Ohio Rev. Code § 1121.34 — Ohio Revised Code / Title 11 / Chapter 1121 / § 1121.34
§ 1121.34. Issuing order suspending regulated person or temporarily prohibiting further participation
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A)(1) The superintendent of financial institutions may issue an order suspending a regulated person from office or temporarily prohibiting a regulated person from further participation in the conduct of the affairs of a bank or trust company, or both, if both of the following apply: (a) The superintendent serves, or has served, the regulated person with a notice of charges and intent to remove the regulated person or prohibit the regulated person from further participation in the conduct of the affairs of a bank or trust company pursuant to section 1121.33 of the Revised Code. (b) The superintendent determines the suspension or temporary prohibition is necessary for the protection of a bank or trust company or the interests of a bank's depositors or a trust company's beneficiaries. (2) An order issued pursuant to division (A)(1) of this section is effective immediately upon service on the regulated person, and remains effective and enforceable as provided in the order except to the extent it is stayed, modified, terminated, or set aside by action of the superintendent or a reviewing court. If, upon the record of a hearing, the superintendent determines not to issue an order removing a regulated person from office or prohibiting a regulated person's further participation in the conduct of the affairs of a bank or trust company pursuant to section 1121.33 of the Revised Code, the order issued pursuant to division (A)(1) of this section is terminated. (3) Within ten days after being served a suspension or temporary prohibition order pursuant to division (A)(1) of this section, a regulated person may apply to the court of common pleas of the county in which the residence of the regulated person is located, or the court of common pleas of Franklin county, for an injunction setting aside, limiting, or suspending the enforcement, operation, or effectiveness of the suspension or temporary prohibition order pending completion of the hearing on the notice of charges served on the regulated person pursuant to section 1121.33 of the Revised Code, and the court has jurisdiction to issue the injunction. (B)(1) Whenever a regulated person is charged in any information, indictment, or complaint, authorized by a prosecuting attorney or a United States attorney, with the commission of or participation in a felony or a crime involving an act of fraud, dishonesty, breach of trust, theft, or money laundering involving a depository institution, the superintendent may suspend the regulated person from office or temporarily prohibit the regulated person's further participation in the conduct of the affairs of a bank or trust company, or both. A suspension or temporary prohibition order issued pursuant to division (B)(1) of this section is effective immediately upon service on the regulated person, and remains effective and enforceable until the information, indictment, or complaint is finally disposed of or the superintendent terminates the order. (2) If a judgment of conviction or an agreement to enter a pretrial diversion or other similar program is entered against a regulated person with respect to the information, indictment, or complaint and, in the case of a judgment of conviction, is not subject to further appellate review, the superintendent may remove the regulated person from office, prohibit the regulated person from further participation in the conduct of the affairs of a bank or trust company, or both. A removal or prohibition order issued pursuant to division (B)(2) of this section is effective immediately upon service on the regulated person, and remains effective and enforceable as provided in the removal or prohibition order except to the extent it is stayed, modified, terminated, or set aside by action of the superintendent. (3) A finding of not guilty or other disposition of the information, indictment, or complaint does not preclude the superintendent from subsequently instituting proceedings pursuant to section 1121.33 of the Revised Code to remove the regulated person from office or to prohibit the regulated person from further participation in the conduct of the affairs of a bank or trust company, or both. (C) The superintendent shall serve a certified copy of a suspension or temporary prohibition order issued pursuant to division (A) or (B)(1) of this section or a removal or prohibition order issued pursuant to division (B)(2) of this section on any bank or trust company in relation to which the object of the suspension, removal, or prohibition order is a regulated person. (D) A regulated person who has been suspended, removed from office, or temporarily or otherwise prohibited from further participation in the conduct of the affairs of a bank or trust company pursuant to this section or by order of the bank regulatory authority of another state or the United States shall not, while the suspension, removal, or prohibition order is in effect, continue or commence to hold any office of or participate in any manner in the conduct of the affairs of a bank or trust company in this state, except as specifically permitted by the superintendent or by the bank regulatory authority of another state or the United States pursuant to modification of the suspension, removal, or prohibition order. Participation in the conduct of the affairs of a bank or trust company includes doing any of the following: (1) Soliciting, procuring, transferring, attempting to transfer, voting, or attempting to vote any proxy, consent, or authorization with respect to any voting rights in any bank or trust company; (2) Violating any voting agreement previously approved by the superintendent; (3) Voting for a director of any bank or trust company. (E) If at any time, because of the suspension of one or more directors pursuant to this section, there are on the board of directors of a bank less than a quorum of directors not suspended, all powers and functions vested in or exercisable by the board shall be vested in and be exercisable by the director or directors on the board not suspended, until the time there is a quorum of the board of directors. If all the directors of a bank are suspended pursuant to this section, the superintendent shall appoint persons to serve temporarily as directors in their place, pending termination of the suspensions or until those who have been suspended cease to be directors of the bank and their successors take office.
Ohio Rev. Code § 1121.01 — Ohio Revised Code / Title 11 / Chapter 1121 / § 1121.01
§ 1121.01. Banks - superintendent's powers definitions
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly As used in this chapter: (A) "Financial institution regulatory authority" includes a regulator of a business activity in which a bank or trust company is engaged, or has applied to engage in, to the extent that the regulator has jurisdiction over a bank or trust company engaged in that business activity. A bank or trust company is engaged in a business activity, and a regulator of that business activity has jurisdiction over the bank or trust company, whether the bank or trust company conducts the activity directly or a subsidiary or affiliate of the bank or trust company conducts the activity. (B) "Regulated person" means any of the following: (1) A director, officer, or employee of or agent for a bank or trust company or a person who controls a state bank, foreign bank, or trust company. For purposes of division (B)(1) of this section, "control" has the same meaning as in section 1115.06 of the Revised Code. (2) A person who is required to obtain, but has not yet obtained, the consent of the superintendent of financial institutions to acquire control of a state bank pursuant to section 1115.06 of the Revised Code; (3) A person participating in the conduct of the affairs of a state bank or trust company. (C) "Participating in the conduct of the affairs of a bank or trust company" means either making decisions or, directly or indirectly, taking actions that are management or policymaking in nature and generally within the scope of authority of the bank's or trust company's board of directors or executive officers. Whether a person is or was participating in the conduct of the affairs of a bank or trust company is an issue of fact, and not to be determined solely on the basis of the person's title, contract, or indicia of employment or independent contractor status.
Ohio Rev. Code § 1121.17 — Ohio Revised Code / Title 11 / Chapter 1121 / § 1121.17
§ 1121.17. Executing documents
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) Accounts and other documents required by the superintendent of financial institutions may be signed and sworn to or affirmed on behalf of a state bank or trust company by any officer or director authorized to do so by the bank's or trust company's board of directors. (B) When the superintendent requires, any officer, official, employee, or director of a state bank or trust company receiving any communication from the division of financial institutions relative to examination or investigation by the superintendent shall submit the communication to the bank's or trust company's executive committee or board of directors.
Ohio Rev. Code § 1109.56 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.56
§ 1109.56. Rules for transactions with affiliates
Status: in_force

January 1, 1997 House Bill 538 - 121st General Assembly Pursuant to the authority of section 1121.03 of the Revised Code, the superintendent of financial institutions may adopt rules to administer and carry out the purposes of sections 1109.53 , 1109.54 , and 1109.55 of the Revised Code, including rules that do any of the following: (A) Further define terms used in sections 1109.53 , 1109.54 , and 1109.55 of the Revised Code; (B) If the superintendent finds them to be in the public interest and consistent with the purposes of sections 1109.53 , 1109.54 , and 1109.55 of the Revised Code: (1) Exempt transactions or relationships from the requirements of sections 1109.53 , 1109.54 , and 1109.55 of the Revised Code; (2) Exclude any subsidiary of a bank holding company from the definition of affiliate for purposes of sections 1109.53 , 1109.54 , and 1109.55 of the Revised Code.
Ohio Rev. Code § 1109.08 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.08
§ 1109.08. Safes, vaults, safe deposit boxes, night depositories
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) A bank may provide safes, vaults, safe deposit boxes, night depositories, and other secure receptacles for the uses, purposes, and benefits of its customers, on the terms and conditions the bank prescribes. (B) A bank may, on the terms and conditions the bank prescribes, receive tangible property and evidence of tangible or intangible property for safekeeping using any of the following: (1) The bank's safes, vaults, and other secure receptacles; (2) The safes, vaults, and other secure receptacles of another bank or of a safekeeping agent or custodian that is qualified under rules adopted by the superintendent of financial institutions; (3) The bank's own safekeeping system or the safekeeping system of another bank or of a safekeeping agent or custodian that is qualified under rules adopted by the superintendent; (4) A recognized title or registration system, on the terms and conditions the bank prescribes. (C) Unless agreed to in writing by the bank, nothing in this section creates a bailment between a customer and the bank.
Ohio Rev. Code § 1109.40 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.40
§ 1109.40. Additional authority for loans and investments
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) In addition to the other loan and investment authority provided for banks in Chapter 1109. of the Revised Code, but subject to all other provisions of the Revised Code, a state bank may invest up to fifteen per cent of its total assets in loans or investments authorized by the bank's board of directors. (B) If a loan or other investment is authorized under more than one section of Chapter 1109. of the Revised Code, a state bank may designate under which section the loan or investment has been or will be made. The loan or investment may be apportioned among appropriate categories, and may be moved in whole or in part from one category to another.
Ohio Rev. Code § 1125.33 — Ohio Revised Code / Title 11 / Chapter 1125 / § 1125.33
§ 1125.33. Damages; immunity
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) No damages may be awarded in a proceeding brought pursuant to this chapter challenging any action by the superintendent of financial institutions, special deputy superintendent, receiver, or conservator, or any employee of any of them, or any person retained for services under this chapter. Any action for damages shall be brought in the court as a separate action. (B) The superintendent, special deputy superintendent, receiver, conservator, or any employee of any of them, or any person retained for services under this chapter, is not subject to any civil liability or penalty, or to any criminal prosecution, for any error in judgment or discretion made in good faith in any action taken or omitted in an official capacity under this chapter. (C) The superintendent, special deputy superintendent, receiver, conservator, or any employee of any of them, or any person retained for services under this chapter, is not liable in damages for any action or failure to act unless it is proved by clear and convincing evidence in court that the action or failure to act involved an act or omission undertaken with deliberate intent to cause injury to any of the state bank, its shareholders, its members, its depositors, or its creditors, or undertaken with reckless disregard for the best interests of any of the bank, its shareholders, its members, its depositors, its creditors, or the public. Disclaimer Contact About
Ohio Rev. Code § 1123.01 — Ohio Revised Code / Title 11 / Chapter 1123 / § 1123.01
§ 1123.01. Banking commission
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) There is hereby created in the division of financial institutions a banking commission which shall consist of nine members. The deputy superintendent for banks shall be a member of the commission and its chairperson. The governor, with the advice and consent of the senate, shall appoint the remaining eight members. (B) After the second Monday in January of each year, the governor shall appoint two members. Terms of office shall be for four years commencing on the first day of February and ending on the thirty-first day of January. Each member shall hold office from the date appointed until the end of the term for which appointed. In the case of a vacancy in the office of any member, the governor shall appoint a successor who shall hold office for the remainder of the term for which the successor's predecessor was appointed. Any member shall continue in office subsequent to the expiration date of the member's term until the member's successor is appointed, or until sixty days have elapsed, whichever occurs first. (C) No person appointed as a member of the commission may serve more than two consecutive full terms. However, a member may serve two consecutive full terms following the remainder of a term for which the member was appointed to fill a vacancy. (D)(1) At least six of the eight members appointed to the commission shall be, at the time of appointment, executive officers of state banks, savings and loan associations, or savings banks, and all of the members appointed to the commission shall have banking experience as a director or officer of a bank, savings bank, or savings association insured by the federal deposit insurance corporation, a bank holding company, or a savings and loan holding company. The membership of the commission shall be representative of the banking industry as a whole, including representatives of banks of various asset sizes and ownership structures, as determined by the governor after consultation with the superintendent of financial institutions. (2) No person who has been convicted of, or has pleaded guilty to, a felony involving an act of fraud, dishonesty, breach of trust, theft, or money laundering shall take or hold office as a member of the banking commission. (E) The members of the commission shall receive no salary, but their expenses incurred in the performance of their duties shall be paid from funds appropriated for that purpose. (F) The governor may remove any of the eight members appointed to the commission whenever in the governor's judgment the public interest requires removal. Upon removing a member of the commission, the governor shall file with the superintendent a statement of the cause for the removal.
Ohio Rev. Code § 1181.08 — Ohio Revised Code / Title 11 / Chapter 1181 / § 1181.08
§ 1181.08. Adoption of rules
Status: in_force

March 20, 2019 House Bill 489 - 132nd General Assembly (A) In addition to the specific authority given the superintendent of financial institutions by other provisions of the Revised Code, the superintendent may from time to time adopt such rules as the superintendent considers necessary or appropriate for the administration of the division of financial institutions or to carry out any other duty of the superintendent. (B) The superintendent shall not adopt any rule that has a retroactive effective date or apply any rule to conduct that took place exclusively before the effective date of that rule.
Ohio Rev. Code § 1121.06 — Ohio Revised Code / Title 11 / Chapter 1121 / § 1121.06
§ 1121.06. Reducing disadvantage to Ohio bank or trust company
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) Notwithstanding any provision of the Revised Code, if any regulation, rule, interpretation, procedure, or guideline of the office of the comptroller of the currency, federal deposit insurance corporation, federal reserve board, consumer financial protection bureau, national credit union administration, or any other bank regulatory authority of the United States, or the bank regulatory authority of any other state of the United States, puts a bank or trust company doing business under authority granted by the superintendent of financial institutions at a disadvantage to any other type of financial institution, the superintendent may adopt a rule that reduces or eliminates the disadvantage to a bank or trust company doing business under authority granted by the superintendent. (B) The superintendent shall adopt rules authorized by division (A) of this section in accordance with section 111.15 of the Revised Code. (C) A rule adopted by the superintendent pursuant to the authority of this section is effective on the later of the following dates: (1) The date the superintendent issues the rule; (2) The date the regulation, rule, interpretation, procedure, or guideline the superintendent's rule is based on becomes effective. (D)(1) The superintendent may, upon thirty days' written notice, revoke any rule adopted under the authority of this section. A rule adopted under the authority of this section and not revoked by the superintendent, enacted into law, or adopted in accordance with Chapter 119. of the Revised Code, lapses and has no further force and effect thirty months after its effective date; however, the superintendent may adopt the rule under section 111.15 of the Revised Code pursuant to this section for an additional thirty-month period. (2) The superintendent may require a bank or trust company that has acted in reliance on a rule adopted and later revoked or lapsed under the authority of this section to bring its affected activities in compliance with the law. Unless the activities will or may result in harm to the bank or trust company as determined by the superintendent, the bank or trust company shall be granted a reasonable period of time of not less than one year nor more than two years from the date the rule is revoked or lapsed, to bring its affected activities in compliance with the law. The superintendent may, upon the written request of a bank or trust company, grant the bank or trust company a longer period of time in which to bring its affected activities in compliance with the law.
Ohio Rev. Code § 1116.19 — Ohio Revised Code / Title 11 / Chapter 1116 / § 1116.19
§ 1116.19. Surplus distribution
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) The board of directors of a mutual holding company may from time to time, by a majority vote of the directors, do both of the following: (1) Divide equitably any surplus that is in excess of the amount required for the operations of the mutual holding company or to maintain the safety and soundness of the mutual holding company; (2) Distribute that surplus to the respective depositors of its subsidiary stock state banks in accordance with their membership rights. (B) If the superintendent of financial institutions determines that the surplus held by a mutual holding company is excessive, the superintendent may order the board of directors of the mutual holding company to make the distribution described in division (A) of this section.
Ohio Rev. Code § 1121.11 — Ohio Revised Code / Title 11 / Chapter 1121 / § 1121.11
§ 1121.11. Alternate, joint or concurrent examinations
Status: in_force

