The Ohio Governor signed a bill shortening the statute of limitations for written and oral contracts as well as specifically addressing consumer transactions. Effective June 16, 2021, the statute of limitations for written contracts will be reduced from 8 years to 6 years and the statute of limitations associated with oral contracts will be reduced from 6 years to 4 years. For causes of action based upon written or oral contracts that accrue prior to the effective date, the period of limitations shall be 6 years (written) or 4 years (oral) “from the effective date of this act or the expiration of the period of limitations in effect prior to the effective date of this act, whichever occurs first.”
As noted, § 2305.07(C) defines consumer transactions and creates a 6 year statue of limitations for these transactions.
Finally, this bill clarifies limitations surrounding the borrowing statute. The bill specifically addresses certain actions arising in tort law, a specialty or an agreement, contract, or promise in writing, and consumer transactions.
You can access the full text of the bill as signed by the governor here.
