On 11, 2014, the Ohio Supreme Court resolved an issue opened by the Ninth District Court of Appeals of Ohio in 2012: can Mortgage Loan Act (“MLA”) registrants make single-installment loans june? In Ohio Neighborhood Finance, Inc. V. Scott, the Ohio Supreme Court unanimously held that, yes, MLA registrants could make such single-installment loans regardless of certain requirements and prohibitions for the Short Term Loan Act (“STLA”). The important points with this situation are the following.
In ’09, Ohio Neighborhood Finance, Inc., a MLA registrant, sued Rodney Scott for his so-called standard of the single-installment, $500 loan.
The quantity presumably in default included the initial principal of $500, a ten dollars credit research charge, a $30 loan-origination cost, and $5.16 in interest, which lead through the 25% rate of interest that accrued in the principal throughout the two-week term associated with loan. Continue reading “Alert: The Ohio Supreme Court holds that a loan provider may make short-term”