There should be a renew feature in OpenBiblio! And this might not be the right place, but does "checked out" mean the book's on loan?
Peter Leschev implemented this, and it's in the main version as of 0.5.2. Try 0.5.2pre4.
"Checked out" does mean the item is on loan, but I think some people use the separate "on loan" status to mean inter-library loan. I tend to think we shouldn't have a separate "on loan" status.
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