Effective: January 1, 1997
Latest Legislation: House Bill 538 - 121st General Assembly
(A) A bank may extend credit to a customer pursuant to a revolving credit agreement allowing the customer to access the credit from time to time, subject to a limitation on the outstanding balance of the credit accessed and without regard to whether the customer has previously accessed and repaid the credit. A revolving credit agreement may authorize the customer to access the credit extended by either or both of the following:
(1) Purchasing goods or services from a seller by means of the bank's commitment to advance to the seller the payment for the goods and services purchased by the customer;
(2) Obtaining an advance of funds by the bank or by another in reliance on the bank's commitment to pay the funds advanced to the customer.
(B) The terms of a revolving credit agreement may permit the bank to charge, collect, and receive any finance charge or other fee or charge permitted by section 1109.20 of the Revised Code. A revolving credit agreement shall specify the manner in which the bank will compute the loan balance on which interest and finance charges are assessed as permitted by section 1109.20 of the Revised Code. A revolving credit agreement may permit the bank to charge a minimum monthly finance charge of one dollar for any month for which there is an unpaid balance on the customer's account.
(C) The bank shall supply to its customer under a revolving credit agreement a statement as of the beginning or end of each period in which there is any unpaid balance on the customer's account, which period may be a calendar month or other regular period not in excess of thirty-one days. The statement shall include the following:
(1) The unpaid balance under the agreement at the beginning and end of the period;
(2) The date and amount of each advance made by the bank for the account of the customer during the period;
(3) The cash purchase price and the date of each purchase of goods or services with respect to which advances for the account of the customer were made during the period;
(4) All payments made by the customer to the bank and any other credits to the customer during the period;
(5) The amount of all charges made against the customer during the period;
(6) A legend to the effect that the customer may at any time pay the unpaid balance without incurring further charges.
Structure Ohio Revised Code
Title 11 | Banks-Savings and Loan Associations
Chapter 1109 | State Banks - Powers
Section 1109.01 | Bank Powers, Rights and Privileges Generally.
Section 1109.02 | Additional and Incidental Powers.
Section 1109.021 | Election to Operate as a Savings and Loan Association.
Section 1109.03 | Federal Deposit Insurance Corporation and Federal Reserve Requirements.
Section 1109.04 | Good Faith Reliance; Electronic Statements and Notice.
Section 1109.05 | Deposit Contracts.
Section 1109.06 | Designating on Signature Card Deposit Is in Trust for Another.
Section 1109.07 | Deposits Payable to Survivor - Deposits Payable on Death.
Section 1109.08 | Safes, Vaults, Safe Deposit Boxes, Night Depositories.
Section 1109.09 | Accounts and Safe Deposit Box Rentals for Minors.
Section 1109.10 | Claims Adverse to Deposits or Property.
Section 1109.11 | Deposits Entered as u.s. Money.
Section 1109.15 | Permitted Transactions.
Section 1109.151 | No Fiduciary Relationship Created.
Section 1109.16 | Standards for Extensions of Credit.
Section 1109.17 | Accepting Drafts or Bills of Exchange.
Section 1109.18 | Extending Credit Pursuant to Revolving Credit Agreement.
Section 1109.181 | Charges Under Revolving Credit Agreement.
Section 1109.20 | Interest and Finance Charge Rates.
Section 1109.22 | Total Loans and Extensions of Credit to Person Outstanding at Any One Time.
Section 1109.24 | Extending Credit to Executive Officer - Reports.
Section 1109.25 | Bank's Own Stock as Security or Payment.
Section 1109.26 | Owning or Holding Real Estate or Stock Acquired in Satisfaction of Debt.
Section 1109.31 | Real Estate Investments.
Section 1109.32 | Bonds, Notes and Other Debt Securities as Investments.
Section 1109.33 | Investing in Stock of Federally Chartered Banks.
Section 1109.34 | Investing in Securities of Domestic Insurance Company.
Section 1109.36 | Underwriting and Dealing in Guaranteed and Acceptable Debt Securities.
Section 1109.39 | Additional Stock Investments.
Section 1109.40 | Additional Authority for Loans and Investments.
Section 1109.43 | Investing in Bankers' Bank or Holding Company.
Section 1109.44 | Investing in Bank Subsidiary Corporations and Bank Service Corporations.
Section 1109.441 | Additional Investment Authority.
Section 1109.45 | Investing in Clearing Corporation.
Section 1109.47 | Limiting Investing in One Issuer.
Section 1109.48 | Investing in Firms Owned and Controlled by Minorities or Women.
Section 1109.49 | Furnishing Financial Information to Superintendent.
Section 1109.53 | Transactions With Affiliates Definitions.
Section 1109.54 | Conditions for Engage in Covered Transaction With Affiliate.
Section 1109.55 | Permitted Transactions With Affiliate.
Section 1109.56 | Rules for Transactions With Affiliates.
Section 1109.59 | Authority to Borrow.
Section 1109.61 | Paying Management and Consulting Fees.
Section 1109.62 | Selling Insurance.
Section 1109.63 | Coin and Bullion.
Section 1109.64 | Travel Services.
Section 1109.65 | Tax Certificate Purchase.
Section 1109.68 | Using Copying or Reproduction Processes.
Section 1109.69 | Record Retention.