Notwithstanding section 1303.35 of the Revised Code, a buyer who executes a purchase money loan installment note or a retail installment contract in connection with a consumer transaction may assert against any holder, assignee, or transferee of the note or contract, specifically including any holder in due course, as defined in section 1303.32 of the Revised Code, of the note or contract any defense that the buyer may assert against the seller that is authorized by this chapter.

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Terms Used In Ohio Code 1317.031

  • Buyer: means a person that buys or agrees to buy goods or any legal successor in interest of such person. See Ohio Code 1317.01
  • Consumer transaction: means a sale, lease, assignment, or other transfer of an item of goods, or a service, except those transactions between persons, defined in sections 4905. See Ohio Code 1317.01
  • Contract: A legal written agreement that becomes binding when signed.
  • Purchase money loan: means a cash advance that is received by a consumer from a creditor in return for a finance charge within the meaning of the "Truth in Lending Act" 82 Stat. See Ohio Code 1317.01
  • Retail: means to dispose of specific goods to, or to acquire specific goods by, a person for use other than for purposes of resale. See Ohio Code 1317.01
  • Seller: means a person who sells or agrees to sell goods. See Ohio Code 1317.01

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