{"id":91731,"date":"2022-02-11T15:22:30","date_gmt":"2022-02-11T15:22:30","guid":{"rendered":"http:\/\/www.quintadosilval.pt\/?p=91731"},"modified":"2022-02-11T15:53:14","modified_gmt":"2022-02-11T15:53:14","slug":"we-consider-first-perhaps-the-mla-it-allows-single","status":"publish","type":"post","link":"http:\/\/www.quintadosilval.pt\/en\/we-consider-first-perhaps-the-mla-it-allows-single\/","title":{"rendered":"We consider first perhaps the MLA it allows single-payment fund"},"content":{"rendered":"<p><title>We consider first perhaps the MLA it allows single-payment fund<\/title><\/p>\n<p><\u00b6>Appellant asks this court to decide whether the MLA permits single-installment, interest-bearing loans and, if so, whether the STLA prohibits MLA registrants from making single-installment loans of short duration. Carefully bearing in mind that we must apply statutory language as enacted by the General Assembly and that we are prohibited from acting in a legislative capacity, we answer the first question in the affirmative and the second question in the negative.<\/p>\n<h2>The new MLA it permits one another \u201cinterest-bearing\u201d and \u201cprecomputed\u201d finance, subject to different criteria while the set forth within the Roentgen<\/h2>\n<p><\u00b6> C. . C. (D)(1) requires that precomputed loans are payable in \u201cmonthly installments of principal and interest combined,\u201d signifying the necessity of multiple installments. (Emphasis added.) R.C. (C) does not similarly require that an interest-bearing loan be repayable in multiple installments. Nevertheless, the appellate-court majority found that an interest-bearing loan, by definition, cannot include a single-installment loan. Thus, central to our resolution of this question is the statutory definition of \u201cinterest-bearing loan\u201d as \u201ca loan in which the debt is expressed as the principal amount and interest is computed, charged, and collected on unpaid principal balances outstanding from time to time.\u201d R.C. (F).<!--more--><\/p>\n<p><\u00b6>Our paramount concern in construing a statute is legislative intent. State ex rel. Steele v. Morrissey, 103 Ohio St.3d 355, 2004\u2013Ohio\u20134960, 815 N.E.2d 1107, \u00b6 21. To discern legislative intent, we first consider the statutory language, reading all words and phrases in context and in accordance with rules of grammar and common usage. Id.; R.C. 1.42. We read and understand statutes \u201c \u2018 \u201caccording to the natural and most obvious import of the language, without resorting to subtle and forced constructions.\u201d &#8216; \u201d Lancaster v. Fairfield Cty. Budget Comm., 83 Ohio St.3d 242, 244, 699 N.E.2d 473 (1998), quoting Slingluff v. Weaver, 66 Ohio St. 621, 627, 64 N.E. 574 (1902), quoting McCluskey v. Cromwell, 11 N.Y. 593, 1854 WL 6033, at *5 (1854).<\/p>\n<p><\u00b6>When statutory language is unambiguous, we will apply it as written, without resort to additional rules of statutory interpretation or considerations of public policy. Zumwalde v. Madeira &#038; Indian Hill Joint Fire Dist., 128 Ohio St.3d 492, 2011\u2013Ohio\u20131603, 946 N.E.2d 748, \u00b6 23\u201324, 26. We biguous language only when a definitive meaning proves elusive, despite a thorough and objective examination of the statutory language. State v. Porterfield, 106 Ohio St.3d 5, 2005\u2013Ohio\u20133095, 829 N.E.2d 690, \u00b6 11. \u201cOtherwise, allegations of ambiguity become self-fulfilling.\u201d Id.<\/p>\n<p><\u00b6>The appellate-court majority found the statutory definition of \u201cinterest-bearing loan\u201d-and specifically the requirement that \u201cinterest is computed, charged, and collected on unpaid principal balances outstanding from time to time\u201d-ambiguous:<\/p>\n<p>Based on [appellant], \u201csometimes\u201d modifies \u201coutstanding prominent stability outstanding[,]\u201d and you may, for this reason, financing could be appeal-bearing in the event it was built-up in one fees. However, \u201coccasionally\u201d you will exactly as readily tailor \u201ccomputed, billed, and you will compiled [,]\u201d that will want notice as amassed from inside the numerous installment payments. Select R.C. (F). Simply put, the fresh statute are confusing.<\/p>\n<p><\u00b6>In determining whether a statute is ambiguous, we objectively and thoroughly examine the statute, consider each provision in context, and apply ordinary rules of grammar. Porterfield at \u00b6 11, 829 N.E.2d 690, citing Westfield Ins. Co. v. Galatis, 100 Ohio St.3d 216, 2003\u2013Ohio\u20135849, 797 N.E.2d 1256, \u00b6 11; Hedges v. Nationwide Mut. Ins. Co., 109 Ohio St.3d 70, 2006\u2013Ohio\u20131926, 846 N.E.2d 16, \u00b6 24. When we do that here, we discern no ambiguity in R.C. (F).<\/p>\n<h2>Appellant will not contend that the MLA authorizes solitary-cost precomputed finance; R<\/h2>\n<p><\u00b6>It is an accepted rule of construction that in the absence of an expressed contrary intention, referential and <a href=\"https:\/\/pdqtitleloans.com\/title-loans-mo\/\">Missouri title loan settlement<\/a> qualifying words and phrases refer solely to the last antecedent. Hedges at \u00b6 24. Applying that rule, the phrase \u201cfrom time to time\u201d is an adverbial phrase that modifies the antecedent adjective \u201coutstanding,\u201d which in turn modifies \u201cunpaid principal balances.\u201d The appellate-court majority states that the phrase \u201cfrom time to time\u201d may also be read as modifying the earlier verbs \u201ccomputed, charged, and collected,\u201d and, therefore requires that a lender collect interest at different times and thus in multiple installments. That reading, however, not only imposes a forced construction on the statute, but also ignores this accepted rule of construction. Had the General Assembly intended to require multiple installments for interest-bearing loans, it could have rearranged the statutory language in R.C. (F) to provide that \u201cinterest is computed, charged, and collected from time to time on unpaid principal balances outstanding,\u201d but that is not how the enacted language is organized, and we may not rewrite the statute in that manner. The General Assembly could also have included a separate provision in the MLA that specifically requires that interest-bearing loans be repayable in multiple installments, just as it did with precomputed loans by requiring monthly installments. See R.C. (D)(1). Again, it did not do so. Reading the statute according to the natural and most obvious import of the statutory language, we conclude that R.C. (F) is not ambiguous, that \u201cfrom time to time\u201d modifies \u201coutstanding,\u201d and that an \u201cinterest-bearing loan\u201d need not require multiple installments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5803],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>We consider first perhaps the MLA it allows single-payment fund - Quinta Do Silval<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.quintadosilval.pt\/en\/we-consider-first-perhaps-the-mla-it-allows-single\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We consider first perhaps the MLA it allows single-payment fund - 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