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Can you summarize OHRC Section 1335.02?
Statute Of Frauds > Actions on loan agreements.
Short Summary
This section of the Ohio Revised Code governs actions on loan agreements. It defines key terms such as ‘debtor’ and ‘financial institution’. According to this section, no party to a loan agreement can bring an action unless the agreement is in writing and signed by the party against whom the action is brought or their authorized representative. However, if the loan agreement is in the form of a promissory note or other document that describes the credit or loan and meets certain conditions, it does not need to be signed by an officer or authorized representative of the financial institution. The terms of a loan agreement are determined solely from the written agreement and cannot be varied by oral agreements or discussions. This section does not apply to loan agreements primarily used for personal, household, or family purposes with proceeds less than forty thousand dollars, or where a security interest is or will be acquired in the debtor’s primary residence.
Whom does it apply to?
Debtors and financial institutions
What does it govern?
Actions on loan agreements
What are exemptions?
Loan agreements primarily used for personal, household, or family purposes with proceeds less than forty thousand dollars, or where a security interest is or will be acquired in the debtor's primary residence
What are the Penalties?
Not specified
Jurisdiction
Ohio