Revise the Small Loan Act

SB 269 revises Ohio's Small Loan Act to limit interest and fees on loans of $5,000 or less. It requires lenders to obtain a license from the Division of Financial Institutions if they want to charge more than the rate permitted for unlicensed lenders. Any loan contract violating these limits becomes void, meaning lenders cannot collect principal, interest, or fees from such loans. The bill also grants the Division of Financial Institutions authority to examine lenders, investigate violations, and issue subpoenas to enforce compliance.