OHIO

HB 199 modifies the Ohio Mortgage Loan Law and creates the Ohio Residential Mortgage Lending Act. The bill limits the application of the Mortgage Loan Law to unsecured loans, and loans secured by property other than residential real estate or a dwelling. The Ohio Residential Mortgage Lending Act regulates all non-depository lending secured by residential real estate. The bill also modifies an exemption to the Consumer Installment Loan Act. The bill clarifies that for a precomputed loan, the Consumer Installment Loan Act also applies when the first installment period exceeds one month by not more than 15 days, and the first installment payment amount is greater than the regular payments for interest charged for the extra days. Effective March 23, 2018.

NEW JERSEY

AB 4044 prohibits non-disclosure clauses in any agreement entered into by a consumer for the purchase or lease of a new motor vehicle, or related to subsequent repairs of a nonconformity for that motor vehicle. Effective April 6, 2018.

SB 2968 / Chapter 308 establishes an electronic lien and title system for motor vehicles in New Jersey. The act requires implementation by January 16, 2019. Once implemented, all lienholders, except those who do not normally engage in the business of financing motor vehicles, will be mandated to use the system within one year of implementation. Effective January 16, 2018.

SB 3555 amends R.S.39:3-27 to exempt non-profit organizations in the State that provide transportation services exclusively to persons with developmental disabilities from registration fees for motor vehicles. Effective January 16, 2018.

NEW YORK

SB 5152 specifies that limitations on assignee liability for retail installment contracts shall be exclusive of any reasonable costs or attorney’s fees a court may award. Effective January 1, 2018.