OHIO GENERAL ASSEMBLY LIMITS DAMAGES UNDER THE NEW OHIO CONSUMER SALES PRACTICES ACT PROVISION
The Ohio General Assembly passed a bill limiting damages under the new residential mortgage lending provisions of the Ohio Consumer Sales Practices Act (CSPA) to actual damages plus an amount not exceeding $500,000. S.B. No. 117. The bill now goes to the governor for his signature. If signed by the governor, the bill provides that the limit on damages will apply to actions commenced on or after July 1, 2007 and to cases pending on that date to the extent permitted by the U.S. and Ohio constitutions.
Elizabeth Anstaett and Mike Tomkies