SHORT TERM LOAN

Forms

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.


LICENSING

A person wishing to become a short term lender must submit an application, a fingerprint card, a license fee and a nonrefundable investigation fee. The Division must investigate the financial condition, responsibility, character and general fitness of the applicant including requesting a criminal background check. Any for-profit applicant must have a net worth of at least $100,000 and a surety bond of $100,000. These requirements are reduced to $50,000 for non-profit/501(c)(3) applicants.

Licenses must be renewed annually by filing a renewal application and annual licensing fee. 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 must comply with specific recordkeeping, advertising and business practices as outlined by statute or rule.

The Division can investigate licensees including issuing subpoenas to ensure compliance with the law. The Division may revoke or suspend a license, or fine a licensee, subject to the Administrative Procedures Act. The State is the sole regulator of short term lenders.