Learn about Ohio's laws on extortionate extensions of credit, including definitions of creditor, debtor, and what constitutes criminal usury and extortion.
Ohio Revised Code section 2905.21 defines key terms related to extortionate extensions of credit and criminal usury. It clarifies what constitutes extending credit, who qualifies as a creditor or debtor, and what makes an extension of credit extortionate, including the use of threats or criminal means. The law aims to prevent abusive lending practices involving threats or extortion.
An extension of credit is extortionate if it involves threats or criminal means to cause harm, or if the debtor learns that non-repayment will result in extortionate actions.
A creditor is any person who extends credit or claims through such a person, including those who make or renew loans or agreements for repayment.
Using threats, violence, or criminal means to enforce repayment or to induce a debtor to repay a loan is prohibited under Ohio law.
Violations can result in criminal charges, including fines and imprisonment, depending on the severity of the conduct involved.
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In simple terms: Learn about Ohio's laws on extortionate extensions of credit, including definitions of creditor, debtor, and what constitutes criminal usury and extortion.. This means people must follow this rule, and breaking it can lead to criminal penalties.