Ohio Bill Raises the Stakes of State Predatory Lending Laws
June 14, 2006
Lawmakers in Ohio have raised the bar for state predatory lending statutes with a bill that would impose significant new responsibilities on loan officers and mortgage brokers. As Inside B&C Lending went to press, Ohio’s Republican Governor, Bob Taft, appeared set to sign SB 185, a bill that amends the state’s Consumer Sales Practices Act, broadening its licensing standards, placing new limits on some loan terms, and re-defining the relationship between originators and borrowers. …