“Person” includes people, partnerships, associations, trusts, corporations, and all sorts of other entities that are legal.
(2) “License” means a permit released under sections 1321.01 to 1321.19 associated with the Revised Code to help make loans at a place that is single of.
(3) “Licensee” means an individual to who a number of licenses have already been released.
“Principal amount” means the actual quantity of money compensated to, or compensated or payable for the account of, the debtor.
(5) “Interest” means all charges payable straight or indirectly by way of a debtor up to a licensee as an ailment to that loan or a software for the loan, nonetheless denominated, but will not add standard fees, deferment fees, insurance coverage costs or premiums, court expenses, loan origination costs, check always collection fees, personal line of credit costs, credit file costs, or other charges and costs especially authorized for legal reasons.
(6) “Interest-bearing loan” means that loan when the financial obligation is expressed since the principal amount and interest is computed, charged, and obtained on unpaid principal balances outstanding every so often. Read More “Payday advances laws and regulations by state”