What is the statute of limitations for commencing an action in connection with an alleged violation of the CSPA?

The statute of limitations for commencing an action related to an alleged violation of the Consumer Sales Practices Act (CSPA) in Ohio is indeed two years. This means that an individual must bring their claim within two years from the date they first became aware of the violation. The CSPA is designed to protect consumers from unfair, deceptive, or unconscionable acts in sales practices, and adhering to this timeframe ensures that the legal system can effectively address claims while evidence and witness memories are still fresh.

A limitation period of two years promotes timely resolution of disputes, benefiting both consumers and businesses by providing a clear timeframe for when claims can be made. It also helps to prevent the indefinite potential for liability, which can create uncertainty for sellers and service providers. Understanding this statute of limitations is crucial for mortgage loan originators and other professionals in the field to ensure compliance with consumer protection laws and to advise clients accurately regarding their rights and options.