“Closed-end loan” means any expansion of credit except that a loan that is open-end.

“Closed-end loan” means any expansion of credit except that a loan that is open-end.

(H) “Collecting” and “collected” means the servicing of that loan or receipt of re re payments from a debtor for the loan made pursuant to parts 1321.62 to 1321.702 regarding the Revised Code.

(I) “Consumer report” and “customer reporting agency” have actually the same definitions as in the “Fair credit rating Act.” 84 Stat. 1128. 15 U.S.C. 1681a. as amended.

(J) “Control individual” means somebody who, when you look at the dedication for the superintendent of banking institutions, has got the authority to direct and get a grip on the operations of this applicant.

(K) “Depository organization” gets the exact exact same meaning like in area 3 associated with the “Federal Deposit Insurance Act.” 64 Stat. 873. 12 U.S.C. 1813. and includes any credit union.

(L) “Direct mail” means that loan arranged via a credit card applicatoin through the mail or internet in which the loan profits are delivered through the mail or electronic transmission towards the advantage of a debtor. That loan isn’t created by “direct mail” if it’s facilitated by face-to-face, personal contact in this state between your loan provider, loan provider’s worker or representative, or loan provider’s lawyer additionally the debtor or debtor’s representative.

(M) “Federal banking agency” means the board of governors associated with the federal book system, the comptroller for the money, the nationwide credit union management, together with deposit insurance corporation that is federal. Continue reading ““Closed-end loan” means any expansion of credit except that a loan that is open-end.”