June 18, 2002 Senate Bill 138 - 124th General Assembly (A) In administering Chapters 1101. to 1127. of the Revised Code and fulfilling the duties imposed by those chapters, including the duty imposed by section 1121.10 of the Revised Code, the superintendent of financial institutions may do any of the following: (1) Participate with financial institution regulatory authorities of this and other states, the United States, and other countries in any of the following: (a) Programs for alternate examinations of the records and affairs of banks and trust companies over which they have concurrent jurisdiction; (b) Joint or concurrent examinations of the records and affairs of banks and trust companies over which they have concurrent jurisdiction; (c) Coordinated examinations of the records and affairs of banks and trust companies over which they have collective jurisdiction. (2) Conduct, participate in, or coordinate independent, concurrent, joint, or coordinated examinations of the records and affairs of banks and trust companies and otherwise act on behalf of financial institution regulatory authorities of this and other states, the United States, and other countries having jurisdiction over the banks and trust companies; (3) Rely on information leading to, arising from, or obtained in the course of examinations conducted by financial institution regulatory authorities of this and other states, the United States, and other countries when both of the following apply: (a) Pursuant to agreement and applicable law, the superintendent may receive and use the information leading to, arising from, or obtained in the course of the other regulatory authorities' examinations in administering Chapters 1101. to 1127. of the Revised Code and acting under the authority of those chapters; (b) In the superintendent's judgment the other regulatory authorities' personnel, practices, and authority warrant the superintendent's reliance. (4) Authorize financial institution regulatory authorities of this and other states, the United States, and other countries to receive and use information leading to, arising from, or obtained in the course of examinations conducted by the division of financial institutions in the same manner and for the purposes they could use information leading to, arising from, or obtained in the course of their own examinations when both of the following apply: (a) Pursuant to applicable law, information leading to, arising from, or obtained in the course of examinations the other regulatory authorities conduct is protected from general disclosure and may only be disclosed for purposes similar to those provided in section 1121.18 of the Revised Code, which are principally regulatory in nature, for disclosure of information leading to, arising from, or obtained in the course of examinations conducted by the division; (b) Pursuant to agreement and applicable law, information leading to, arising from, or obtained in the course of examinations conducted by the division will, in the other regulatory authorities' possession or the possession of any persons to whom the other regulatory authorities disclosed the information as a part of examinations of those persons, be protected from disclosure to the same extent as information leading to, arising from, or obtained in the course of those regulatory authorities' examinations. (5) Rely on the actions of financial institution regulatory authorities of this and other states, the United States, or other countries, or participate with them jointly, in responding to violations of law, unsafe or unsound practices, breaches of fiduciary duty, or other regulatory concerns affecting banks and trust companies over which they have concurrent jurisdiction when the other regulatory authorities have adequate personnel, practices, and authority to warrant the reliance; (6) Implement other cooperative arrangements with financial institution regulatory authorities of this and other states, the United States, and other countries consistent with safety and soundness. (B) No person shall use any reliance by the superintendent, in whole or in part, on financial institution regulatory authorities of this or other states, the United States, or other countries in accordance with division (A) of this section to support any assertion of either of the following: (1) Failure of the superintendent or division to properly administer Chapters 1101. to 1127. of the Revised Code or fulfill the duties imposed by those chapters; (2) Disagreement by the superintendent or division with any action taken by financial institution regulatory authorities of this or other states, the United States, or other countries. (C) In conducting, participating in, or coordinating independent, concurrent, joint, or coordinated examinations of the records and affairs of banks and trust companies, the superintendent may purchase services from financial institution regulatory authorities of this and other states, the United States, and other countries, including services provided by employees of other financial institution regulatory authorities in their capacities as employees of other financial institution regulatory authorities. The purchase of services from one or more financial institution regulatory authorities of this and other states, the United States, or other countries is the purchase of services from a sole source provider and is not the employment of any financial institution regulatory authority or any of its employees. The authority to purchase services pursuant to this division does not impair the superintendent's authority to purchase services from any other source.
Ohio Rev. Code § 1107.09 — Ohio Revised Code / Title 11 / Chapter 1107 / § 1107.09
§ 1107.09. Stock options
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) A stock state bank may, with the approval of the bank's board of directors, the holders of a majority of the bank's voting shares, and the superintendent of financial institutions, adopt and carry out plans for the offering or sale of, the grant of, or the grant of options on, the bank's shares to any or all employees, officers, or directors of the bank or any of the bank's subsidiaries or affiliates, or to other parties, or to a trustee on their behalf. For purposes of this section, "other parties" means any person that has provided, or will provide, a service or a benefit to the bank, as determined by the board of directors. (B) A plan may be adopted under this section for any unissued shares, treasury shares, or shares to be purchased or granted. A plan may provide for the payment or issuance of the shares at one time or in installments or for the establishment of special funds in which employees or other parties approved under division (A) of this section may participate. (C) Shares otherwise subject to pre-emptive rights may be offered or sold under a plan only when released from pre-emptive rights. Shares authorized for the purpose of carrying out a plan adopted under this section shall be deemed released from pre-emptive rights.
Ohio Rev. Code § 1115.27 — Ohio Revised Code / Title 11 / Chapter 1115 / § 1115.27
§ 1115.27. Merging with affiliate
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) A state bank may merge with any of its affiliates with the approval of all of the following: (1) The directors of all constituent corporations to the merger; (2)(a) The shareholders of each constituent stock state bank by the affirmative vote or written consent of the holders of two-thirds, or any other proportion not less than a majority as the bank's articles of incorporation or code of regulations provide, of the outstanding shares of each class of the bank's stock; (b) The members of each constituent mutual state bank, by the affirmative vote of two-thirds, or such other proportion not less than a majority as the bank's articles of incorporation or code of regulations provide, of the voting members. (3) The shareholders or members of each other constituent to the merger as required by the applicable state or federal law, the articles of incorporation, or the code of regulations; (4) The superintendent of financial institutions. (B) The bank that will be the surviving bank in the merger shall file with the superintendent an application for the superintendent's approval that includes a copy of the merger agreement and any other information the superintendent requires. (C) The merger agreement required under division (B) of this section shall include all of the following: (1) The names of the constituent corporations; (2) The agreement of the other named constituent corporations to merge with or into one specified bank; (3) Subject to the limitations set forth in section 1103.07 of the Revised Code, the name of the bank surviving from the merger. (4) The place in this state where the surviving bank's principal place of business is to be located; (5) Any amendment to the surviving bank's articles of incorporation; (6) The names and addresses of the directors of the surviving bank; (7) The terms of the merger, how it will be effected, and how consideration, if any, provided for will be distributed to the shareholders or members of the constituent corporations. (D) Within ten business days after receiving an application required under division (B) of this section, the superintendent shall determine whether to accept the application. Within ninety days after accepting an application required under division (B) of this section, the superintendent shall approve or disapprove the application. In making that determination, the superintendent shall consider all of the following: (1) The financial and managerial resources and future prospects of the surviving bank; (2) The convenience and needs of the communities to be served; (3) Whether, upon completion of the merger, the surviving bank will meet the requirements of Chapters 1101. to 1127. of the Revised Code; (4) Whether any of the constituents to the merger are subject to limitations that are inconsistent with the merger. (E) The superintendent may condition approval of an application under division (D) of this section in any manner the superintendent considers appropriate. (F) Before consummating a merger authorized under division (A) of this section, the bank that is to be the surviving bank of the merger shall deliver to the superintendent a certificate of merger that satisfies the requirements of section 1701.81 of the Revised Code. The superintendent shall file the certificate of merger and a certified copy of the superintendent's approval of the merger with the secretary of state. (G) The directors and other officers named in the agreement of merger shall serve until the date fixed in the agreement or provided in the surviving bank's code of regulations or by statute for the next annual meeting. (H) When a merger authorized by division (A) of this section becomes effective, the existence of each of the constituent corporations ceases as a separate entity, but continues in the surviving bank, within the limits of the charter of the surviving bank and subject to section 1115.20 of the Revised Code. Without further act or deed and within the limits of the charter of the surviving bank, the surviving bank has all assets and property, the rights, privileges, immunities, powers, franchises, and authority, and all obligations and fiduciary relationships of each party to the merger and the duties and liabilities connected with them. The surviving bank shall perform every fiduciary relationship it has in the same manner as if it had itself originally assumed the fiduciary relationship and the obligations and liabilities connected with it. Disclaimer Contact About
Ohio Rev. Code § 1116.13 — Ohio Revised Code / Title 11 / Chapter 1116 / § 1116.13
§ 1116.13. Reorganization plans; amendment or termination
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly The following apply to a reorganization plan adopted by the board of directors of the reorganizing mutual state bank or any acquiree mutual bank: (A) It may be amended by those boards as a result of any regulator's comments before any solicitation of proxies from the members to vote on the reorganization plan or, with the written consent of the superintendent of financial institutions, at any later time. (B) It may be terminated by either board at any time before the meeting at which the members vote on the reorganization plan or, with the written consent of the superintendent, at any later time.
Ohio Rev. Code § 1125.12 — Ohio Revised Code / Title 11 / Chapter 1125 / § 1125.12
§ 1125.12. Powers of conservator
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) A conservator, under the supervision of the superintendent of financial institutions and subject to any limitations imposed by the superintendent, shall have all of the following powers: (1) To take possession of all books, records of account, and assets of the state bank; (2) To have and exercise, in the name and on behalf of the bank, all the rights, powers, and authority of the officers and directors of the bank and all voting rights of its shareholders or members; (3) To collect all debts, claims, and judgments belonging to the bank and to take any other action, including the lending of money, necessary to the operation of the bank during the conservatorship; (4) To execute in the name of the bank any instrument necessary or proper to effectuate the conservator's powers or perform its duties as conservator; (5) To initiate, pursue, compromise, and defend litigation involving any right, claim, interest, or liability of the bank; (6) To exercise all fiduciary functions of the bank as of the date of appointment as conservator; (7) To borrow money as necessary in the operation of the bank, and to secure those borrowings by the pledge or mortgage of the assets of the bank; (8) To abandon or convey title to any holder of a deed of trust, mortgage, or similar lien against property in which the bank has an interest, whenever the conservator determines that continuing to claim that interest is burdensome and of no advantage to the bank or its account holders, creditors, shareholders, or members; (9) If done in good faith within the ordinary course of business or financial affairs of the bank and according to ordinary business terms, to sell any and all assets, to compromise any debt, claim, obligation, or judgment due to the bank, to discontinue any pending action or other proceeding, and to implement a restructuring of the bank in accordance with this chapter. (B) Title to any assets of the bank does not vest in the conservator.
Ohio Rev. Code § 1103.18 — Ohio Revised Code / Title 11 / Chapter 1103 / § 1103.18
§ 1103.18. Officer equivalent to treasurer
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) Instead of a treasurer, as required by section 1701.64 of the Revised Code, a state bank may have a cashier, controller, comptroller, or other officer whose authority and duties the superintendent of financial institutions determines are essentially equivalent to those of a treasurer. (B) For any state bank that has a cashier, controller, comptroller, or other officer instead of a treasurer, as authorized by division (A) of this section, the cashier, controller, comptroller, or other officer may execute, acknowledge, or verify any instrument or take any other action that by law a treasurer of the state bank would be authorized to execute, acknowledge, verify, or take.
Ohio Rev. Code § 1107.05 — Ohio Revised Code / Title 11 / Chapter 1107 / § 1107.05
§ 1107.05. Issuing debt securities
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) A state bank may issue debt securities at the times, in the amounts, and subject to the terms approved in writing by the superintendent of financial institutions. (B) In the case of a stock state bank, the terms of debt securities may include either of the following: (1) Options to subscribe to or purchase the bank's shares at not less than par value; (2) The right to convert the debt securities to the bank's shares, if the par value of the shares resulting from the conversion does not exceed the value on the bank's books of the debt securities being converted. (C) The terms of any option granted in connection with the issuance of debt securities or any right to convert debt securities to shares shall not permit or require the holders of the debt securities to be held individually responsible for the state bank's debts, contracts, or engagements on the basis of their status as holders of the debt securities.
Ohio Rev. Code § 1121.48 — Ohio Revised Code / Title 11 / Chapter 1121 / § 1121.48
§ 1121.48. Suits and court proceedings
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) All suits and court proceedings brought by the superintendent of financial institutions shall be brought in the name of the state upon the superintendent's relation, and shall be conducted by the attorney general or a designee of the attorney general. (B) A suit or court proceeding brought by the superintendent may be prosecuted in the court of common pleas of Franklin county, or of any other county in which the defendant or any of the defendants resides or may be found. (C) In all suits or court proceedings brought by the superintendent, the writ may be sent by regular mail to the sheriff of any county, and the sheriff may return the writ by regular mail. The sheriff shall be allowed the same mileage and fees for the service as would be allowed if the writ had been issued from and made returnable to the court of common pleas of the sheriff's county.
Ohio Rev. Code § 1109.151 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.151
§ 1109.151. No fiduciary relationship created
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly Unless otherwise expressly agreed to in writing by the bank, the relationship between a bank and its obligor, or a bank and its customer, creates no fiduciary or other relationship between the parties or any special duty on the part of the bank to the customer or any other party.
Ohio Rev. Code § 1109.18 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.18
§ 1109.18. Extending credit pursuant to revolving credit agreement
Status: in_force

January 1, 1997 House Bill 538 - 121st General Assembly (A) A bank may extend credit to a customer pursuant to a revolving credit agreement allowing the customer to access the credit from time to time, subject to a limitation on the outstanding balance of the credit accessed and without regard to whether the customer has previously accessed and repaid the credit. A revolving credit agreement may authorize the customer to access the credit extended by either or both of the following: (1) Purchasing goods or services from a seller by means of the bank's commitment to advance to the seller the payment for the goods and services purchased by the customer; (2) Obtaining an advance of funds by the bank or by another in reliance on the bank's commitment to pay the funds advanced to the customer. (B) The terms of a revolving credit agreement may permit the bank to charge, collect, and receive any finance charge or other fee or charge permitted by section 1109.20 of the Revised Code. A revolving credit agreement shall specify the manner in which the bank will compute the loan balance on which interest and finance charges are assessed as permitted by section 1109.20 of the Revised Code. A revolving credit agreement may permit the bank to charge a minimum monthly finance charge of one dollar for any month for which there is an unpaid balance on the customer's account. (C) The bank shall supply to its customer under a revolving credit agreement a statement as of the beginning or end of each period in which there is any unpaid balance on the customer's account, which period may be a calendar month or other regular period not in excess of thirty-one days. The statement shall include the following: (1) The unpaid balance under the agreement at the beginning and end of the period; (2) The date and amount of each advance made by the bank for the account of the customer during the period; (3) The cash purchase price and the date of each purchase of goods or services with respect to which advances for the account of the customer were made during the period; (4) All payments made by the customer to the bank and any other credits to the customer during the period; (5) The amount of all charges made against the customer during the period; (6) A legend to the effect that the customer may at any time pay the unpaid balance without incurring further charges.
Ohio Rev. Code § 1115.03 — Ohio Revised Code / Title 11 / Chapter 1115 / § 1115.03
§ 1115.03. Conversion of mutual state banks and stock state banks
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A)(1) A mutual state bank may convert into a stock state bank if the conversion is approved by the superintendent of financial institutions, the affirmative vote of two-thirds of the mutual state bank's board of directors, and the affirmative vote of two-thirds of the total outstanding votes eligible to be cast at the meeting at which the plan of conversion is presented to the members for adoption. (2) A stock state bank may convert into a mutual state bank if the conversion is approved by both the superintendent and the affirmative vote or written consent of the holders of two-thirds, or such other proportion not less than a majority as the stock state bank's article of incorporation require, of the outstanding shares of each class of the bank's stock. (B) A conversion under this section shall be effective on the date indicated in the materials filed with the secretary of state by the converting bank. Without further act or deed, the bank resulting from the conversion shall have all the property, rights, interests, and powers of its predecessor bank within the limits of the charter of the resulting bank, and all duties, trusts, obligations, and liabilities of the predecessor bank shall continue in the bank resulting from the conversion.
Ohio Rev. Code § 1119.14 — Ohio Revised Code / Title 11 / Chapter 1119 / § 1119.14
§ 1119.14. Transferring or assigning license
Status: in_force

January 1, 1997 House Bill 538 - 121st General Assembly (A) No license issued to a foreign bank under this chapter is transferable or assignable. (B) When a foreign bank licensed under this chapter is to be a constituent in a reorganization in which the foreign bank will not be the resulting corporation, or is to sell a representative office, agency, or branch the foreign bank is licensed to operate in this state, prior to the reorganization or sale, both of the following must be done, whether or not the resulting or acquiring corporation will continue to conduct business at any location where the foreign bank being acquired or selling the representative office, agency, or branch is conducting business: (1) The corporation that is to be the resulting corporation in the reorganization or the acquiring corporation shall do either of the following: (a) Obtain an appropriate license to conduct the activities it proposes to conduct in this state and make all changes to conform the business being acquired to the requirements and limitations of the license obtained; (b) Obtain the approval of the superintendent of financial institutions to consolidate the representative office, agency, or branch being acquired with another representative office, agency, or branch appropriately licensed, whether under this chapter or otherwise, to conduct the business of the representative office being acquired. (2) The foreign bank licensed to operate the representative office, agency, or branch shall voluntarily surrender the license to operate the representative office, agency, or branch in accordance with section 1119.26 of the Revised Code.
Ohio Rev. Code § 1105.04 — Ohio Revised Code / Title 11 / Chapter 1105 / § 1105.04
§ 1105.04. Individual, schedule, or blanket fidelity bonds
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly Each officer and employee of a state bank, prior to the discharge of the officer's or employee's duties, shall be covered by an individual, schedule, or blanket fidelity bond in favor of the bank, with terms and issuing insurer approved by the board of directors. The amount of the bond shall be set by the board of directors, and shall be reasonable given the size of the bank and nature of its business. The board of directors are not required to provide a bond covering their duties as directors.
Ohio Rev. Code § 1112.27 — Ohio Revised Code / Title 11 / Chapter 1112 / § 1112.27
§ 1112.27. Ownership interest by superintendent prohibited
Status: in_force

