Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-11 - Rules Relating to Short-Term Loan Act › Section 1301:8-11-02 - Recordkeeping requirements

Current through all regulations passed and filed through July 1, 2024
(A) All short-term loan records required to
			 be maintained by section
			 1321.422 of the Revised Code and
			 this rule shall be kept current and shall be available at all times during
			 normal business hours for review by the division of financial institutions.
			 Records shall be legible and maintained in a type size that is clearly readable
			 without magnification, and in conformity with any specific typeface or font
			 size that may be required by state or federal law. Records shall be maintained
			 in English except where otherwise provided by federal or state law. When
			 records are allowed to be in a language other than English, the short-term loan
			 licensee, at its expense, shall be responsible for providing the division with
			 a full and accurate translation. For purposes of recordkeeping, "current" means
			 within thirty days from the date of the occurrence of the event required to be
			 recorded. Pursuant to section
			 1321.422 of the Revised Code, at
			 a minimum each short-term loan licensee shall maintain the following records
			 for all loans made pursuant to sections
			 1321.35 to
			 1321.48 of the Revised Code for
			 at least a period of two years after making the final entry on, or final
			 revision of, any loan at either the licensed office or any other location
			 approved in writing in advance by the superintendent of financial institutions.
(1) A ledger record shall be kept for each
			 outstanding loan paid in full within the last two years upon which a
			 chronological entry of all credits, debits, payments and charges received,
			 assessed or disbursed in connection with the loan shall be recorded in an
			 identifiable manner, in order to show the actual date of receipt, assessment or
			 disbursement and the balance due on the account after each entry.
(2) A loan statement kept in chronological
			 order shall be maintained in one file for at least two years after making the
			 final entry for, or final revision of, each loan made by the licensee. The loan
			 statement shall disclose the following information if applicable:
(a) Account number;
(b) Principal borrower's name and residence
			 address;
(c) Date of
			 loan;
(d) Date finance charges
			 begin to accrue;
(e) Federal annual
			 percentage rate;
(f) Original
			 principal amount;
(g) Scheduled
			 total of finance charges;
(h) Total
			 of payments;
(i) Terms of
			 repayment, including the number of payments, the amount of each payment, the
			 total of payments and the maturity date of the loan;
(j) Check collection charge, if any, that may
			 be levied;
(k) Names of all
			 co-makers, guarantors, or other obligors; and
(l) Types and amount of any credit-related
			 insurance.
(3) All loan
			 agreements, notes, disclosure forms, closing statements and other documents
			 signed by the obligors and taken in connection with loans made, shall be
			 identified by the loan number and maintained in a separate file for each
			 borrower.
(4) An alphabetical index
			 of all borrowers, co-makers, guarantors, and other obligors identified by
			 account number shall be maintained with respect to all persons obligated for
			 interest in excess of the current usury rate.
(5) A record of all loans in litigation shall
			 be maintained in a litigation record. The litigation record shall be maintained
			 for at least two years after the final entry has been made on the loan, be kept
			 current, and include the following information:
(a) Loan number and name of principal
			 borrower;
(b) Date litigation
			 proceedings were initiated, the date and amount of the judgment and the
			 judgment rate of interest;
(c) All
			 original litigation records and documents, including pleadings, court orders,
			 judgments, and documentation of all court costs paid by the borrower to or
			 through the licensee, or copies thereof shall be maintained in the file of
			 original papers; and
(d) In cases
			 of garnishment or attachment, all notices served on employers or copies thereof
			 and the amounts collected shall be maintained in the file of original loan
			 papers.
(6) A credit
			 life claim record shall be maintained for all loans upon which a credit life
			 claim has been paid by the insurer. The credit life claims record shall be
			 maintained for at least two years after the final entry has been made on the
			 loan, be kept current, and include the following information:
(a) Loan number and name of principal
			 borrower;
(b) Date of death and a
			 certified copy of the death certificate or a copy thereof;
(c) Name and address of second beneficiary,
			 if any; and
(d) Copies of all
			 checks received or paid pertaining to a credit life claim.
(7) Histories of nonpublished indices used to
			 establish interest rates for variable rate loans shall be maintained for two
			 years from date of usage, and shall be available for review by the division of
			 financial institutions.