Ohio Clauses Relating to Defaults, Default Remedies

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US-P0614-4AM
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FAQ

What is the Repossession Law in Ohio? In Ohio, a lender or creditor can sell your repossessed vehicle to pay off your loan(s) if you have a number of missed payments. A lender can only repossess your car if you have a signed agreement that explicitly states that you are using the property as collateral for a loan.

Pursuant to Ohio Revised Code Section 1706.172(D), articles of organization delivered to the Ohio Secretary of State for filing may specify an effective time and a delayed effective date of not more than ninety days following the date of receipt by the Secretary of State.

(A) In addition to any right otherwise to revoke an offer, the buyer has the right to cancel a home solicitation sale until midnight of the third business day after the day on which the buyer signs an agreement or offer to purchase.

Under the Ohio Credit Services Act, consumers are granted three business days from the time of signature to cancel a contract for for-profit credit repair, as well as debt counseling services. Under the federal Truth in Lending Act, the same is true for certain home equity loans and second mortgages.

Under the TDR law, a consumer has the right to cancel the transaction, and the dealer has an obligation to refund all money paid if the dealer fails to obtain a vehicle title in the consumer's name after 40 days from the date of purchase.

(A) In addition to any right otherwise to revoke an offer, the buyer has the right to cancel a home solicitation sale until midnight of the third business day after the day on which the buyer signs an agreement or offer to purchase.

Cooling-off Rule is a rule that allows you to cancel a contract within a few days (usually three days) after signing it. As explained by the Federal Trade Commission (FTC), the federal cooling-off rules gives the consumer three days to cancel certain sales for a full refund.

A secured party who reasonably believes that a debtor intends to conceal or remove the collateral from this state after curing the default may, within five days after retaking possession of the collateral, move in a court of competent jurisdiction that the secured party be allowed to retain possession of the collateral ...

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Ohio Clauses Relating to Defaults, Default Remedies