September 14, 2016 House Bill 229 - 131st General Assembly The superintendent of financial institutions shall not have an ownership interest in a licensed family trust company.
Ohio Rev. Code § 1111.01 — Ohio Revised Code / Title 11 / Chapter 1111 / § 1111.01
§ 1111.01. Trust company definitions
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly As used in this chapter: (A) "Charitable trust" means a charitable remainder annuity trust as defined in section 664(d) of the Internal Revenue Code, a charitable remainder unitrust as defined in section 664(d) of the Internal Revenue Code, a charitable lead or other split interest trust subject to the governing instrument requirements of section 508(e) of the Internal Revenue Code, a pooled income fund as defined in section 642(c) of the Internal Revenue Code, a trust that is a private foundation as defined in section 509 of the Internal Revenue Code, or a trust of which each beneficiary is a charity. For purposes of this division and division (B) of this section, "Internal Revenue Code" means the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 1, as amended. (B) "Charity" means a state university as defined in section 3345.011 of the Revised Code, a community college as defined in section 3354.01 of the Revised Code, a technical college as defined in section 3357.01 of the Revised Code, a state community college as defined in section 3358.01 of the Revised Code, a private college or university that possesses a certificate of authorization issued pursuant to Chapter 1713. of the Revised Code, a trust or organization exempt from taxation under section 501(c)(3) or section 501(c)(13) of the Internal Revenue Code, or a corporation, trust, or organization described in section 170(c)(2) of the Internal Revenue Code. The term "charities" means more than one trust or organization that is a charity. (C) "Collective investment fund" means a fund established by a trust company or an affiliate of a trust company for the collective investment of assets held in a fiduciary capacity, either alone or with one or more cofiduciaries, by the establishing trust company and its affiliates. (D) "Fiduciary investment company" means a corporation that is both of the following: (1) An investment company; (2) Incorporated, owned, and operated in accordance with rules adopted by the superintendent of financial institutions for the investment of funds held by trust companies in a fiduciary capacity and for true fiduciary purposes, either alone or with one or more cofiduciaries. (E) "Home" has the same meaning as in section 3721.10 of the Revised Code. (F) "Instrument" includes any will, declaration of trust, agreement of trust, agency, or custodianship, or court order creating a fiduciary relationship. (G) "Residential facility" has the same meaning as in section 5123.19 of the Revised Code. (H) "Investment company" means any investment company as defined in section 3 and registered under section 8 of the "Investment Company Act of 1940," 54 Stat. 789, 15 U.S.C.A. 80a-3 and 80a-8, as amended. (I) "Trust business" means accepting and executing trusts of property, serving as a trustee, executor, administrator, guardian, receiver, or conservator, and providing fiduciary services as a business. "Trust business" does not include any of the following: (1) Any natural person acting as a trustee, executor, administrator, guardian, receiver, or conservator pursuant to appointment by a court of competent jurisdiction; (2) Any natural person serving as a trustee who does not hold self out to the public as willing to act as a trustee for hire. For purposes of division (I) of this section, the solicitation or advertisement of legal or accounting services by a person licensed in this state as an attorney or a person holding an Ohio permit to practice public accounting issued under division (A) of section 4701.10 of the Revised Code shall not be considered to be the act of holding self out to the public as willing to act as a trustee for hire. (3) A charity, an officer or employee of a charity, or a person affiliated with a charity, serving as trustee of a charitable trust of which the charity, or another charity with a similar purpose, is a beneficiary; (4) Any natural person, home, or residential facility serving as trustee or taking other actions relative to a qualified income trust described in section 1917(d)(4)(B) of the "Social Security Act," 42 U.S.C. 1396p(d)(4)(B), as amended; (5) Other fiduciary activities the superintendent determines are not undertaken as a business.
Ohio Rev. Code § 1114.11 — Ohio Revised Code / Title 11 / Chapter 1114 / § 1114.11
§ 1114.11. Member or director adoption of amendment to articles of incorporation
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A)(1) The code of regulations of a mutual state bank may provide for the amendment of its articles of incorporation or code of regulations, or the adoption of amended articles of incorporation or code of regulations, at any meeting of the members for which notice has been properly given in accordance with section 1114.12 of the Revised Code. The amendment or amended articles of incorporation or code of regulations shall be adopted by a two-thirds vote of the votes cast in person or by proxy at the meeting or, if the articles of incorporation or code of regulations provide or permit, by the affirmative vote of a greater or lesser proportion, but not less than a majority, of the voting members represented at such meeting. The number of votes that each member may cast shall be determined by the code of regulations. (2) Unless precluded by its articles of incorporation or code of regulations, a mutual state bank may adopt an amendment to its articles of incorporation or code of regulations, or amended articles of incorporation or code of regulations, at any meeting authorized in writing by a majority of its members of record if all of the following conditions are met: (a) Notice of the meeting is given in accordance with section 1114.12 of the Revised Code. (b) The notice of the proposed action to be taken at the meeting is in a form approved by the superintendent of financial institutions. (c) The proposed action is approved by a two-thirds vote of the votes cast authorizing the meeting. (d) A majority of the members of record are present in person or by proxy at the meeting. (B) The board of directors of a mutual state bank may adopt amended articles of incorporation or code of regulations to consolidate the original articles of incorporation or code of regulations and all previously adopted amendments to the articles of incorporation or code of regulations that are in force at the time. (C)(1) Amended articles of incorporation shall set forth all provisions required in, and only provisions that may properly be in, original articles of incorporation or amendments to articles of incorporation at the time the amended articles of incorporation are adopted, and shall state that they supersede the existing articles of incorporation. (2) An amended code of regulations shall set forth all provisions required in, and only provisions that may properly be in, an original code of regulations or amendments to a code of regulations at the time the amended code of regulations is adopted, and shall state that it supersedes the existing code of regulations. (D)(1) If the members or board of directors propose the adoption of any amendment to the mutual state bank's articles of incorporation or code of regulations, or amended articles of incorporation or amended code of regulations, the bank shall send to the superintendent a copy of the proposed amendment, or the proposed amended articles of incorporation or code of regulations, for review and approval prior to adoption by the members or directors. (2) Upon receiving a proposed amendment or proposed amended articles of incorporation or code of regulations, the superintendent shall conduct whatever examination the superintendent considers necessary to determine if both of the following conditions are satisfied: (a) The proposed amendment or amended articles of incorporation or code of regulations comply with the requirements of the Revised Code. (b) The proposed amendment or amended articles of incorporation or code of regulations will not adversely affect the interests of the bank's depositors and creditors. (3) Within forty-five days after receiving the proposed amendment, or the proposed amended articles of incorporation or code of regulations, the superintendent shall notify the bank of the approval or disapproval unless the superintendent determines that additional information is required. In that event, the superintendent shall request the information in writing within twenty days after the date the proposed amendment, or the proposed amended articles of incorporation or code of regulations, was received. The bank shall have thirty days to submit the information to the superintendent. The superintendent shall notify the bank of the superintendent's approval or disapproval of the proposed amendment, or the proposed amended articles of incorporation or code of regulations, within forty-five days after the date the additional information is received. If the proposed amendment or proposed amended articles of incorporation or code of regulations are disapproved by the superintendent, the superintendent shall notify the bank of the reasons for the disapproval. (4) If the superintendent fails to approve or disapprove the proposed amendment or proposed amended articles of incorporation or code of regulations within the time period required under division (D)(3) of this section, the proposed amendment or proposed amended articles of incorporation or code of regulations shall be considered approved. (5) If the proposed amendment or amended articles of incorporation are approved, in no event shall that approval be construed or represented as an affirmative endorsement of the amendment or amended articles of incorporation by the superintendent. (E)(1) Upon adoption by the members of any approved amendment to a mutual state bank's articles of incorporation or code of regulations, or approved amended articles of incorporation or code of regulations, the bank shall send to the superintendent a certificate containing a copy of the members' resolution adopting the amendment or amended articles of incorporation or code of regulations and a statement of the manner of and basis for its adoption. If the board of directors proposed the amendment or the amended articles of incorporation or code of regulations, the certificate shall include a copy of the resolution adopted by the directors to propose the amendment or amended articles of incorporation or code of regulations to the members. The certificate shall be signed by the bank's authorized representatives in accordance with section 1103.19 of the Revised Code. (2) Upon adoption by the board of directors of any approved amendment to a mutual state bank's articles of incorporation or code of regulations, or approved amended articles of incorporation or code of regulations, the bank shall provide to the superintendent a copy of the amendment or amended articles of incorporation or code of regulations, accompanied by a certificate containing a copy of the directors' resolution adopting the amendment or amended articles of incorporation or code of regulations and a statement of the manner of and basis for its adoption. The certificate shall be signed by the bank's authorized representatives in accordance with section 1103.19 of the Revised Code. (F) Upon receiving a certificate required by division (E) of this section, the superintendent shall conduct whatever examination the superintendent considers necessary to determine if the manner of and basis for adoption of the amendment or amended articles of incorporation or code of regulations comply with the requirements of the Revised Code. (G)(1) Within thirty days after receiving a certificate required by division (E) of this section, the superintendent shall approve or disapprove the amendment or amended articles of incorporation or code of regulations. If the superintendent approves the amendment or amended articles of incorporation or code of regulations, the superintendent shall forward a certificate of that approval, a copy of the certificate required by division (E) of this section, and a copy of the amendment or amended articles of incorporation or code of regulations to the secretary of state, who shall file the documents. Upon filing by the secretary of state, the amendment or amended articles of incorporation or code of regulations shall be effective. (2) If the superintendent fails to approve or disapprove the amendment or amended articles of incorporation or code of regulations within thirty days after receiving a certificate required by division (E) of this section, the bank shall forward a copy of the certificate and a copy of the amendment or amended articles of incorporation or code of regulations to the secretary of state, who shall file the documents. Upon filing by the secretary of state, the amendment or amended articles of incorporation or code of regulations shall be effective.
Ohio Rev. Code § 1107.03 — Ohio Revised Code / Title 11 / Chapter 1107 / § 1107.03
§ 1107.03. Evaluating adequacy of bank's capital
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly No state bank shall operate without adequate capital as determined by the superintendent of financial institutions. In evaluating the adequacy of a state bank's capital, the superintendent may consider any of the following: (A) The nature and volume of the bank's business; (B) The amount, nature, quality, and liquidity of the bank's assets; (C) The amount and nature of the bank's liabilities, including those that are not presently due or are contingent; (D) The amount and nature of the bank's fixed costs; (E) The history of and prospects for the bank to earn and retain income; (F) The quality of the bank's operations, including risk management; (G) The quality of the bank's management; (H) The nature and quality of the bank's ownership; (I) Any other factor the superintendent finds to be relevant under the circumstances.
Ohio Rev. Code § 1109.35 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.35
§ 1109.35. Investing in venture capital firms, small businesses and economic development corporations
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A)(1) As used in division (A) of this section: (a) "Venture capital firm" means any corporation, partnership, proprietorship, limited liability company, or other entity, the principal business of which is or will be the making of investments in small businesses. (b) "Small business" means any corporation, partnership, proprietorship, limited liability company, or other entity that either does not have more than four hundred employees, or would qualify as a small business for the purpose of receiving financial assistance from small business investment companies licensed under the "Small Business Investment Act of 1958," 72 Stat. 689, 15 U.S.C. 661, as amended, and rules of the small business administration. (2) A stock state bank may invest, in the aggregate, five per cent of its paid-in capital and surplus, and a mutual state bank may invest, in the aggregate, five per cent of its retained earnings, in shares issued by the following: (a) Venture capital firms organized under the laws of the United States or of this state and having an office within this state, if, as a condition of a bank making an investment in a venture capital firm, the firm agrees to use its best efforts to make investments, in an aggregate amount at least equal to the investment to be made by the bank in that venture capital firm, in small businesses having their principal office within this state and having either more than one-half of their assets within this state or more than one-half of their employees employed within this state; (b) Small businesses having more than half of their assets or employees within this state. (B)(1) A state bank may invest in the following: (a) The stocks, bonds, debentures, notes, or other evidences of indebtedness of any of the following: (i) A community improvement corporation, organized under Chapters 1702. and 1724. of the Revised Code for the sole purpose of advancing, encouraging, and promoting the industrial, economic, commercial, and civic development of a community or area; (ii) A development corporation, organized under Chapter 1726. of the Revised Code to promote agricultural, industrial, and business developments within the state; (iii) A community urban redevelopment corporation, organized under Chapter 1701. or 1702. of the Revised Code and qualified to operate under Chapter 1728. of the Revised Code to initiate and conduct projects for the clearance, replanning, development, and redevelopment of blighted areas within municipal corporations. (b) Other investments similar to the investments described in division (B)(1)(a) of this section and acceptable to the superintendent of financial institutions. (2) A state bank's investment in any one corporation or other entity pursuant to division (B)(1) of this section shall not exceed five per cent of the bank's capital, unless the superintendent determines additional investment does not pose significant risk to the bank. A state bank's investments pursuant to division (B)(1) of this section shall not in the aggregate exceed ten per cent of the bank's capital.
Ohio Rev. Code § 1109.17 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.17
§ 1109.17. Accepting drafts or bills of exchange
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A)(1) A state bank may accept drafts or bills of exchange drawn on it and may purchase acceptances of drafts or bills of exchange issued by other banks and participations in acceptances of drafts or bills of exchange issued by other banks, subject to the following limitations: (a) For acceptances of drafts or bills of exchange described in division (B)(1) of this section, the limitations in division (B)(2) of this section apply. (b) For acceptances of drafts or bills of exchange satisfying the requirements of division (C)(1) of this section, the limitations in division (C)(2) apply. (c) For all other acceptances of drafts or bills of exchange, the limitations on loans and extensions of credit to a person in section 1109.22 of the Revised Code apply to both of the following: (i) A state bank's total outstanding obligations for any one person on acceptances of drafts or bills of exchange that the bank has issued and on acceptances of drafts or bills of exchange and participations in acceptances of drafts or bills of exchange issued by other banks and that the bank has purchased; (ii) A state bank's total outstanding obligations on acceptances of drafts or bills of exchange issued by any one other bank. (2) For purposes of applying the limitations imposed by division (A)(1) of this section, a state bank's obligation on an acceptance of a draft or bill of exchange does not include the portion of an acceptance of a draft or bill of exchange issued by the bank that is covered by a participation agreement sold to another. (B)(1) Subject to the limitations in division (B)(2) of this section, a state bank may accept drafts or bills of exchange drawn upon it having not more than six months' sight to run, exclusive of days of grace, that are any of the following: (a) From transactions involving the importation or exportation of goods; (b) From transactions involving the domestic shipment of goods; (c) Secured at the time of acceptance by a warehouse receipt or other documentation conveying or securing title covering readily marketable staples. (2)(a) Except as provided in division (B)(2)(b) of this section, no state bank shall accept drafts or bills of exchange, or be obligated for a participation share for drafts or bills of exchange under division (B)(1) of this section, in an amount equal at any time in the aggregate to more than one hundred fifty per cent of the bank's capital. (b) The superintendent of financial institutions, under conditions the superintendent may prescribe, may authorize a state bank to accept or be obligated for a participation share in drafts or bills of exchange under division (B)(1) of this section, in an amount not exceeding at any time in the aggregate two hundred per cent of the bank's capital. (3) Notwithstanding division (B)(2) of this section, a state bank's aggregate acceptances of drafts or bills of exchange, including obligations for a participation share in drafts or bills of exchange, under division (B)(1) of this section, that arise from domestic transactions shall not exceed fifty per cent of the aggregate of all acceptances of drafts or bills of exchange, including obligations for a participation share in drafts or bills of exchange, the bank is permitted under division (B) of this section. (4) No state bank shall accept drafts or bills of exchange or be obligated for a participation share in drafts or bills of exchange under division (B)(1) of this section, whether from a foreign or domestic transaction, for any one person, partnership, corporation, association, or other entity in an amount equal at any time in the aggregate to more than ten per cent of the bank's capital, unless the bank is secured either by attached documents or by some other actual security arising from the same transaction as the acceptance. (C)(1) Subject to the limitations set forth in division (C)(2) of this section, a state bank may accept drafts or bills of exchange drawn upon it having not more than three months' sight to run, exclusive of days of grace, and drawn under conditions the superintendent may prescribe, by banks or bankers in foreign countries or dependencies or insular possessions of the United States, for the purpose of furnishing dollar exchange as required by the usages of trade in the respective countries, dependencies, or insular possessions. (2)(a) No state bank shall accept drafts or bills of exchange under division (C)(1) of this section for any one bank in an aggregate amount exceeding ten per cent of the accepting bank's capital, unless the draft or bill of exchange is accompanied by documents conveying or securing title or other adequate security. (b) No state bank shall accept drafts or bills of exchange under division (C)(1) of this section in an aggregate amount exceeding fifty per cent of the accepting bank's capital.
Ohio Rev. Code § 1111.02 — Ohio Revised Code / Title 11 / Chapter 1111 / § 1111.02
§ 1111.02. Authority to solicit or engage in trust business
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) Except as provided in division (B) of this section, no person shall solicit or engage in trust business in this state except a corporation that is one of the following: (1) A corporation licensed under section 1111.06 of the Revised Code that is one of the following: (a) A state bank; (b) A bank authorized to accept and execute trusts and doing business under authority granted by the bank chartering authority of another state or country; (c) A corporation organized under the laws of another state or country and authorized to accept and execute trusts in that state or country. (2) A national bank or federal savings association authorized to accept and execute trusts and doing business under authority granted by the office of the comptroller of the currency. (B) This chapter shall not apply to a corporation that is incorporated under the laws of another state or the United States, has its principal place of business in another state, is currently qualified to do and is engaging in trust business in the state where the corporation has its principal place of business, and is doing any of the following: (1) Serving as ancillary executor or administrator of property in this state that is in the estate of a decedent, after appointment as executor or administrator of the estate by the courts of the decedent's state of residence; (2) As trustee, acquiring, holding, or transferring a security interest in lands or other property in this state, by mortgage, deed of trust, or other instrument, to secure any evidence of indebtedness; (3) Certifying to any evidence of indebtedness.
Ohio Rev. Code § 1112.06 — Ohio Revised Code / Title 11 / Chapter 1112 / § 1112.06
§ 1112.06. Oath
Status: in_force

September 14, 2016 House Bill 229 - 131st General Assembly Each member of the governing board of a family trust company shall take and subscribe an oath that the member will administer the affairs of the family trust company diligently and honestly and that the member will not knowingly or willfully permit noncompliance with or violation of any of the laws relating to family trust companies.
Ohio Rev. Code § 1113.06 — Ohio Revised Code / Title 11 / Chapter 1113 / § 1113.06
§ 1113.06. Share subscriptions; election of directors
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) After the secretary of state has filed the articles of incorporation and certificate of approval of the superintendent of financial institutions, the incorporators, or a majority of them, shall order books to be opened for subscription to the stock state bank's shares. An installment of not less than ten per cent of the subscription price of each share shall be payable at the time of making the subscription, and the balance shall be payable as soon thereafter as the board of directors requires. (B) When the stock state bank's shares have been fully subscribed, the incorporators, or a majority of them, shall certify this fact in writing to the superintendent. The superintendent shall file the certification with the secretary of state. (C) Upon their compliance with division (B) of this section, at least a majority of the incorporators shall give not less than ten days' notice in writing by mail to the shareholders who have not waived the notice to meet at a specified time and place for the purpose of adopting a code of regulations, electing directors, and transacting any other business authorized by section 1113.08 of the Revised Code. The shareholders shall meet for those purposes at the time and place specified. (D) The incorporators shall not receive any subscriptions for shares after the election of directors.
Ohio Rev. Code § 1119.21 — Ohio Revised Code / Title 11 / Chapter 1119 / § 1119.21
§ 1119.21. Regulatory powers
Status: in_force

