Bill > HB620

This bill prohibits financial institutions, retail sellers, and other licensed entities in Ohio from providing loans, installment sales, leases, or lease-purchases for the acquisition of dogs or cats. Under the proposed law, any financial transaction involving the purchase of a dog or cat would be considered void, meaning the seller or lender would lose the right to collect any principal, interest, or related charges and would have no legal security interest in the animal. The bill amends existing sections of the Ohio Revised Code and adds new sections to explicitly ban such financial arrangements across multiple types of lending entities, including retail sellers, financial licensees, and registrants. If a violation occurs, the borrower would have the right to take legal action, and the Attorney General would have the power to enforce these provisions. Additionally, the bill allows the superintendent of financial institutions or a borrower to bring an action to stop such transactions, and it classifies these prohibited transactions as unfair or deceptive practices under consumer protection laws. The intent appears to be preventing predatory lending practices specifically related to pet purchases and protecting consumers from potentially exploitative financial arrangements.

Agriculture and Natural Resources

https://www.legislature.ohio.gov/legislation/136/hb620