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“Closed-end loan” means any expansion of credit except that a loan that is open-end.

“Closed-end loan” means any expansion of credit except that a loan that is open-end.

(H) “Collecting” and “collected” means the servicing of financing or receipt of payments from a debtor for a financial loan made pursuant to parts 1321.62 to 1321.702 for the Revised Code.

(I) “Consumer report” and “customer reporting agency” have actually the meanings that are same in the “Fair credit rating Act.” 84 Stat. 1128. 15 U.S.C. 1681a. as amended.

(J) “Control individual” means somebody who, in the dedication of this superintendent of finance institutions, gets the authority to direct and get a grip on the operations of this applicant.

(K) “Depository organization” gets the exact exact exact same meaning such as area 3 associated with “Federal Deposit Insurance Act.” 64 Stat. 873. 12 U.S.C. 1813. and includes any credit union.

(L) “Direct mail” means that loan arranged via a credit card applicatoin through the mail or internet where in fact the loan profits are delivered through the mail or electronic transmission into the good thing about a debtor. Financing just isn’t created by “direct mail” if it’s facilitated by face-to-face, personal contact in this state between your loan provider, loan provider’s worker or representative, or loan provider’s lawyer therefore the debtor or debtor’s representative.

(M) “Federal banking agency” means the board of governors for the federal book system, the comptroller associated with money, the nationwide credit union management, and also the federal deposit insurance coverage organization.

(letter) “Final entry on that loan” means, as to a certain loan provider, the latter of this date the mortgage is compensated in complete, considered uncollectible, assigned to some other licensee or exempt entity and all sorts of documents are used in this new loan provider, or released or else settled by the purchase terminating litigation regulating the mortgage deal.