January 1, 1997 House Bill 538 - 121st General Assembly (A) In addition to the specific powers, remedies, and sanctions provided in this chapter, any foreign bank licensed to operate a representative office, agency, or branch in this state and any foreign bank conducting operations in this state connected to its banking business without being licensed under this chapter or by the office of the comptroller of the currency is subject to all powers, remedies, and sanctions provided to the superintendent of financial institutions and the division of financial institutions in Chapters 1101. to 1127. of the Revised Code. (B)(1) With regard to any foreign bank licensed under this chapter to operate a representative office, agency, or branch in this state or conducting operations in this state connected to its banking business without being licensed under this chapter or by the office of the comptroller of the currency, "regulated person" means a director, officer, employee, controlling shareholder, or agent of the foreign bank or a person who participates in the management of the foreign bank, whether or not the person is assigned to an office of the foreign bank licensed under this chapter. (2) An order to cease and desist issued under section 1121.32 of the Revised Code, a removal or prohibition order issued under section 1121.33 of the Revised Code, or a suspension order issued under section 1121.34 of the Revised Code against a regulated person, who is a regulated person because of that person's relationship with a foreign bank doing business in this state, does not affect the relationship between the regulated person and the foreign bank except as it relates to the conduct of operations in this state connected to the foreign bank's banking business.
Ohio Rev. Code § 1109.55 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.55
§ 1109.55. Permitted transactions with affiliate
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) A state bank and its subsidiaries may engage in any of the transactions described in division (B) of this section only if one of the following applies: (1) The transaction is on terms and under circumstances, including credit standards, that are substantially the same, or at least as favorable to the bank or its subsidiary, as those prevailing at the time for comparable transactions with or involving other nonaffiliated companies. (2) In the absence of comparable transactions, the transaction is on terms and under circumstances, including credit standards, that in good faith would be offered to, or would apply to, nonaffiliated companies. (B) Division (A) of this section applies to all of the following: (1) A covered transaction with an affiliate; (2) The sale of securities or other assets to an affiliate, including assets subject to an agreement to repurchase; (3) The payment of money or the furnishing of services to an affiliate under contract, lease, or otherwise; (4) Any transaction in which an affiliate acts as an agent or broker or receives a fee for its services to the bank or to any other person. (C) No state bank or its subsidiary shall do either of the following: (1) Purchase as fiduciary any securities or other assets from an affiliate unless the purchase is permitted by one of the following: (a) The instrument creating the fiduciary relationship; (b) A court order; (c) The law of the jurisdiction governing the fiduciary relationship. (2) Whether acting as principal or fiduciary, knowingly purchase or otherwise acquire, during the existence of any underwriting or selling syndicate, any security if a principal underwriter of the security is an affiliate. Division (C)(2) of this section does not apply if the purchase or acquisition of the securities has been approved, before the securities are initially offered for sale to the public, by a majority of the directors of the bank who are not officers or employees of the bank or any of its affiliates. (D) No state bank or affiliate or subsidiary of a state bank shall publish any advertisement or enter into any agreement stating or suggesting the bank shall in any way be responsible for the obligations of its affiliates. (E) For purposes of division (C) of this section: (1) "Principal underwriter" means any underwriter, in connection with a primary distribution of securities, that is any of the following: (a) In privity of contract with the issuer or an affiliated person of the issuer; (b) Acting alone or in concert with one or more other persons, initiates or directs the formation of an underwriting syndicate; (c) Allowed a rate of gross commission, spread, or other profit greater than the rate allowed another underwriter participating in the distribution. (2) "Security" has the same meaning as in section 3(a)(10) of the "Securities Exchange Act of 1934," 48 Stat. 881, 15 U.S.C. 78c(a)(10), as amended.
Ohio Rev. Code § 1112.08 — Ohio Revised Code / Title 11 / Chapter 1112 / § 1112.08
§ 1112.08. Issuance of license
Status: in_force

September 14, 2016 House Bill 229 - 131st General Assembly (A) Upon the conclusion of the investigation required under section 1112.07 of the Revised Code, the superintendent of financial institutions shall issue a license to the applicant if the superintendent finds that all of the following conditions are met: (1) The applicant is organized as a corporation or limited liability company under the laws of this state. (2) The articles of incorporation or articles of organization of the applicant contain both of the following: (a)¿A name for the family trust company that includes "family trust company" or "FTC" and that distinguishes it from any trust company licensed under Chapter 1111. of the Revised Code or any other family trust company licensed under this chapter; (b) The purpose for which it is formed, including a statement that its services will be provided only to family clients of a designated relative. (3) The individuals who will serve as directors or officers of the corporation, or the managers or family members acting in a managerial capacity for the limited liability company, as applicable: (a)¿Have a reputation for honesty, trustworthiness, and integrity and display competence to transact the business of a licensed family trust company; (b)¿Have not been convicted of, or pleaded guilty or nolo contendere to, a felony or any crime involving fraud, misrepresentation, or moral turpitude; (c)¿Have not made a false statement of material fact on the application; (d)¿Have not had a license issued under Chapter 1111. of the Revised Code or under this chapter suspended or revoked within the ten years immediately preceding the date of the application; (e)¿Have not had a trust company license issued in any other state or any foreign country suspended or revoked within the ten years immediately preceding the date of the application; (f)¿Have not failed to comply with any of the provisions of this chapter or any rule adopted thereunder that, in the judgment of the superintendent, would render the person unfit for the proposed position. (4)¿The qualifications of the directors and the president, vice-presidents, and treasurer of the corporation, or the managers and family members acting in a managerial capacity for the limited liability company, as applicable, are consistent with their responsibilities and duties. (5)¿The initial stockholders' equity meets the minimum requirement set forth in division (E)(2) of section 1112.14 of the Revised Code. (B)¿If the superintendent does not find that all of the conditions set forth in division (A) of this section have been met, the superintendent shall enter an order denying the application and notify the applicant of the denial and the applicant's reasonable opportunity to be heard in accordance with Chapter 119. of the Revised Code, excepting any such related hearings shall not be open to the public. The notice shall be in writing, either served personally or sent by certified mail. Last updated July 22, 2021 at 9:37 AM
Ohio Rev. Code § 1115.01 — Ohio Revised Code / Title 11 / Chapter 1115 / § 1115.01
§ 1115.01. Converting state stock bank into national
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A)(1) A stock state bank may do any of the following: (a) Convert into a national bank or a federal savings association if the conversion is approved by both the office of the comptroller of the currency and the affirmative vote or written consent of the holders of two-thirds, or such other proportion not less than a majority as the stock state bank's articles of incorporation require, of the outstanding shares of each class of the bank's stock; (b) Convert into a bank, savings bank, or savings association pursuant to the laws of another state if the conversion is approved by both the regulatory authority of the other state and the affirmative vote or written consent of the holders of two-thirds, or such other proportion not less than a majority as the stock state bank's articles of incorporation require, of the outstanding shares of each class of the bank's stock. (2) A mutual state bank may do any of the following: (a) Convert into a national bank or a federal savings association if the conversion is approved by the office of the comptroller of the currency, the affirmative vote of two-thirds of the mutual state bank's board of directors, and the affirmative vote of two-thirds of the total outstanding votes eligible to be cast at the meeting at which the plan of conversion is presented to the members for adoption; (b) Convert into a bank, savings bank, or savings association pursuant to the laws of another state if the conversion is approved by the regulatory authority of the other state, the affirmative vote of two-thirds of the mutual state bank's board of directors, and the affirmative vote of two-thirds of the total outstanding votes eligible to be cast at the meeting at which the plan of conversion is presented to the members for adoption. (B) A state bank that converts into a national bank, a federal savings association, or a bank, savings bank, or savings association doing business under authority granted by the bank regulatory authority of another state shall, immediately upon the conversion being effective, file with the superintendent of financial institutions all information the superintendent determines is necessary to reflect in the state's records that the bank is no longer a corporation organized and doing business under the laws of this state.
Ohio Rev. Code § 1109.05 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.05
§ 1109.05. Deposit contracts
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) A bank may receive money on deposit and may establish the terms and conditions of each deposit contract. A bank may receive demand deposits subject to withdrawal or to payment upon the depositor's check, order, or other authorization. (B) At the time of opening a deposit account, a bank shall provide the depositor a statement containing the existing terms and conditions of the deposit contract. The statement may be set forth on the depositor's signature card, which card may be electronic or in writing. Before effecting any change in the terms and conditions of a deposit contract, a bank shall provide notice, in written or electronic form, of the change to each depositor with whom the bank has a deposit contract of the kind to be changed. Depositors and any other owners of interests in deposit accounts shall be bound by all changes banks make in their deposit contracts. (C) For each deposit account a bank shall, at minimum, do either of the following: (1) Periodically make available to each deposit customer a report, in written or electronic form, of the customer's deposit account activity since the last report was provided, unless the account is a certificate of deposit with no activity except for compounding interest; (2) Issue a passbook on which deposits, interest, payments, and withdrawals can be recorded. (D) A bank may secure deposits in the manner and to the extent provided or authorized by law or any lawful order of a court having custody of money and ordering money to be deposited. (E)(1) A bank may serve as a depository for public funds of this state, other states of the United States, political subdivisions of this state and other states of the United States, the United States, agencies of the United States, foreign nations, political subdivisions of foreign nations, multinational organizations, and subdivisions of multinational organizations. (2)(a) A bank may provide security for the public funds described in division (E)(1) of this section if that is a condition imposed by law for their deposit. (b) Depositors of public funds that are collateralized by securities pledged by a bank in accordance with Chapter 135. of the Revised Code and any applicable federal law shall have and maintain a first and best lien and security interest in and to such securities, any substitute securities, and the proceeds of those securities, in favor of such depositors.
Ohio Rev. Code § 1109.64 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.64
§ 1109.64. Travel services
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly Subject to the limitations and restrictions of Chapters 1101. to 1127. of the Revised Code, a state bank shall have the power to do both of the following: (A) Operate travel agencies; (B) Engage in the sale of tickets for passage on common carriers, such as airlines, railroads, ships, and buses, to points within and outside the United States.
Ohio Rev. Code § 1121.24 — Ohio Revised Code / Title 11 / Chapter 1121 / § 1121.24
§ 1121.24. Fee; incomplete application or notice of proposed action or transaction
Status: in_force

September 29, 2017 House Bill 49 - 132nd General Assembly (A) If, under Chapters 1101. to 1127. of the Revised Code, a proposed action or transaction is subject to the approval of the superintendent of financial institutions or an opportunity for the superintendent to disapprove, and if the person proposing the action or transaction is required to submit an application or notice to the superintendent, then the application or notice is not complete and the superintendent shall not accept it for processing until the person pays the fee established pursuant to division (C) of section 1121.29 of the Revised Code. (B)(1) If, under Chapters 1101. to 1127. of the Revised Code, a proposed action or transaction is subject to the approval of the superintendent or an opportunity for the superintendent to disapprove and the superintendent must make that determination within a certain time, and if the person proposing the action or transaction is required to submit an application or notice to the superintendent, then the time in which the superintendent must make the determination does not begin to run until the superintendent has determined the application or notice is complete and has accepted it for processing. (2) Division (B)(1) of this section does not prohibit either of the following: (a) The superintendent from denying, or issuing a disapproval of, an application or notice, prior to the superintendent's acceptance of the application or notice for processing, on the basis that the person who submitted the application or notice failed to include all of the items and address all of the issues required for the application or notice, if both of the following apply: (i) The superintendent advised the person that the application or notice was incomplete. (ii) After being advised by the superintendent that the application or notice was incomplete, the person did not, within a reasonable period of time, complete the application or notice. (b) The superintendent from denying, or issuing a disapproval of, an application or notice on the basis that the person who submitted the application or notice failed to provide the information necessary for the superintendent to adequately consider the application or notice after the superintendent's acceptance of the application or notice for processing, if both of the following apply: (i) After having begun processing the application or notice, the superintendent determined and advised the person that additional information was necessary to adequately consider the application or notice. (ii) After being advised by the superintendent that additional information was necessary to adequately consider the application or notice, the person did not, within a reasonable period of time, provide that information. (C) A determination by the superintendent that an application or notice is complete and is accepted for processing means only that the application or notice, on its face, appears to include all of the items and to address all of the matters that are required. A determination by the superintendent that an application or notice is complete and is accepted for processing is not an assessment of the substance of the application or notice, or of the sufficiency of the information provided.
Ohio Rev. Code § 1119.02 — Ohio Revised Code / Title 11 / Chapter 1119 / § 1119.02
§ 1119.02. Foreign bank license
Status: in_force

January 1, 1997 House Bill 538 - 121st General Assembly (A) No foreign bank shall conduct any operations in this state connected to its banking business, unless it has a license issued by the superintendent of financial institutions under this chapter or by the office of the comptroller of the currency. Any license issued by the superintendent under this chapter is effective until surrendered by the foreign bank or revoked by the superintendent. (B) Except as provided in section 1117.05 of the Revised Code, no person shall conduct any operations in this state connected to a foreign bank's banking business as a representative or as an agent of a foreign bank, unless the foreign bank is licensed to conduct those operations either by the superintendent under this chapter or by the office of the comptroller of the currency. (C) If any person conducts operations in this state as a representative or agent of a foreign bank, the foreign bank is deemed to be conducting those operations.
Ohio Rev. Code § 1111.18 — Ohio Revised Code / Title 11 / Chapter 1111 / § 1111.18
§ 1111.18. Separating fiduciary assets and records
Status: in_force

January 1, 1997 House Bill 538 - 121st General Assembly (A) A trust company shall segregate all assets held in any fiduciary capacity from the trust company's own assets, and shall keep its fiduciary records separate and distinct from the trust company's other records. (B) A trust company shall not use funds received in any fiduciary capacity in conducting the trust company's business. However, if the trust company is a bank, savings and loan association, or savings bank authorized to engage in business in addition to trust business, the trust company may invest the funds received in a fiduciary capacity in a deposit account or instrument of the trust company as specifically permitted by section 1111.13 of the Revised Code. No person shall access any property held by a trust company in trust to satisfy a liability of the trust company. (C) A trust company shall not accept or, if the trust company is a bank, savings and loan association, or savings bank authorized to engage in business in addition to trust business, shall not in its trust department accept, deposits of current funds subject to check or the deposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes.
Ohio Rev. Code § 1111.13 — Ohio Revised Code / Title 11 / Chapter 1111 / § 1111.13
§ 1111.13. Investing of trust funds
Status: in_force

