Payments of money or property made by way of usurious interest, whether made in advance or not, as to the excess of interest above the rate allowed by law at the time of making the contract, shall be taken to be payments made on account of principal; and judgment shall be rendered for no more than the balance found due, after deducting the excess of interest so paid.
Ohio Rev. Code Ann. § 1343.04
Usurious interest
Applied in 1 court decision — leading case Bucyrus-Erie Company v. General Products Corporation a (1981)
Most recently applied in Bucyrus-Erie Company v. General Products Corporation a (March 1981)
Effective: July 1, 1962; Latest Legislation: Senate Bill 5 - 104th General Assembly
Official source: Ohio Laws & Administrative Rules (Legislative Service Commission). Reproduced from public-domain Ohio statutes; confirm against the official source for the current text. Not legal advice.