To enact section 1349.181 of the Revised Code to require certain creditors and utility service providers to recognize the postmark date of a payment as the date received with respect to the applicability of late charges and to prohibit certain late payment penalties.

Section 1. That section 1349.181 of the Revised Code be enacted to read as follows:

Sec. 1349.181. (A) No revolving credit provider or utility service provider shall assess or charge a borrower or consumer a penalty or late fee against a payment that is received by the creditor or utility service provider on or before the payment due date, or postmarked two days or more before the payment due date. Any payment with respect to any account made by a borrower or consumer via the internet web site of the revolving credit provider or utility service provider or by telephone directly to the revolving credit provider or utility service provider, before five p.m. eastern standard time on any business day, shall be credited to the borrower's or consumer's account that business day.

(B) As used in this section:

(1) "Revolving credit provider" means an entity that agrees to extend credit to a borrower pursuant to a credit agreement that specifies a credit limit, the terms under which advances of credit will be made, and provides for a finance charge that may be computed from time to time against the outstanding unpaid balance.

(2) "Postmark" means a postal marking made by the United States postal service on a letter, package, postcard, or the like indicating the date that the item was delivered into the care of the postal service.

(3) "Utility service provider" includes any telephone company, electric light company, gas company, natural gas company, water-works company, heating or cooling company, or sewage disposal system company, as described in section 4905.03 of the Revised Code, including any electric light company operated not for profit, owned and operated exclusively by and solely for its customers, or owned or operated by a municipal corporation.