January 1, 2007 House Bill 416 - 126th General Assembly (A)(1) Except as provided in divisions (A)(2) and (G) of this section or as otherwise provided by the instrument creating the trust, a trust company acting as fiduciary under any instrument and having funds of the trust which are to be invested may, in addition to any other investments authorized to a trust company by law, invest them in any of the following: (a) Forms of investments enumerated or described in, or made eligible for investment by, the Ohio Uniform Prudent Investor Act and sections 2109.37 , 2109.371 , 2109.372 , and 5815.26 of the Revised Code, including, but not limited to, securities, stocks, bonds, or certificates of deposit issued by the trust company or any bank owned or controlled by the bank holding company that owns or controls the trust company. (b) Any collective investment fund established and maintained by the trust company or by an affiliate of the trust company; (c) The securities of any investment company, including any affiliated investment company, whether or not the trust company has invested other funds held by it in an agency or other nonfiduciary capacity in the securities of the same investment company or affiliated investment company. (2) A trust company acting as fiduciary may not invest its trust funds in stock issued by the fiduciary itself except under one of the following circumstances: (a) In the case of a testamentary instrument, when expressly permitted by the instrument creating the relationship and authorized by court order; (b) In the case of an inter vivos instrument, when expressly permitted by the instrument or authorized by court order and in either case, only when directed to purchase or invest in the stock by a cofiduciary or other person other than the trust company who has the right under the terms of the instrument to direct the investment; (c) When exercising rights to purchase its own stock or to purchase or convert securities convertible into its own stock if the rights were offered pro rata to the shareholders; (d) To complement fractional shares acquired when the exercise of rights or receipt of a stock dividend results in fractional shareholdings. (3) If the law or the instrument creating a trust expressly permits investment in direct obligations of the United States or an agency or instrumentality of the United States, unless expressly prohibited by the instrument, a trust company also may invest in no front end load money market mutual funds consisting exclusively of obligations of the United States or an agency or instrumentality of the United States and in repurchase agreements, including those issued by the trust company itself, secured by obligations of the United States or an agency or instrumentality of the United States, or in securities of other no load money market mutual funds whose portfolios are similarly restricted; and in collective investment funds established in accordance with section 1111.14 of the Revised Code or by an affiliate of the trust company and consisting exclusively of any direct obligations of the United States or an agency or instrumentality of the United States, notwithstanding division (A)(1)(c) of that section. (B) A trust company acting in any fiduciary capacity or under any instrument has the right to retain any part of the trust or estate it receives, whether from the creator of the trust or the estate, at its inception or by later addition, or by addition by any other person who is authorized to make additions to the trust or estate, and any investments the trust company makes. (C) Except as otherwise expressly provided by the instrument creating the fiduciary relationship, any trust company may exercise all voting, consenting, and dissenting rights, including the right to vote for the election of directors, pertaining to stocks, bonds, or other securities held by it in any fiduciary capacity, including rights pertaining to stocks, bonds, or other securities issued by the trust company in its individual corporate capacity and held by it in any fiduciary capacity, provided: (1) In the case of any fiduciary relationship created prior to January 1, 1968, voting rights pertaining to any shares of a trust company's own stock held by it in a fiduciary relationship, if exercised, shall be exercised with respect to the election of directors, only in accordance with any provisions of law applicable to that election and without regard to the first paragraph of division (C) and divisions (C)(2)(a), (b), and (c) of this section, and those portions of division (C) of this section shall not be construed to be determinative of the voting rights or to be declaratory of a public policy with respect to the voting rights. (2) In the case of any fiduciary relationship created on or after January 1, 1968, voting rights pertaining to any shares of a trust company's own stock held by it in a fiduciary relationship shall be exercised by it with respect to the election of directors, only if and as directed in writing by any person described in division (C)(2)(a), (b), or (c) of this section, provided that the person may not be the trust company, or a director, officer, or employee of the trust company except as to fiduciary relationships in which the director, officer, or employee is a settlor or beneficiary, or a nominee, agent, attorney, or subsidiary of the trust company: (a) Any person, including a settlor or beneficiary, who has the right under the terms of the instrument under which shares are held to determine the manner in which shares shall be voted, or if there is no such person; (b) Any person acting as cofiduciary under the instrument under which such shares are held, or if there is no such person; (c) Any person, having the right of revocation or amendment of the instrument under which the shares are held. (D) If there is more than one person having power to direct voting under division (C)(2)(a), (b), or (c) of this section and they fail to agree, each person shall have the right to direct voting with respect to the election of directors as to an equal number of shares. (E) As used in this section: (1) "Affiliated investment company" means any investment company that is any of the following: (a) Sponsored by the trust company that is acting as fiduciary or by a trust company, bank, bank subsidiary corporation, or other corporation owned or controlled by the bank holding company that owns or controls the trust company that is acting as fiduciary; (b) The result of any agreement with a trust company, bank, bank subsidiary corporation, or other corporation owned or controlled by the bank holding company that owns or controls the trust company that is acting as fiduciary; (c) Established exclusively for the customers or accounts of the trust company that is acting as fiduciary or of a trust company, bank, bank subsidiary corporation, or other corporation owned or controlled by the bank holding company that owns or controls the trust company that is acting as fiduciary; (d) Provided with investment advisory, brokerage, transfer agency, registrar, management, shareholder servicing, custodian, or any related services by the trust company that is acting as fiduciary or by a trust company, bank, bank subsidiary corporation, or other corporation owned or controlled by the bank holding company that owns or controls the trust company that is acting as fiduciary. (2) "Cofiduciary" includes, but is not limited to, a cotrustee, coexecutor, coadministrator, coguardian, co-agent, and any person who, under the terms of the instrument creating the fiduciary relationship, has the right or power to direct, approve or consent to, or be consulted with respect to, the making, retention, or sale of investments under the instrument. (3) "Instrument" includes, but is not limited to, any will, declaration of trust, agreement of trust, agency, or custodianship, or court order creating a fiduciary relationship. (4) "Reasonable fee" means compensation or payment, the receipt of which would not constitute a breach of fiduciary duty under section 36 of the "Investment Company Act of 1940," 54 Stat. 789, 15 U.S.C.A. 80a-35. (F) Shares as to which the voting rights with respect to the election of directors may not be exercised under this section shall not be considered as outstanding for the purpose of computing the voting power of the corporation or of its shares of any class with respect to the election of directors. (G) This section does not authorize a trust company acting as a probate fiduciary to perform any act prohibited by section 2109.44 of the Revised Code, unless the act is authorized by the instrument creating the trust. (H) A trust company making an investment of trust funds in an affiliated investment company, or a bank or other corporation owned or controlled by the bank holding company that owns or controls the trust company, may charge a reasonable fee for investment advisory, brokerage, transfer agency, registrar, management, shareholder servicing, custodian, or any related services provided to an affiliated investment company. The fee may be in addition to the compensation that the trust company is otherwise entitled to receive from the trust, provided that the fee is charged as a percentage of either asset value or income earned or actual amount charged and is disclosed at least annually by prospectus, account statement, or any other written means to all persons entitled to receive statements of account activity. (I) A trust company making an investment of trust funds in the securities of an affiliated investment company pursuant to division (A)(1)(c) of this section shall, when providing any periodic account statements to the trust fund, report the net asset value of the shares comprising the investment of the trust fund in the affiliated investment company. (J) If a trust company making an investment of trust funds in the securities of an affiliated investment company pursuant to division (A)(1)(c) of this section invests the funds in any mutual fund, the trust company shall disclose, in at least ten-point boldface type, by prospectus, account statement, or any other written means to all persons entitled to receive statements of account activity, that the mutual fund is not insured or guaranteed by the federal deposit insurance corporation or by any other government agency or government-sponsored agency of the federal government or of this state.
Ohio Rev. Code § 1109.62 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.62
§ 1109.62. Selling insurance
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly A state bank may engage in the business of selling insurance through a subsidiary insurance agency subject to licensing under the law of this state and the law of every other state in which services are provided by the bank or its subsidiary.
Ohio Rev. Code § 1116.08 — Ohio Revised Code / Title 11 / Chapter 1116 / § 1116.08
§ 1116.08. Approval; filing with secretary of state
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly After approving a mutual holding company reorganization application, the superintendent of financial institutions shall, to effect the reorganization, forward the articles of incorporation to the secretary of state for filing.
Ohio Rev. Code § 1116.06 — Ohio Revised Code / Title 11 / Chapter 1116 / § 1116.06
§ 1116.06. Application for reorganization
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) Within ten business days after receipt of an application for a mutual holding company reorganization under division (C)(3) of section 1116.05 of the Revised Code, the superintendent of financial institutions shall do one of the following: (1) Accept the application for processing; (2) Request additional information to complete the application; (3) Return the application if it is substantially incomplete. (B) Within one hundred eighty days after an application is accepted for processing, the superintendent shall approve or disapprove the application and, if approved, impose any conditions the superintendent determines appropriate. (C) In approving or disapproving an application, the superintendent, after conducting an appropriate examination or investigation, shall consider whether: (1) The reorganizing mutual state bank and any acquiree mutual bank will operate in a safe, sound, and prudent manner. (2) The applicant has demonstrated that the reorganization plan is fair to the members of the reorganizing mutual state bank and any acquiree mutual bank. (3) The interests of the reorganizing mutual state bank's depositors and creditors and the general public will not be jeopardized by the proposed reorganization into a mutual holding company; (4) The proposed reorganization will result in a reorganizing mutual state bank or any acquiree state bank that has adequate capital, satisfactory management, and good earnings prospects; (5) A stock issuance proposed in connection with the mutual holding company reorganization plan meets the standards established by the superintendent and any applicable state and federal securities laws; and (6) The reorganizing mutual state bank or any acquiree mutual bank has furnished all information required in the reorganization plan and any other information requested by the superintendent regarding the proposed reorganization.
Ohio Rev. Code § 1111.06 — Ohio Revised Code / Title 11 / Chapter 1111 / § 1111.06
§ 1111.06. Applying for trust company license
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) Any person, other than a national bank with trust powers or a federal savings association with trust powers, proposing to solicit or engage in trust business in this state shall apply to the superintendent of financial institutions to be licensed as a trust company. The superintendent shall approve or disapprove the application within sixty days after accepting it. (B) In determining whether to approve or disapprove an application for a trust company license, the superintendent shall consider all of the following: (1) Whether the applicant is a corporation described in division (A)(1) of section 1111.02 of the Revised Code; (2) Whether the applicant's articles of incorporation or association authorize the applicant to serve as a trustee; (3) If the applicant is not a state bank, whether the applicant is currently qualified to do and is engaging in trust business in the state or country under the laws of which the applicant is organized; (4) Whether the applicant satisfies the requirements of section 1111.05 of the Revised Code; (5) Whether it is reasonable to believe the applicant will comply with applicable laws and observe sound fiduciary standards in conducting trust business in this state; (6) If the applicant is not a state bank, whether the applicant is subject to comprehensive supervision and regulation of its fiduciary activities by appropriate authorities of the state or country under the laws of which the applicant is organized. (C) In approving an application for a trust company license, the superintendent may impose any condition the superintendent determines to be appropriate. (D) When an applicant has satisfied all prior conditions imposed by the superintendent in approving the applicant's application for a trust company license and has pledged securities as required by section 1111.04 of the Revised Code, the superintendent shall issue the applicant a trust company license. A license issued pursuant to this section shall remain in force and effect until surrendered by the licensee pursuant to section 1111.31 of the Revised Code or suspended or revoked by the superintendent pursuant to section 1111.32 of the Revised Code.
Ohio Rev. Code § 1125.03 — Ohio Revised Code / Title 11 / Chapter 1125 / § 1125.03
§ 1125.03. Voluntary liquidation
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) A state bank may proceed with a voluntary liquidation and be closed only with both the consent of the superintendent of financial institutions and the prior approval of the shareholders or members of the bank by a vote as provided for in its articles of incorporation, if not less than a majority. (B) Prior to instituting a voluntary liquidation, a state bank shall submit to the superintendent an application for approval of its plan of voluntary liquidation and evidence satisfactory to the superintendent that the plan has been properly adopted by the bank and approved by its shareholders or members. (C) A state bank's plan of voluntary liquidation shall include provisions for all of the following: (1) The settlement of all debts and liabilities, including the claims of account holders, owed by the bank; (2) The distribution of the bank's assets that remain after the settlement of debts and liabilities to all persons entitled to them; (3) The disposition or maintenance of any remaining or unclaimed funds, real or personal property, either tangible or intangible, or other assets, whether in trust or otherwise, including the contents of safe deposit boxes or vaults; (4) The retention of the bank's records in accordance with section 1109.69 of the Revised Code; (5) The date upon which the bank shall cease doing any banking business and surrender its banking license to the superintendent. (D) Upon receipt of a plan of voluntary liquidation, the superintendent shall make an examination of the bank and shall consent to or deny an application for approval of a plan based upon the superintendent's evaluation of whether or not the interests of the bank's depositors and creditors will suffer by the liquidation. (E) The superintendent's consent to an application for approval of a plan of voluntary liquidation may be subject to any condition the superintendent determines appropriate under the circumstances.
Ohio Rev. Code § 1109.11 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.11
§ 1109.11. Deposits entered as U.S. money
Status: in_force

January 1, 1997 House Bill 538 - 121st General Assembly All deposits of money, or its equivalent, made with a bank shall be entered on its books only in terms of money of the United States.
Ohio Rev. Code § 1109.23 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.23
§ 1109.23. Extending credit to executive officers, directors, principal shareholders or to related interests
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) No state bank may extend credit to any of its executive officers, directors, or principal shareholders, or to any of their related interests, except as authorized by this section and, with respect to executive officers, as authorized by section 1109.24 of the Revised Code. (B)(1) A state bank may extend credit to any of its executive officers, directors, or principal shareholders, or to any of their related interests, only if all of the following apply to the extension of credit: (a) The extension of credit is made on substantially the same terms, including interest rates and collateral, as those terms prevailing at the time for comparable transactions by the bank with persons who are not executive officers, directors, principal shareholders, or employees of the bank. (b) The extension of credit does not involve more than the normal risk of repayment or present other unfavorable features. (c) The bank follows credit underwriting procedures that are not less stringent than those applicable to comparable transactions by the bank with persons who are not executive officers, directors, principal shareholders, or employees of the bank. (2) Nothing in division (B)(1) of this section shall be construed to prohibit any extension of credit made pursuant to a benefit or compensation program that meets both of the following conditions: (a) The program is available to all employees of the bank; (b) The program does not give preference to any officer, director, or principal shareholder of the bank, or to any related interest of an officer, director, or principal shareholder, over other employees of the bank. (C) A state bank may extend credit to any of its executive officers, directors, or principal shareholders, or to any of their related interests, in an amount that, when aggregated with the amount of all outstanding extensions of credit by the bank to the executive officer, director, or principal shareholder and that person's related interests, would exceed an amount prescribed by the superintendent of financial institutions, only if both of the following conditions are met: (1) The extension of credit has been approved in advance by a majority vote of the bank's entire board of directors. (2) The executive officer, director, or principal shareholder, who or whose related interest would be obligated on the extension of credit, has abstained from participating, directly or indirectly, in the deliberations or voting on the extension of credit. (D) A state bank may extend credit to any of its executive officers, directors, or principal shareholders, or to any of their related interests, only if the extension of credit is in an amount that, when aggregated with the amount of all outstanding extensions of credit by the bank to the executive officer, director, or principal shareholder and that person's related interests, would not exceed the limit on loans to a single borrower established by section 1109.22 of the Revised Code. (E)(1) A state bank may extend credit to any of its executive officers, directors, or principal shareholders, or to any of their related interests, if the extension of credit is in an amount that, when aggregated with the amount of all outstanding extensions of credit by the bank to all of its executive officers, directors, principal shareholders, and their related interests, would not exceed the bank's unimpaired capital. (2) The superintendent may prescribe a limit that is more stringent than the limit contained in division (E)(1) of this section. (3) The superintendent may make exceptions to division (E)(1) of this section for state banks with less than one hundred million dollars in deposits, if the superintendent determines that the exceptions are important to avoid constricting the availability of credit in small communities or to attract directors to those banks. In no case may the aggregate amount of all outstanding extensions of credit by a state bank to all of its executive officers, directors, principal shareholders, and their related interests, be more than two times the bank's unimpaired capital. (F)(1) If any executive officer or director of a state bank has an account at the bank, the bank may not pay from that account an amount exceeding the funds on deposit in the account. (2) Division (F)(1) does not prohibit the bank from paying funds in accordance with either of the following: (a) A written, preauthorized, interest-bearing extension of credit specifying a method of repayment; (b) A written preauthorized transfer of funds from another account of the executive officer or director at that bank. (G) No executive officer, director, or principal shareholder shall knowingly receive, or knowingly permit any of that person's related interests to receive, from a state bank, directly or indirectly, any extension of credit not authorized under this section. (H)(1) Subject to division (H)(2) of this section, for purposes of this section, any executive officer, director, or principal shareholder of any company of which the state bank is a subsidiary, or of any other subsidiary of that company, is deemed to be an executive officer, director, or principal shareholder, respectively, of the bank. (2) The superintendent may make exceptions to the application of division (H)(1) of this section for any person who is an executive officer or director of a subsidiary of a company that controls a state bank, if both of the following apply: (a) The person does not have authority to participate, and does not participate, in major policymaking functions of the bank. (b) The assets of the subsidiary do not exceed ten per cent of the consolidated assets of the company that controls the bank, and the subsidiary is not controlled by any other company. (I) For purposes of this section: (1) "State bank" includes any subsidiary of a state bank. (2)(a) "Company" means any corporation, limited liability company, partnership, business or other trust, association, joint venture, pool syndicate, sole proprietorship, unincorporated organization, or other business entity. (b) "Company" does not include either of the following: (i) A bank, savings bank, or savings association, the deposits of which are insured by the federal deposit insurance corporation; (ii) A corporation the majority of the shares of which are owned by the United States or by any state of the United States. (3) "Control" of a company or state bank by a person means the person, directly or indirectly, or acting through or in concert with one or more persons, meets any of the following: (a) The person owns, controls, or has the power to vote twenty-five per cent or more of any class of the company's or, in the case of a stock state bank, the bank's voting securities. (b) The person controls in any manner the election of a majority of the company's or state bank's directors. (c) The person has the power to exercise a controlling influence over the company's or state bank's management or policies. (4) "Executive officer" means a person who participates or has the authority to participate, other than as a director, in major policymaking functions of a company or state bank. (5) To "extend credit" or to make an "extension of credit" means to make or renew any loan, to grant a line of credit, or to enter into any similar transaction as a result of which an executive officer, director, or principal shareholder, or any of that person's related interests, becomes obligated, directly, indirectly, or by any means whatsoever, to pay money or its equivalent to the state bank. (6) "Principal shareholder" means a person who, directly or indirectly, or acting through or in concert with one or more persons, owns, controls, or has the power to vote more than ten per cent of any class of voting securities of a stock state bank or company, other than a company of which the bank is a subsidiary. (7) "Related interest" of a person means either of the following: (a) Any company controlled by that person; (b) Any political committee or campaign committee that is controlled by that person or the funds or services of which will benefit that person. (8) "Subsidiary" means any company of which a state bank or company meets any of the following: (a) The bank or company owns twenty-five per cent or more of the voting shares of the company. (b) The bank or company controls in any manner the election of a majority of the directors of the company. (c) The bank or company has the power, directly or indirectly, to exercise a controlling influence with respect to the management or policies of the company.
Ohio Rev. Code § 1109.69 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.69
§ 1109.69. Record retention
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) Unless a longer record retention period is required by applicable federal law or regulation, each bank shall retain or preserve the following bank records and supporting documents for only the following periods of time: (1) For one year: (a) Broker's confirmations, invoices, and statements relating to security transactions of the bank or for or with its customers, after date of transaction; (b) Corporate resolutions, partnership authorizations, and similar authorizations relating to closed accounts, loans that have been paid, or other completed transactions, after date of closing, payment, or completion; (c) Ledger records of safe deposit accounts, after date of last entry on the ledger; (d) Night depository records, after their date; (e) Records relating to closed Christmas club or similar limited duration special purpose accounts, after date of closing; (f) Records relating to customer collection accounts, after date of transaction; (g) Stop payment orders, after their date; (h) All records relating to closed consumer credit loans and discounts, after date of closing; (i) Deposit tickets relating to demand deposit accounts, after their date; (2) For six years: (a) Deposit and withdrawal tickets relating to open or closed savings accounts, after their date; (b) Individual ledger sheets or other records serving the same purpose that show a zero balance and that relate to demand, time, or savings deposit accounts, and safekeeping accounts, after date of last entry, or, where the ledger sheets or other records show an open balance, after date of transfer of the amount of the balance to another ledger sheet or record; (c) Official checks, drafts, money orders, and other instruments for the payment of money issued by the bank and that have been canceled, after date of issue; (d) Records relating to closed escrow accounts, after date of closing; (e) Records, other than corporate resolutions, partnership authorizations, and similar authorizations relating to closed loans and discounts other than consumer credit loans and discounts, after date of closing; (f) Safe deposit access tickets and correspondence or documents relating to access, after their date; (g) Lease or contract records relating to closed safe deposit accounts, after date of closing; (h) Signature cards relating to closed demand, savings, or time accounts, closed safe deposit accounts, and closed safekeeping accounts, after date of closing; (i) Undelivered statements for demand deposit, negotiable order of withdrawal, savings, agency, brokerage, or other accounts for which customer statements are prepared, and canceled checks or other items, after date of statement, provided the bank has attempted to send the statements and checks or other items to its customer, has held them pursuant to the instructions of or an agreement with its customer, or has made them available to its customer. (B) The superintendent of financial institutions may designate a retention period of either one year or six years for any record maintained by a bank but not listed in division (A) of this section. Records that are not listed in division (A) of this section and for which the superintendent has not designated a retention period shall be retained or preserved for six years from the date of completion of the transaction to which the record relates or, if the last entry has been transferred to a new record showing the continuation of a transaction not yet completed, from the date of the last entry. (C) The requirements of divisions (A) and (B) of this section may be complied with by the preservation of records in the manner prescribed in section 1109.68 of the Revised Code. (D) In construing the terms set forth in division (A) of this section, reference may be made to general banking usage. (E) A bank may dispose of any records that have been retained or preserved for the period set forth in divisions (A) and (B) of this section. (F) Any action by or against a bank based on, or the determination of which would depend on, the contents of records for which a period of retention or preservation is set forth in divisions (A) and (B) of this section shall be brought within the time for which the record must be retained or preserved. (G) Where a record may be classified under either division (A)(1) or (2) of this section, the record shall be retained or preserved for the period set forth in division (A)(2) of this section. (H) The provisions of this section do not apply to those records maintained by a bank in its capacity as a trust company.
Ohio Rev. Code § 1121.37 — Ohio Revised Code / Title 11 / Chapter 1121 / § 1121.37
§ 1121.37. Serving notice
Status: in_force

