services. Any contract of loan in the making or collection of which an act is done by the lender

that violates this section is void and the lender has no right to collect, receive,

or retain any principal, interest, or charges.