The Ohio Senate this week heard sponsor testimony on House Bill 251. The bill, which is supported by the OMA and the business community, would reduce the statute of limitations for oral contracts from six years to four years — and for written contracts from eight years to six years.
As introduced, HB 251 would have reduced the statute of limitations for both types of contracts to three years. However, the House amended the bill after much discussion with the interested parties. The bill is expected to have several more hearings in the near term. 1/30/2010