January 1, 1997 House Bill 538 - 121st General Assembly (A) The superintendent of financial institutions may serve any notice the superintendent is required or authorized to give and any subpoena or order the superintendent is required or authorized to issue pursuant to Chapters 1101. to 1127. of the Revised Code, at the sole discretion of the superintendent, by any of the following means: (1) In person by the superintendent or an employee or agent of the division of financial institutions; (2) By regular mail; (3) By registered or certified mail; (4) By private carrier; (5) By any other means permitted by the Rules of Civil Procedure for service of process; (6) By any other manner the superintendent provides, by rule or otherwise, that is reasonably calculated to give notice, including by publication. (B) The superintendent may serve any notice, subpoena, or order described in division (A) of this section on a regulated person by mailing or delivering the notice, subpoena, or order in accordance with division (A) of this section to the principal place of business of the bank or trust company to the attention of the regulated person. (C) A notice, subpoena, or order served by the superintendent in accordance with this section is effective upon delivery with respect to divisions (A)(1) and (4) of this section, upon placing in the regular mail with respect to divisions (A)(2) and (3) of this section, and upon publication or completion of the act reasonably calculated to give notice with respect to division (A)(6) of this section. (D) Fees for service of a notice, subpoena, or order described in division (A) of this section shall be paid from amounts appropriated to the division of financial institutions for that purpose.
Ohio Rev. Code § 1112.20 — Ohio Revised Code / Title 11 / Chapter 1112 / § 1112.20
§ 1112.20. Remedies and sanctions
Status: in_force

September 14, 2016 House Bill 229 - 131st General Assembly (A) Any licensed family trust company is subject to all powers of, and remedies and sanctions available to, the superintendent of financial institutions and the division of financial institutions under Chapters 1101. to 1127. of the Revised Code, in addition to the specific powers, remedies, and sanctions provided for in this chapter. (B)(1) With regard to a licensed family trust company, "regulated person," as used in division (B) of this section, means a director, officer, employee, or controlling shareholder of or agent for the licensed family trust company or a person who participates in the management of the licensed family trust company, whether or not the person is assigned to an office of the licensed family trust company in this state or specifically to the licensed trust company's trust business in this state. (2) An order to cease and desist issued under section 1121.32 of the Revised Code, a removal or prohibition order issued under section 1121.33 of the Revised Code, or a suspension order issued under section 1121.34 of the Revised Code, which order is issued against a regulated person who is a regulated person because of the person's relationship with a licensed family trust company doing trust business in this state, does not affect the relationship between the regulated person and the licensed family trust company except as it relates to the conduct of the licensed family trust company's trust business in this state.
Ohio Rev. Code § 1112.28 — Ohio Revised Code / Title 11 / Chapter 1112 / § 1112.28
§ 1112.28. Adoption of rules
Status: in_force

September 14, 2016 House Bill 229 - 131st General Assembly The superintendent of financial institutions may, in accordance with Chapter 119. of the Revised Code, adopt any rule necessary to carry out the purposes of this chapter.
Ohio Rev. Code § 1109.24 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.24
§ 1109.24. Extending credit to executive officer - reports
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) Except as authorized by this section or section 1109.23 of the Revised Code, no state bank may extend credit in any manner to any of its own executive officers. No executive officer of a state bank may become indebted to that bank except by means of an extension of credit the bank is authorized by this section to make. Any extension of credit made pursuant to this section shall be promptly reported to the bank's board of directors and may be made only if all of the following apply: (1) The state bank would be authorized to make the extension of credit to other borrowers. (2) The extension of credit is on terms that are not more favorable than those afforded to other non-executive borrowers. (3) The executive officer has submitted a detailed, current financial statement. (4) The extension of credit is made on the condition that it shall become due and payable on demand of the state bank at any time when the executive officer is indebted to any other bank or banks on account of extensions of credit of any one of the three categories referred to in divisions (B), (C), and (D) of this section in an aggregate amount greater than the amount of credit of the same category the state bank being served as an executive officer could extend to the executive officer. (B) With the specific prior approval of its board of directors, a state bank may make a loan to any of its executive officers if, at the time the loan is made, both of the following apply: (1) The loan is secured by a first lien on a dwelling that is expected, after the loan is made, to be owned by the executive officer and used as the executive officer's residence. (2) No other loan by the bank to the executive officer under the authority of this division is outstanding. (C) A state bank may make extensions of credit to any executive officer of the bank to finance the education of the executive officer's children. (D) A state bank may make extensions of credit not otherwise specifically authorized by this section to any of the bank's executive officers in an amount prescribed by the superintendent of financial institutions. (E) Except to the extent permitted by division (D) of this section, a state bank may not extend credit to a partnership in which one or more of the bank's executive officers are partners having, individually or together, a majority interest. For purposes of division (D) of this section, the full amount of the credit extended shall be considered to have been extended to each executive officer of the bank who is a member of the partnership. (F) This section does not prohibit any executive officer of a state bank from endorsing or guaranteeing any loan or other asset previously acquired by the bank in good faith, for the protection of the bank, or incurring any indebtedness to the bank for the purpose of either protecting the bank against loss or giving financial assistance to the bank. (G) Each state bank shall include with, but not as part of, each report of condition made to the superintendent pursuant to section 1121.21 of the Revised Code, a report of all loans made under the authority of this section by the bank since the bank's previous report of condition. (H) Each day any extension of credit in violation of this section exists is a continuation of the violation for purposes of section 1121.35 of the Revised Code.
Ohio Rev. Code § 1181.25 — Ohio Revised Code / Title 11 / Chapter 1181 / § 1181.25
§ 1181.25. Evidence or disclosure of privileged, confidential or other nonpublic information
Status: in_force

March 23, 2018 House Bill 199, House Bill 49 - 132nd General Assembly (A) Notwithstanding sections 1121.18 , 1315.122 , 1321.09 , 1321.48 , 1321.55 , 1321.76 , 1322.34 , 1322.36 , 1733.32 , 1733.327 , and 4727.18 of the Revised Code, the superintendent of financial institutions may, in the superintendent's discretion, introduce into evidence or disclose, or authorize to be introduced into evidence or disclosed, information that is privileged, confidential, or otherwise not a public record in the following circumstances: (1) In connection with any civil, criminal, or administrative investigation or examination conducted by the superintendent under Chapters 1315., 1321., 1322., 1733., 4712., 4727., and 4728. of the Revised Code or Title XI of the Revised Code or by any other financial institution regulatory authority, any state or federal attorney general or prosecuting attorney, or any local, state, or federal law enforcement agency; (2) In connection with any civil or criminal litigation or administrative enforcement action initiated or to be initiated by the superintendent in furtherance of the powers, duties, and obligations imposed upon the superintendent by Chapters 1315., 1321., 1322., 1733., 4712., 4727., and 4728. of the Revised Code or Title XI of the Revised Code; (3) To administer licensing and registration under Chapters 1315., 1321., 1322., 1733., 4712., 4727., and 4728. of the Revised Code or Title XI of the Revised Code through the nationwide mortgage licensing system and registry as defined in section 1322.01 of the Revised Code. (B) If the superintendent has reason to believe that any privileged, confidential, or other nonpublic information provided pursuant to this section may be disclosed by the intended recipient, the superintendent shall seek a protective order or enter into an agreement to protect that information. (C) All reports and other information made available under this chapter remain the property of the superintendent. Except as otherwise provided in this section, no person, agency, or other authority to whom the information is made available, or any officer, director, or employee thereof, shall disclose such information except in published statistical material that does not disclose, either directly or when used in conjunction with publicly available information, the affairs of any individual or entity. (D) The superintendent shall not be considered to have waived any privilege applicable to any information by transferring that information to, or permitting that information to be used by, any federal or state agency or any other person as permitted under this chapter or Chapter 1121. of the Revised Code. The Legislative Service Commission presents the text of this section as a composite of the section as amended by multiple acts of the General Assembly. This presentation recognizes the principle stated in R.C. 1.52(B) that amendments are to be harmonized if reasonably capable of simultaneous operation. Disclaimer Contact About
Ohio Rev. Code § 1103.19 — Ohio Revised Code / Title 11 / Chapter 1103 / § 1103.19
§ 1103.19. Two authorized signatures required
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly When the signatures of two authorized representatives of a state bank are required, as for a certificate for an amendment of the state bank's articles of incorporation or amended articles of incorporation pursuant to section 1113.12 , 1113.13 , or 1114.11 of the Revised Code or for certification of a conversion pursuant to section 1115.01 of the Revised Code, a consolidation or merger pursuant to section 1115.11 of the Revised Code, or a transfer of assets and liabilities pursuant to section 1115.14 of the Revised Code, one of the authorized representatives signing shall be the chairperson of the board of directors, the president, or a vice-president, as determined by the board of directors. The other authorized representative signing shall be the secretary or an assistant secretary, as determined by the board of directors.
Ohio Rev. Code § 1117.05 — Ohio Revised Code / Title 11 / Chapter 1117 / § 1117.05
§ 1117.05. Providing services at another institution's offices
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) With the written approval of the superintendent of financial institutions, a bank may contract with one or more other banks, savings banks, and savings associations to provide services to the contracting bank's customers at any or all of the offices of the other banks, savings banks, and savings associations as if the offices of the other banks, savings banks, and savings associations were offices of the contracting bank. (B) The superintendent shall determine whether to accept a bank's application for approval of a contract authorized by division (A) of this section within ten business days after receiving a bank's application for the superintendent's approval of the contract. The superintendent shall approve or disapprove the contract within thirty days after accepting the bank's application. (C) In determining whether to approve or disapprove a contract authorized by division (A) of this section, the superintendent shall consider all of the following: (1) The adequacy of the management of both the contracting bank and the other banks, savings banks, and savings associations; (2) The adequacy of the capital of both the contracting bank and the other banks, savings banks, and savings associations; (3) The adequacy of the operations and controls of both the contracting bank and the other banks, savings banks, and savings associations; (4) Whether the contract is being used to avoid application of the criteria for establishing a banking office under section 1117.02 of the Revised Code or any kind of business combination under Chapter 1115. of the Revised Code. (D) This section does not authorize a contracting bank to establish new deposit accounts, extend credit, or create new banking relationships through offices of the other banks, savings banks, and savings associations.
Ohio Rev. Code § 1117.07 — Ohio Revised Code / Title 11 / Chapter 1117 / § 1117.07
§ 1117.07. Bank closing
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) In the event of a power failure, fire, act of God, riot, strike, robbery or attempted robbery, epidemic, interruption of communication facilities, or any other reason the superintendent of financial institutions approves, or in the event of the declaration of the existence of an emergency by the governor or another person lawfully exercising the power and duties of the office of governor, an officer of a bank, designated by the board of directors of the officer's bank, in the reasonable and proper exercise of the designated officer's discretion may determine not to open one or more of the bank's banking offices on any business or banking day, or, if having opened, to close one or more of the bank's banking offices during the continuation of the occurrence or emergency. In no case shall any banking office remain closed for more than two consecutive days, excluding weekends and legal holidays, without obtaining the approval of the superintendent. A designated officer closing a banking office pursuant to the authority granted under this section shall give as prompt notice of the action as conditions permit, and by any means available, to the superintendent. (B) The designated officers of a bank may close any one or more or all of the bank's banking offices on any day designated, by proclamation of the president of the United States or the governor of this state, as a day of mourning, rejoicing, or other special observance. In such a case, the bank shall not be required to comply with any other provision of the Revised Code regarding the closing or reopening of banks or financial institutions. (C) Any act required or authorized to be performed at a banking office that has not been opened or that has been closed for any time pursuant to this section, may be performed on the next succeeding business day the banking office is reopened for business. Any other provision or rule of law notwithstanding, no liability or loss of rights of any kind on the part of any person, firm, or corporation, or of the bank, shall accrue or result because of any nonopening or closing authorized by this section. (D) The right of a bank not to open or to close under this section and the protections afforded with respect to that right shall be in addition to and not in lieu of any rights or protections granted under section 1304.07 of the Revised Code. Disclaimer Contact About
Ohio Rev. Code § 1112.22 — Ohio Revised Code / Title 11 / Chapter 1112 / § 1112.22
§ 1112.22. Examination of records and affairs
Status: in_force

September 14, 2016 House Bill 229 - 131st General Assembly (A) Not later than eighteen months after a licensed family trust company receives its initial license under this chapter, and as often thereafter as the superintendent of financial institutions considers necessary, but at least once each thirty-six-month cycle, the superintendent, or any deputy or examiner appointed by the superintendent for that purpose, shall thoroughly examine the records and affairs of the licensed family trust company. For purposes of the examination, the superintendent may require the attendance of, and examine under oath, any governing board member, officer, manager, employee, or agent of a licensed family trust company. A licensed family trust company shall produce and make available all records or other documents requested by the superintendent, in either electronic or paper form, whether the examination is conducted at the office of the family trust company or wholly or partially off-site. (B) The findings of any examination conducted under this section shall be recorded in a written examination report that contains a full, true, and careful statement of the condition of the licensed family trust company. The superintendent shall provide a copy of the written examination report to the governing board of the licensed family trust company. (C) A licensed family trust company being examined shall pay the expense of any examination conducted under this section, including salaries, travel expenses, supplies, and equipment.
Ohio Rev. Code § 1112.15 — Ohio Revised Code / Title 11 / Chapter 1112 / § 1112.15
§ 1112.15. Board meetings
Status: in_force

