Ohio § 1317.12

§ 1317.12.

Notwithstanding any agreement to the contrary in a retail installment contract made

on or after the effective date of this section, if collateral for a consumer transaction

is taken possession of by the secured party on default, the secured party shall, within

five business days after taking possession, send to the debtor a notice setting forth

specifically the circumstances constituting the default and the amount by itemization

that the debtor is required to pay to cure the default.  Any notice required by section 1309.611 or 1317.16 of the Revised Code may be included as part of the notice required by this section.  A secured party who disposes of the collateral without sending notice required by

this section may not recover the costs of retaking possession of the collateral and

is not entitled to a deficiency judgment. The debtor may cure the default within twenty days after the secured party retakes

possession of the collateral, or within fifteen days after the secured party sends

the notice required by this section, whichever is later, by delivering to the secured

party the following: (A) All installments due or past due at the time of such delivery; (B) Any unpaid delinquency or deferred charges; (C) The actual and reasonable expenses incurred by the secured party in retaking possession

of the collateral provided that any portion of such expenses which exceeds twenty-five

dollars need not be delivered to the secured party pursuant to this division, but

shall be added to the time balance; (D) A deposit by cash or bond in the amount of two installments, to secure the timely

payment of future installments by the debtor.  The secured party may apply such cash or the proceeds of such bond toward the satisfaction

of the debt in the event of another default by the debtor. During the period between the time a secured party retakes possession of the collateral

and the expiration or exercise of the debtor's right to cure the default, the secured

party shall make the collateral available for inspection by the debtor during reasonable

hours. If the debtor cures the default, the debtor may take possession of the collateral.  The secured party shall assemble the collateral and make it available to the debtor

at a time and place that is reasonably convenient to both parties.  If the debtor requests the secured party to return the collateral to the place from

which it was taken, the secured party may charge the debtor the actual and reasonable

expenses incurred in returning the collateral to the place from which it was taken,

which amount shall be added to the time balance. A debtor's right to cure the default pursuant to this section may not be exercised

more than once with respect to a single debt. 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 as security for

the debt.  If the court finds reasonable cause to believe that the debtor intends to conceal

the collateral or remove it from this state, it shall order that the collateral remain

in the possession of the secured party, notwithstanding the other provisions of this

section.  If the debtor cures the default, the secured party shall not dispose of the collateral

unless the debtor again defaults, and the secured party shall make such collateral

available to the debtor when the debt is paid in full.