Ohio Code 1317.09 – Payment in full before maturity – refund credit
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Notwithstanding any retail installment contract to the contrary, any retail buyer may satisfy in full at any time before maturity the debt of any retail installment contract and in so satisfying such debt shall receive a refund credit thereon for such anticipation of payments. The amount of such refund shall represent at least as great a proportion of the total finance charge, less an acquisition cost of ten dollars, as the sum of the periodical time balances, after the date of prepayment, bears to the sum of all the periodical time balances under the schedule of payments in the original contract. When the amount of the credit for anticipation of payments is less than one dollar, no refund need be made.
Terms Used In Ohio Code 1317.09
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Retail installment contract: means any written instrument that is executed in connection with any retail installment sale and is required by section 1317. See Ohio Code 1317.01