September 14, 2016 House Bill 229 - 131st General Assembly The governing board of a licensed family trust company shall hold at least one regular meeting during each calendar quarter. At each of the quarterly meetings, the board, or an auditor selected by the board, shall thoroughly review the books, records, funds, and securities held by the family trust company. If the board selects an auditor, the auditor's findings shall be reported directly to the board. In lieu of the quarterly examinations, the board may accept an annual audit conducted by a certified public accountant or an independent auditor selected by the board.
Ohio Rev. Code § 1121.26 — Ohio Revised Code / Title 11 / Chapter 1121 / § 1121.26
§ 1121.26. Considering impact of proposed action or transaction
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly When considering the impact of a proposed action or transaction on the convenience and needs of the community to be served, both of the following shall apply: (A) The superintendent of financial institutions shall assess whether the facts and circumstances relating to the proposed action or transaction reasonably indicate that the purpose for the proposed action or transaction is to engage in the banking business and provide banking services in the community to be served, rather than to raise funds for other purposes or otherwise serve a nonbanking purpose. (B) The superintendent shall not require the person proposing the action or transaction to prove any of the following: (1) There is substantial unmet need for banking services in the community. (2) The person will bring banking services or other particular advantages to the community that are not presently available there. (3) The action or transaction will not adversely affect an existing financial institution in the community.
Ohio Rev. Code § 1109.61 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.61
§ 1109.61. Paying management and consulting fees
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly No state bank shall contract to pay, or pay to any person, any fees for management or consulting services, including fees for legal, accounting, brokerage, or other similar professional services, that do not have a direct relationship to the value of the services rendered or to be rendered, based on reasonable costs consistent with current market values for services of the kind contracted for.
Ohio Rev. Code § 1113.05 — Ohio Revised Code / Title 11 / Chapter 1113 / § 1113.05
§ 1113.05. Amendments to articles of incorporation
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) Before any subscription to shares has been received, the incorporators may, by unanimous written action and subject to the requirements of this section, adopt amendments to the stock state bank's articles of incorporation or amended articles of incorporation to change any provision of, or add any provision that may properly be included in, the articles of incorporation. (B) Amended articles of incorporation shall set forth all provisions required in, and only provisions that may properly be in, original articles of incorporation or amendments to articles of incorporation at the time the amended articles of incorporation are adopted, and shall state that they supersede the existing articles of incorporation. (C)(1) If the incorporators propose the adoption of any amendment to a stock state bank's articles of incorporation or amended articles of incorporation, the bank shall send to the superintendent of financial institutions a copy of the proposed amendment or amended articles of incorporation for review and approval prior to adoption by the incorporators. (2) Upon receiving a proposed amendment or amended articles of incorporation, the superintendent shall conduct whatever examination the superintendent considers necessary to determine if both of the following conditions are satisfied: (a) The proposed amendment or amended articles of incorporation comply with the requirements of the Revised Code. (b) The proposed amendment or amended articles of incorporation will not adversely affect the interests of the bank's depositors and creditors and the convenience and needs of the public. (3) Within forty-five days after receiving the proposed amendment or amended articles of incorporation, the superintendent shall notify the bank of the superintendent's approval or disapproval unless the superintendent determines additional information is required. In that event, the superintendent shall request the information in writing within twenty days after the date the proposed amendment or amended articles of incorporation were received. The bank shall have thirty days to submit the information to the superintendent. The superintendent shall notify the bank of the superintendent's approval or disapproval of the proposed amendment or amended articles of incorporation within forty-five days after the date the additional information is received. If the proposed amendment or amended articles of incorporation are disapproved by the superintendent, the superintendent shall notify the bank of the reasons for the disapproval. (4) If the superintendent fails to approve or disapprove the proposed amendment or amended articles of incorporation within the time period required under division (C)(3) of this section, the proposed amendment or amended articles of incorporation shall be considered approved. (5) If the proposed amendment or amended articles of incorporation are approved, in no event shall that approval be construed or represented as an affirmative endorsement of the amendment or amended articles of incorporation by the superintendent. (D)(1) Upon their adoption of any approved amendment to a stock state bank's articles of incorporation, the incorporators shall send to the superintendent a certificate, signed by all the incorporators, containing a copy of the resolution adopting the amendment and a statement of the manner of and basis for its adoption. (2) Upon their adoption of approved amended articles of incorporation, the incorporators shall send to the superintendent a copy of the amended articles of incorporation, accompanied by a certificate, signed by all the incorporators, containing a copy of the resolution adopting the amended articles of incorporation and a statement of the manner of and basis for its adoption. (E) Upon receiving a certificate required by division (D) of this section, the superintendent shall conduct whatever examination the superintendent considers necessary to determine if the manner of and basis for the adoption of the amendment or amended articles of incorporation comply with the requirements of the Revised Code. (F)(1) Within thirty days after receiving a certificate required by division (D) of this section, the superintendent shall approve or disapprove the amendment or amended articles of incorporation. If the superintendent approves the amendment or amended articles of incorporation, the superintendent shall forward a certificate of that approval, a copy of the certificate required by division (D) of this section, and a copy of the amendment or amended articles of incorporation, to the secretary of state, who shall file the documents. Upon filing by the secretary of state, the amendment or amended articles of incorporation shall be effective. (2) If the superintendent fails to approve or disapprove the amendment or amended articles of incorporation within thirty days after receiving a certificate required by division (D) of this section, the bank shall forward a copy of the certificate and a copy of the amendment or amended articles of incorporation to the secretary of state, who shall file the documents. Upon filing by the secretary of state, the amendment or amended articles of incorporation shall be effective.
Ohio Rev. Code § 1109.48 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.48
§ 1109.48. Investing in firms owned and controlled by minorities or women
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly In exercising its investment authority, a state bank shall give equal consideration to investments that involve firms owned and controlled by minorities and firms owned and controlled by women, either alone or in joint venture with other firms, where the investments offer quality, return, and safety comparable to other investments currently available to the bank.
Ohio Rev. Code § 1125.20 — Ohio Revised Code / Title 11 / Chapter 1125 / § 1125.20
§ 1125.20. Appointment as receiver to federal deposit insurance corporation
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) If it appears to the superintendent of financial institutions that any one or more of the conditions set forth in section 1125.18 of the Revised Code exists as to any state bank, the superintendent shall tender appointment as receiver to the federal deposit insurance corporation if any deposits in the state bank are insured by the federal deposit insurance corporation, and may tender appointment as receiver to the federal deposit insurance corporation in any other case. Upon acceptance of the appointment as receiver, the federal deposit insurance corporation shall not be required to post a bond. In addition to the powers of a receiver set forth in this chapter, the federal deposit insurance corporation, as receiver, may exercise any other liquidation or receivership powers authorized by state or federal law for a receiver of a bank. (B) If the federal deposit insurance corporation declines to accept the tendered appointment or if the superintendent is not required to tender appointment as receiver to the federal deposit insurance corporation, the superintendent may appoint, and thereafter dismiss or replace, any other receiver, including the superintendent, the superintendent determines to be necessary or advisable. The superintendent may fix the compensation to be paid the receiver and the amount of the bond or other security, if any, to be required. (C) The superintendent may, from time to time, appoint one or more special deputy superintendents as agent or agents to assist in the duties of receivership or of liquidation and distribution. No agent so appointed shall be subject to section 1181.05 of the Revised Code. (D) The superintendent, any special deputy superintendents, or a receiver may employ and procure whatever assistance or advice is necessary in the receivership or liquidation and distribution of the assets of the bank, and, for that purpose, may retain officers or employees of the bank as needed. (E) All expenses of a receivership and liquidation shall be paid out of the assets of the bank, and shall be a lien on the bank's assets, which lien shall be prior to any other lien.
Ohio Rev. Code § 1101.15 — Ohio Revised Code / Title 11 / Chapter 1101 / § 1101.15
§ 1101.15. Using bank, banker, banking, trust or state in designation or name
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A)(1) Except as provided in division (A)(2) of this section, no person other than a bank doing business under authority granted by the superintendent of financial institutions, the bank chartering authority of another state, the office of the comptroller of the currency, or the bank chartering authority of a foreign country shall do either of the following: (a) Use "bank," "banker," "banking," "savings association," "savings and loan," "building and loan," or "savings bank," or a word or combination of words of similar meaning in any other language, in a designation or name, or as any part of a designation or name, under which business is or may be conducted in this state; (b) Represent itself as a bank. (2) A person, whether operating for profit or not, may use the words "bank," "banker," "banking," "savings association," "savings and loan," "building and loan," or "savings bank," or a word or combination of words of similar meaning in any other language, in or as part of a designation or name under which business is or may be conducted if the superintendent determines the name, on its face, is not likely to mislead the public and authorizes the use of the name. (B)(1) Except as provided in division (B)(2) of this section, no person, other than a corporation licensed in accordance with authority granted in Chapter 1111. of the Revised Code as a trust company, a national bank with trust powers, or a federal savings association with trust powers, shall do either of the following: (a) Use the word "trust," or a word or words of similar meaning in any other language, in a designation or name, or as any part of a designation or name, under which business is or may be conducted in this state; (b) Otherwise represent itself as a fiduciary or trust company. (2)(a) A person that is not required to be licensed under Chapter 1111. of the Revised Code may serve as a fiduciary and, when acting in that fiduciary capacity, otherwise represent such person as a fiduciary. (b) A person licensed by another state to serve as a fiduciary and exempt from licensure under Chapter 1111. of the Revised Code may serve as a fiduciary to the extent permitted by the exemption. (c) A charitable trust, business trust, real estate investment trust, personal trust, or other bona fide trust may use the word "trust" or a word or words of similar meaning in any other language, in a designation or name, or as part of a designation or name, under which business is or may be conducted. (d) A person, whether operating for profit or not, may use "trust" or a word or words of similar meaning in any other language, in a designation or name, or as part of a designation or name, under which business is or may be conducted, if the superintendent determines the name, on its face, is not likely to mislead the public and authorizes the use of the name. (C) No bank or trust company shall use "state" as part of a designation or name under which it transacts business in this state, unless the bank or trust company is doing business under authority granted by the superintendent or the bank chartering authority of another state.
Ohio Rev. Code § 1114.10 — Ohio Revised Code / Title 11 / Chapter 1114 / § 1114.10
§ 1114.10. Code of regulations
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly Each mutual state bank shall have a code of regulations for its governance as a corporation, the conduct of its affairs, and the management of its property. The code of regulations shall be consistent with the law of this state and the bank's articles of incorporation.
Ohio Rev. Code § 1116.05 — Ohio Revised Code / Title 11 / Chapter 1116 / § 1116.05
§ 1116.05. Mutual state bank reorganization as mutual holding company
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) A mutual state bank may, with the approval of the superintendent of financial institutions, reorganize to become a mutual holding company, in one of the following manners: (1) By organizing one or more subsidiary stock state banks, one or more of which may be an interim stock state bank, the ownership of which shall be evidenced by shares of stock to be owned by the reorganizing mutual state bank and by transferring a substantial portion of its assets, all of its insured deposits, and part or all of its other liabilities to one or more subsidiary stock state banks; (2) By organizing a first tier subsidiary stock state bank, causing that subsidiary to organize a second tier subsidiary stock state bank, and transferring, by merger of the reorganizing mutual state bank with the second tier subsidiary, a substantial portion of its assets, all of its insured deposits, and part or all of its other liabilities to the resulting stock state bank at which time the first tier subsidiary stock state bank becomes a mutual holding company; (3) In any other manner approved by the superintendent. (B) As a part of its mutual holding company reorganization, a mutual state bank may organize as a subsidiary holding company of the mutual holding company, which subsidiary holding company shall own all of the outstanding voting stock of the resulting stock state bank. (C) Before reorganizing into a mutual holding company, a reorganizing mutual state bank shall do all of the following: (1) Obtain approval of a reorganization plan by a two-thirds vote of the board of directors of the reorganizing mutual state bank and any acquiree mutual bank; (2) Obtain approval of the reorganization plan by a two-thirds vote, or such other proportion not less than a majority as the reorganizing mutual state bank's or any acquiree mutual bank's articles of incorporation or code of regulations provide, of the members' votes cast in person or by proxy at the annual meeting or at a special meeting of members called by the board of directors for the purpose of approving the reorganization plan; (3) File a reorganization application in the form prescribed by the superintendent that includes all of the following: (a) An officers' certification that the reorganization plan has been approved by the directors and members in accordance with applicable state law, articles of incorporation, code of regulations, or bylaws; (b) A copy of the reorganization plan; (c) Any other information the superintendent requires.
Ohio Rev. Code § 1112.18 — Ohio Revised Code / Title 11 / Chapter 1112 / § 1112.18
§ 1112.18. Recordkeeping
Status: in_force

September 14, 2016 House Bill 229 - 131st General Assembly (A) A family trust company shall keep separate and complete records for each fiduciary account or relationship, including a record of any securities constituting assets of each particular estate, trust, or account. (B) A family trust company may place securities it holds in any fiduciary capacity with a qualified custodian of securities. A qualified custodian of securities that has custody of securities held by a family trust company in a fiduciary capacity may place those securities with another qualified custodian of securities. (C) A family trust company may register and hold securities it holds in any fiduciary capacity in its own name, in the name of a nominee, or, if appropriate to the securities, in bearer form. A custodian of securities that has custody of securities held by a family trust company in a fiduciary capacity may hold or place those securities in the name of the family trust company, the custodian's own name, the name of either of their nominees, or, if appropriate to the securities, in bearer form. (D) A family trust company, and a custodian of securities that has custody of securities held by a family trust company in any fiduciary capacity, may hold securities it holds in any fiduciary capacity, including those held in bearer form, in bulk, whether or not the securities are certificated, without certification of ownership attached to the securities. (E)(1) A family trust company that serves as a cofiduciary may, with the consent of the other cofiduciaries, do any of the following: (a) Place securities it holds in any fiduciary capacity with a custodian of securities, as provided in division (B) of this section; (b) Register and hold securities it holds in any fiduciary capacity in its own name, in the name of a nominee, or in bearer form, as provided in division (C) of this section; (c) Hold securities it holds in any fiduciary capacity in bulk, as provided in division (D) of this section. (2) Any person that serves as a cofiduciary with a family trust company for any property in this state consisting of securities may consent to the family trust company taking any of the actions authorized by division (E)(1) of this section.
Ohio Rev. Code § 1112.07 — Ohio Revised Code / Title 11 / Chapter 1112 / § 1112.07
§ 1112.07. Application for license
Status: in_force

September 14, 2016 House Bill 229 - 131st General Assembly (A) A family trust company wishing to be licensed under this chapter shall file an application with the superintendent of financial institutions. The application shall be in the form prescribed by the superintendent and shall be accompanied by a nonrefundable application fee of five thousand dollars. (B) Within sixty days after a complete application for a license is filed, the division of financial institutions shall investigate the relevant facts concerning the applicant. If the application involves investigation outside this state, the division may require the applicant to advance sufficient funds to pay any of the actual expenses of that investigation. (C) In determining whether to approve or disapprove an application for a family trust company license, the superintendent shall consider all of the following: (1) Whether the applicant is a corporation or limited liability company described in division (H) of section 1112.01 of the Revised Code; (2) Whether the applicant's articles of incorporation or articles of organization authorize the applicant to serve as a trustee; (3) Whether the applicant satisfies the requirements of section 1112.13 of the Revised Code; (4) Whether it is reasonable to believe the applicant will comply with applicable laws and observe sound fiduciary standards in conducting trust business in this state. (D) If an application for a license does not contain all of the information required or is not accompanied by the required fee, and if that information or fee is not submitted to the superintendent within twelve months after the superintendent first requests the information or fee, or within such later period as determined by the superintendent, the superintendent shall consider the application withdrawn. If an application is considered withdrawn under this division or if an applicant otherwise withdraws its application, the superintendent shall not issue a license to the applicant unless the applicant submits a new application and pays the required fee. (E) When an applicant has satisfied all prior conditions imposed by the superintendent in approving the applicant's application for a family trust company license and has pledged securities as required by section 1112.12 of the Revised Code, the superintendent shall issue the applicant a trust company license. A license issued pursuant to this section shall remain in force and effect until surrendered by the licensee pursuant to section 1112.17 of the Revised Code or suspended or revoked by the superintendent pursuant to section 1112.24 or 1112.25 of the Revised Code.
Ohio Rev. Code § 1111.17 — Ohio Revised Code / Title 11 / Chapter 1111 / § 1111.17
§ 1111.17. Will, trust instrument or other authority governs
Status: in_force

January 1, 1997 House Bill 538 - 121st General Assembly Any will, trust instrument, or other authority under which a trust company acts shall govern the trust company in receiving, holding, investing, and distributing money and other property the trust company holds in a fiduciary capacity.
Ohio Rev. Code § 1112.19 — Ohio Revised Code / Title 11 / Chapter 1112 / § 1112.19
§ 1112.19. Retention and reproduction of documents
Status: in_force

September 14, 2016 House Bill 229 - 131st General Assembly (A) A family trust company may, for any business purpose, retain a document, paper, or other instrument. A family trust company may record by use of a process to record, copy, photograph, or store a representation of the original document, paper, or other instrument or record if all of the following apply: (1) The process correctly and accurately copies or reproduces, or provides a means for correctly and accurately copying or reproducing, the original document, paper, or other instrument or record with regard to both its substance and appearance, except the copy or reproduction need not reflect the original paper or other medium, size, or color, unless the medium, size, or color is necessary to establish the authenticity of the original. (2) The process does not permit the recording, copy, photographic image, or stored representation of the original document, paper, or other instrument or record to be altered or manipulated. (3) Any medium the process uses to record, copy, photograph, or store a representation of the original document, paper, or other instrument or record is a durable medium for retaining and reproducing records. (B) The superintendent of financial institutions shall identify and publish a list of processes that satisfy the conditions of division (A) of this section. (C) Each family trust company that uses a process authorized by this section to preserve any of its records shall also provide for safekeeping and for examining, viewing, or projecting the records preserved, and for producing reproductions of the original records.
Ohio Rev. Code § 1113.01 — Ohio Revised Code / Title 11 / Chapter 1113 / § 1113.01
§ 1113.01. Corporation law applicable to stock state banks
Status: in_force

January 1, 2018 House Bill 49 A stock state banking corporation shall be created, organized, and governed, its business shall be conducted, and its directors shall be chosen, in all respects in the same manner as is provided by Chapters 1701. and 1704. of the Revised Code, for corporations generally, to the extent that is not inconsistent with this chapter, Chapters 1101. to 1111., and Chapters 1114. to 1127. of the Revised Code.
Ohio Rev. Code § 1109.54 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.54
§ 1109.54. Conditions for engage in covered transaction with affiliate
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) A state bank and its subsidiaries may engage in a covered transaction with an affiliate only if both of the following apply: (1) The aggregate amount of covered transactions by the bank and its subsidiaries with the particular affiliate will not exceed ten per cent of the bank's capital. (2) The aggregate amount of all covered transactions by the bank and its subsidiaries with all of the bank's affiliates will not exceed twenty per cent of the bank's capital. (B) A state bank and its subsidiaries may not purchase a low quality asset from an affiliate unless the bank or its subsidiary, pursuant to an independent credit evaluation, committed itself to purchase the asset prior to the time the asset was acquired by the affiliate. (C) Any covered transactions and any transactions between a state bank and an affiliate shall be on terms and conditions that are consistent with safe and sound banking practices. (D) Except as provided in division (E)(4) of this section, any loan or extension of credit to, or guarantee, acceptance, or letter of credit issued on behalf of, an affiliate by a state bank or its subsidiary shall be secured at the time of the transaction by collateral having a market value equal to any of the following: (1) One hundred per cent of the amount of the loan or extension of credit, guarantee, acceptance, or letter of credit, if the collateral is composed of any of the following: (a) Obligations of the United States or its agencies or instrumentalities; (b) Obligations fully guaranteed as to principal and interest by the United States or its agencies or instrumentalities; (c) Notes, drafts, bills of exchange, or bankers' acceptances described in division (B) or (C) of section 1109.17 of the Revised Code; (d) A segregated, earmarked deposit account with the bank. (2) One hundred ten per cent of the amount of the loan or extension of credit, guarantee, acceptance, or letter of credit, if the collateral is composed of obligations of any state or political subdivision of any state; (3) One hundred twenty per cent of the amount of the loan or extension of credit, guarantee, acceptance, or letter of credit, if the collateral is composed of other debt instruments, including receivables; (4) One hundred thirty per cent of the amount of the loan or extension of credit, guarantee, acceptance, or letter of credit, if the collateral is composed of stock, leases, or other real or personal property. (E) For purposes of division (D) of this section: (1) Any collateral that is subsequently retired or amortized shall be replaced by additional eligible collateral as needed to keep the percentage of the collateral value relative to the amount of the outstanding loan or extension of credit, guarantee, acceptance, or letter of credit equal to the minimum percentage required at the inception of the transaction. (2) A low quality asset is not acceptable as collateral for a loan or extension of credit to, or guarantee, acceptance, or letter of credit issued on behalf of, an affiliate. (3) The securities issued by an affiliate of the state bank are not acceptable as collateral for a loan or extension of credit to, or guarantee, acceptance, or letter of credit issued on behalf of, that affiliate or any other affiliate of the bank. (4) The collateral requirements set forth in divisions (D) and (E)(1) of this section do not apply to any acceptance that is fully secured by either attached documents or other property that is involved in the transaction and that has an ascertainable market value.
Ohio Rev. Code § 1109.06 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.06
§ 1109.06. Designating on signature card deposit is in trust for another
Status: in_force

