Speaking of deemed “covered funds
<¶>The state defines “predatory loans” as loans that involve Ohio property and in which either (a) the annual interest rate at consummation exceeds the yield on comparable Treasury securities by eight percent for first mortgage loans or ten percent for second mortgage loans or (b) the total points or fees exceed the greater of eight percent of the loan amount or at least $400. R.C. (D). “
<¶>Although the state statutes impose restrictions and disclosure requirements on these covered loans and provide a rescission remedy and creditor penalties, they do not impose mandatory counseling for the borrower as a prerequisite to issuing the loan. Continue reading “3rd, new city’s ordinances want necessary financing guidance on debtor, while condition laws comes with no instance requirement”