January 1, 1997 House Bill 538 - 121st General Assembly (A) Whenever a depositor opens or modifies the ownership of a deposit account by designating on the signature card the deposit is in trust for another, and no further notice of the existence and terms of a legal and valid trust is given in writing to the bank, both of the following apply: (1) The designation on the signature card constitutes clear and convincing evidence of both of the following: (a) The depositor-trustee's intent is to create a revocable trust for the benefit of the person for whom the account is designated. (b) One of the terms of the trust is that, on the death of the depositor-trustee, the balance of the deposit account belongs to the person for whose benefit the account was designated. (2) No written instrument, other than the signature card, is required to establish the trust. (B) Upon the death of the depositor-trustee of a deposit account designated as provided in division (A) of this section, all of the following apply: (1) No part of the account shall pass and descend to the depositor-trustee's estate unless the estate is the person's for whose benefit the account was designated. (2) The bank may pay all or any part of the account balance to the person designated on the signature card as the person for whose benefit the account was maintained. (3) The receipt or acquittance of the person designated on the signature card as the person for whose benefit the account was maintained is sufficient to release and discharge the bank for any payments from the account to that person.
Ohio Rev. Code § 1109.73 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.73
§ 1109.73. Proceeding for partition
Status: in_force

January 1, 1997 House Bill 538 - 121st General Assembly The interests of any tenants in common, survivorship tenants, or coparceners of any tangible or intangible personal property may be partitioned under this section pursuant to a partition proceeding. A proceeding for partition under this section may be filed in the court of common pleas of any county in which any co-owner resides. If a partition proceeding is filed and the court finds that partition of the interests in question should be made, the court shall order the sale of the property and division of the proceeds among the co-owners or shall partition the property among the co-owners. The division of the proceeds or partitioning of the property shall be either in proportion to the net contributions by each co-owner to the total property or as the court finds to be equitable and practicable.
Ohio Rev. Code § 1119.06 — Ohio Revised Code / Title 11 / Chapter 1119 / § 1119.06
§ 1119.06. Prohibited and authorized activities
Status: in_force

January 1, 1997 House Bill 538 - 121st General Assembly (A) A foreign bank licensed to operate a representative office shall not conduct any banking business through the licensed representative office, including any of the following activities: (1) Soliciting, receiving, or accepting deposits, either directly or as agent for subsequent deposit at another office of the foreign bank; (2) Approving any application for, disbursing any funds from, or otherwise providing credit in this state; (3) Carrying credit balances; (4) Exercising fiduciary powers. (B) At or through a licensed representative office, a foreign bank may conduct activities that are connected to the foreign bank's banking business, including the following: (1) A representative office may contact local persons to solicit business for the foreign bank, but may not solicit, receive, or accept deposits, either directly or as agent, for subsequent deposit at another office of the foreign bank. (2) A representative office may accept and process applications for the extension of credit, but may not approve any application. (3) A representative office may prepare documentation and execute documents for transactions previously approved outside this state, but may not disburse any funds or otherwise provide credit in this state. (4) A representative office may conduct credit investigations and analyses requested by persons authorized to extend credit. (5) A representative office may provide information on local economic and business conditions.
Ohio Rev. Code § 1114.16 — Ohio Revised Code / Title 11 / Chapter 1114 / § 1114.16
§ 1114.16. Liquidation or dissolution
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly In the event of a liquidation or dissolution of a mutual state bank, the priority of claims shall be established by section 1125.24 of the Revised Code. Disclaimer Contact About
Ohio Rev. Code § 1109.25 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.25
§ 1109.25. Bank's own stock as security or payment
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) No stock state bank shall lend money on the security of shares of its own stock or accept shares of its own stock in satisfaction of a debt, unless necessary to prevent loss on a debt previously contracted in good faith. (B) A stock state bank that accepts shares of its own stock as allowed by division (A) of this section shall retire or dispose of the shares at the time and in the manner required by the superintendent of financial institutions. (C) For purposes of this section, the superintendent may determine that stock of a person that controls a stock state bank, if the stock is not readily marketable, is the functional equivalent of stock of the bank and, therefore, subject to divisions (A) and (B) of this section.
Ohio Rev. Code § 1101.01 — Ohio Revised Code / Title 11 / Chapter 1101 / § 1101.01
§ 1101.01. Banks; definitions
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly As used in Chapters 1101. to 1127. of the Revised Code, unless the context requires otherwise: (A) "Affiliate" has the same meaning as in division (A)(1) of section 1109.53 of the Revised Code and includes a subsidiary of a bank. (B) "Bank" or "banking corporation" means an entity that solicits, receives, or accepts money or its equivalent for deposit as a business, whether the deposit is made by check or is evidenced by a certificate of deposit, passbook, note, receipt, ledger card, or otherwise. "Bank" or "banking corporation" includes a state bank or any entity doing business as a bank, savings bank, or savings association under authority granted by the office of the comptroller of the currency or the former office of thrift supervision, the appropriate bank regulatory authority of another state of the United States, or the appropriate bank regulatory authority of another country, but does not include a credit union. (C) "Bank holding company" has the same meaning as in the "Bank Holding Company Act of 1956," 70 Stat. 133, 12 U.S.C. 1841, as amended. (D) "Banking office" means an office or other place established by a bank at which the bank receives money or its equivalent from the public for deposit and conducts a general banking business. "Banking office" does not include any of the following: (1) Any location at which a bank receives, but does not accept, cash or other items for subsequent deposit, such as by mail or armored car service or at a lock box or night depository; (2) Any structure located within five hundred yards of an approved banking office of a bank and operated as an extension of the services of the banking office; (3) Any automated teller machine, remote service unit, or other money transmission device owned, leased, or operated by a bank; (4) Any facility located within the geographical limits of a military installation at which a bank only accepts deposits and cashes checks; (5) Any location at which a bank takes and processes applications for loans and may disburse loan proceeds, but does not accept deposits; (6) Any location at which a bank is engaged solely in providing administrative support services for its own operations or for other depository institutions. (E) "Branch" means a banking office that is not also the bank's principal place of business consistent with its articles of incorporation or articles of association. (F)(1) With respect to a stock state bank, "capital" means the sum of the bank's: (a) Paid-in capital and surplus relating to common stock; (b) To the extent permitted by the superintendent of financial institutions, paid-in capital and surplus relating to preferred stock; (c) Undivided profits; and (d) To the extent permitted by the superintendent the proceeds of the sale of debt securities and other assets and reserves. (2) With respect to a mutual state bank, "capital" means either of the following: (a) Retained earnings; (b) At the discretion of the superintendent, any other form of capital, subject to any applicable federal and state laws. (G) "Code of regulations" includes a constitution adopted by a state bank for similar purposes. (H) "Control" has the same meaning as in division (H) of section 1109.53 of the Revised Code. (I) "Debt securities" means obligations issued by a bank the holders of which, in the event of the insolvency or liquidation of the bank, are subordinated in right of payment to the bank's depositors and general creditors. (J) "Deposit" has the same meaning as in 12 C.F.R. 204.2, as amended. (K) "Entity" has the same meaning as in section 1701.01 of the Revised Code. (L) "Federal savings association" means a federal savings and loan association or a federal savings bank doing business under authority granted by the office of the comptroller of the currency or the former office of thrift supervision. (M) "Mutual holding company" means either of the following: (1) A mutual state bank or an affiliate of a mutual state bank reorganized in accordance with Chapter 1116. of the Revised Code to hold all or part of the shares of the capital stock of a subsidiary state bank; (2) A mutual holding company organized in accordance with 12 U.S.C. 1467a(o) that has converted to a mutual holding company under Chapter 1116. of the Revised Code. (N) "Mutual state bank" means a state bank without stock that has governing documents consisting of articles of incorporation and code of regulations adopted by its members and bylaws adopted by its board of directors. (O) "National bank" means a bank doing business under authority granted by the office of the comptroller of the currency. (P) "Net income" means all income realized or earned less all expenses realized or accrued. (Q) "Paid-in capital" means the aggregate par value of all of a stock state bank's outstanding shares of all classes. (R) "Person" means an individual, sole proprietorship, partnership, joint venture, association, trust, estate, business trust, limited liability company, corporation, or any similar entity or organization. (S) "Remote service unit" means an automated facility, operated by a customer of a bank, that conducts banking functions, such as receiving deposits, paying withdrawals, or lending money. (T) "Reorganization" means a consolidation, merger, or transfer of assets and liabilities pursuant to Chapter 1115. or 1116. of the Revised Code. (U) "Savings and loan holding company" has the same meaning as in 12 U.S.C. 1467a. (V) "Savings association" means a savings and loan association doing business under authority granted by the regulatory authority of another state or a federal savings association. "Savings association" also includes a state bank that elects to operate as a savings and loan association under section 1109.021 of the Revised Code. (W) "Savings bank" means a savings bank doing business under authority granted by the regulatory authority of another state. (X) "Shares" means any equity interest, including a limited partnership interest and any other equity interest in which liability is limited to the amount of the investment. "Shares" does not include a general partnership interest or any other interest involving general liability. (Y) "State bank" means a bank doing business under authority granted by the superintendent of financial institutions. "State bank" includes a state bank that elects to operate as a savings and loan association under section 1109.021 of the Revised Code. (Z) "Stock state bank" means a state bank that has an ownership structure represented by shares of stock. (AA) "Subsidiary" has the same meaning as in section 1109.53 of the Revised Code. (BB) "Surplus" means the total of amounts paid for shares in excess of their respective par values, amounts contributed other than for shares, and amounts transferred from undivided profits, less amounts transferred to stated capital. (CC) "Trust company" means an entity qualified and licensed under section 1111.06 of the Revised Code to solicit or engage in trust business in this state, or a person that is required by Chapter 1111. of the Revised Code to be an entity qualified and licensed under section 1111.06 of the Revised Code to solicit or engage in trust business in this state. (DD) "Undivided profits" means the cumulative undistributed amount of a bank's net income not otherwise allocated.
Ohio Rev. Code § 1116.11 — Ohio Revised Code / Title 11 / Chapter 1116 / § 1116.11
§ 1116.11. Transfer of assets and liabilities
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly All assets, rights, obligations, and liabilities of a reorganizing mutual state bank that are not expressly retained by the mutual holding company shall be transferred to the resulting stock state bank.
Ohio Rev. Code § 1113.11 — Ohio Revised Code / Title 11 / Chapter 1113 / § 1113.11
§ 1113.11. Code of regulations
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly Each stock state bank shall have a code of regulations for its governance as a corporation, the conduct of its affairs, and the management of its property. The code of regulations shall be consistent with the law of this state and the bank's articles of incorporation.
Ohio Rev. Code § 1116.02 — Ohio Revised Code / Title 11 / Chapter 1116 / § 1116.02
§ 1116.02. Creation, organization, and governance
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) A mutual holding company and any subsidiary of a mutual holding company shall be created, organized, and governed, and its business shall be conducted, in all respects in the same manner as is provided under Chapter 1701. of the Revised Code, for corporations generally, to the extent that it is not inconsistent with this chapter, Chapters 1101. to 1115., and Chapters 1117. to 1127. of the Revised Code or the rules adopted under those chapters. (B) A mutual holding company and any subsidiary of a mutual holding company organized under this chapter is subject to all powers, remedies, and sanctions provided to the superintendent of financial institutions and the division of financial institutions by Chapters 1101. to 1127. of the Revised Code. (C) Notwithstanding division (A) of this section, a nonbank subsidiary of a mutual holding company may be organized under the general corporate laws of another state of the United States.
Ohio Rev. Code § 1101.99 — Ohio Revised Code / Title 11 / Chapter 1101 / § 1101.99
§ 1101.99. Penalty
Status: in_force

January 1, 1997 House Bill 538 - 121st General Assembly (A) Whoever violates division (A)(1)(a), (B)(1)(a), or (C) of section 1101.15 of the Revised Code is subject to a forfeiture of one hundred dollars for each day the violation is committed, repeated, or continued. (B) Whoever violates division (A)(1)(b) or (B)(1)(b) of section 1101.15 of the Revised Code is subject to a forfeiture of five thousand dollars for each day the violation is committed, repeated, or continued. (C) Whoever violates section 1101.16 of the Revised Code is subject to a forfeiture of five hundred dollars for each day the violation is committed, repeated, or continued. (D) The superintendent of financial institutions may recover any forfeiture provided for in divisions (A), (B), and (C) of this section, with costs of the suit, in an action before any court having jurisdiction over the violator. In addition, the superintendent may bring an action before the court to enjoin the violation. Disclaimer Contact About
Ohio Rev. Code § 1111.23 — Ohio Revised Code / Title 11 / Chapter 1111 / § 1111.23
§ 1111.23. Requirements for oaths, affidavits and signatures
Status: in_force

January 1, 1997 House Bill 538 - 121st General Assembly (A)(1) Whenever an executor, administrator, guardian, or conservator of estates, assignee, receiver, depositary, safekeeping agent, or trustee is required to take and subscribe an oath or to make an affidavit, a trust company acting in that capacity may satisfy the requirement through the oath or affidavit of any authorized officer. (2) A trust company that takes and subscribes an oath or makes an affidavit is liable for its failure to perform any of the duties required by law to be performed by an individual acting in like capacity, and is subject to the same penalties for the failure as would be applicable to an individual. (B) In proceedings in any probate court or court of record that are connected with any authority exercised under Chapters 1101. to 1127. of the Revised Code, all accounts, returns, and other papers may be signed and sworn to on behalf of a trust company by any authorized officer of the trust company.
Ohio Rev. Code § 1119.16 — Ohio Revised Code / Title 11 / Chapter 1119 / § 1119.16
§ 1119.16. Licensee's duties
Status: in_force

January 1, 1997 House Bill 538 - 121st General Assembly (A)(1) Except as provided in division (A)(2) of this section, each foreign bank licensed to operate a representative office, agency, or branch in this state shall do all of the following: (a) Maintain in this state all of each licensed representative office's, agency's, or branch's records. (b) Segregate each licensed representative office's, agency's, or branch's records from all of the foreign bank's and its affiliates' other records; (c) Maintain each licensed representative office's, agency's, or branch's assets separate and apart from the foreign bank's other assets. (2) A foreign bank that operates more than one licensed representative office, agency, or branch in this state may, as permitted by the superintendent of financial institutions, do both of the following: (a) Combine the records of those licensed representative offices, agencies, and branches and maintain the records at one location in this state; (b) Collectively maintain the assets of those licensed representative offices, agencies, and branches. (B) All deposits of money, or its equivalent, in any agency or branch licensed under this chapter shall be entered on the agency's or branch's books in terms of money of the United States. (C) The superintendent may prescribe the manner and form of keeping the books and records of representative offices, agencies, and branches licensed under this chapter. (D) The superintendent may retain, at the expense of the foreign bank, any advisors necessary to assist in the review or examination of the records and affairs of any representative office, agency, or branch of a foreign bank licensed under this chapter.
Ohio Rev. Code § 1109.39 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.39
§ 1109.39. Additional stock investments
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly In addition to the specific investments authorized in this chapter, a state bank may also invest, in the aggregate, no more than ten per cent of its assets in the common or preferred stock, obligations, or other securities of any corporations, as authorized by the bank's board of directors.
Ohio Rev. Code § 1109.49 — Ohio Revised Code / Title 11 / Chapter 1109 / § 1109.49
§ 1109.49. Furnishing financial information to superintendent
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly A state bank investing in the securities of a bank or corporation pursuant to this chapter shall furnish information concerning the financial condition of the bank or corporation to the superintendent of financial institutions upon the superintendent's demand.
Ohio Rev. Code § 1111.08 — Ohio Revised Code / Title 11 / Chapter 1111 / § 1111.08
§ 1111.08. Transferring fiduciary account or relationship
Status: in_force

January 1, 2018 House Bill 49 - 132nd General Assembly (A) A trust company, or a national bank or federal savings association authorized to accept and execute trusts and doing business under authority granted by the office of the comptroller of the currency may transfer all or part of its trust business in this state to another trust company or to a national bank or federal savings association authorized to accept and execute trusts and doing business under authority granted by the office of the comptroller of the currency, if all of the following have occurred: (1) Not less than sixty days before consummation of the transfer, either the transferor or transferee, or both, for each fiduciary account or relationship to be transferred, has given written notice, by regular mail to the most recent address shown on the records of the transferor, to all of the following that apply: (a) Each court having jurisdiction over the fiduciary account or relationship; (b) Each cofiduciary of the fiduciary account or relationship; (c) Each surviving settlor of the trust; (d) Each person that, alone or in conjunction with others, has the power to remove the trust company as fiduciary or appoint a successor fiduciary; (e) Except in the case of a trust described in section 401(a) of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 401(a), as amended, each adult beneficiary currently receiving or entitled as a matter of right to receive a distribution of principal or income from the trust, estate, or fund; (f) In the case of a trust described in section 401(a) of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 401(a), as amended, the employer or employee organization, or both, responsible for the maintenance of the trust. (2) The transferor has filed a certified copy of the agreement for the sale with the superintendent of financial institutions. (B)(1) The transfer of a fiduciary account or relationship pursuant to division (A) of this section results in the transferee being substituted for the transferor as fiduciary as a matter of law and without necessity to do anything further. (2) The transfer of a fiduciary account or relationship pursuant to division (A) of this section does neither of the following: (a) Impair the right of any person that, alone or in conjunction with others, has the power to remove a fiduciary or appoint a successor fiduciary; (b) Absolve or discharge a transferor from any liability arising out of its breach of any fiduciary duty or obligation to the account prior to the transfer.