reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1119 | Foreign Banks › Section 1119.18 | Approving or Taking Action.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
When the laws of this state require an action by or regarding a foreign bank or a representative office, agency, or branch of a foreign bank licensed under this chapter to be approved or taken by the board of directors, the action may be approved or taken by either of the following:
(A) The governing body of the foreign bank having authority, under the laws of the country where the foreign bank is chartered, that is comparable to the authority of the board of directors of a bank doing business under authority granted by the superintendent of financial institutions;
(B) Any person or group of persons, such as a committee, to whom the authority to approve or take the action has been properly delegated in accordance with the laws of the country where the foreign bank is chartered.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1119 | Foreign Banks › Section 1119.21 | Regulatory Powers.

Effective:
January 1, 1997
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1119 | Foreign Banks › Section 1119.24 | Priority of Ohio Creditors.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
The creditors of a foreign bank's licensed agencies or branches in this state shall be entitled to priority over other creditors of the foreign bank with respect to any claims against the assets of the foreign bank's business in this state.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1119 | Foreign Banks › Section 1119.26 | Voluntary Liquidation and Surrender of License.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A foreign bank may voluntarily liquidate and surrender its license to operate a representative office, agency, or branch licensed under this chapter only with the consent of the superintendent of financial institutions.
(B) Prior to beginning any liquidation process, the foreign bank must file an application to voluntarily liquidate and surrender its license with the superintendent. The application shall include a plan of liquidation that includes all of the provisions required of a plan for voluntary liquidation of a state bank under division (C) of section 1125.03 of the Revised Code, except that the plan of liquidation shall be limited in scope to the particular representative office, agency, or branch to be liquidated.
(C) After conducting an examination, the superintendent may approve or deny a foreign bank's application to voluntarily liquidate and surrender its license based on the superintendent's evaluation of whether or not the interests of the representative office's, agency's, or branch's creditors or, where applicable, depositors, will suffer by the surrender. The superintendent's approval is subject to any condition the superintendent may determine appropriate under the circumstances.
(D) If the superintendent approves the application to voluntarily liquidate and surrender a license, the foreign bank shall comply with the requirements of divisions (A)(1) and (2) of section 1125.04 of the Revised Code.
(E) During the implementation of the plan of liquidation pursuant to this section, the superintendent retains the authority to supervise the representative office, agency, or branch and may conduct any examination relating to either the representative office, agency, or branch or the plan of liquidation the superintendent considers necessary or appropriate.
(F) If the superintendent has reason to conclude the implementation of the plan of liquidation is not being safely or expeditiously conducted, the superintendent may do either of the following:
(1) Begin revocation proceedings under section 1119.22 of the Revised Code;
(2) Take possession of the business and property of the representative office, agency, or branch in the same manner, with the same effect, and subject to the same rights accorded the foreign bank under section 1119.23 of the Revised Code.
(G) The superintendent shall cancel the foreign bank's license to operate a representative office, agency, or branch under this chapter if the superintendent has approved the voluntary liquidation and surrender of the license and both of the following conditions have been met:
(1) The plan of liquidation has been completed.
(2) The notifications required by division (D) of this section were properly given.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.01 | Banks - Superintendent's Powers Definitions.

Effective:
January 1, 2018
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.02 | Superintendent and Deputy Superintendent for Banks - Powers and Duties.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) The superintendent of financial institutions shall see that the laws and rules relating to institutions and businesses governed by Chapters 1101. to 1127. of the Revised Code are executed and enforced.
(B) The deputy superintendent for banks shall be the principal supervisor of state banks and trust companies. In that position the deputy superintendent for banks shall, notwithstanding sections 1121.10 and 1121.11 of the Revised Code, be responsible for conducting examinations and preparing examination reports under those sections. In addition, the deputy superintendent for banks shall, notwithstanding division (A) of section 1121.03 and sections 1121.05 and 1121.06 of the Revised Code, have the authority to adopt rules and standards in accordance with those sections. In performing or exercising any of the examination, rule-making, or other regulatory functions, powers, or duties vested by this division in the deputy superintendent for banks, the deputy superintendent for banks shall be subject to the control of the superintendent of financial institutions.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.03 | Adoption of Administrative Rules.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) The superintendent of financial institutions may adopt rules and standards to carry out the provisions of Chapters 1101. to 1127. of the Revised Code. No rule or standard adopted by the superintendent pursuant to this authority shall conflict with, abridge, or supersede any provision of the Revised Code unless the conflict, abridgement, or supersession is expressly authorized. The rules and standards shall be adopted pursuant to Chapter 119 of the Revised Code.
(B) The superintendent may issue administrative guidelines to interpret or explain the provisions of Chapters 1101. to 1127. of the Revised Code and to identify, define, or provide examples of acts, practices, or circumstances the superintendent considers to be unsafe or unsound practices or to constitute participation in or consent to violations of Chapters 1101. to 1127. of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.06 | Reducing Disadvantage to Ohio Bank or Trust Company.

Effective:
January 1, 2018
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.10 | Examining Records and Affairs.

Effective:
March 20, 2019
Latest Legislation:
House Bill 489 - 132nd General Assembly
(A) Except as otherwise provided in section 1121.101 of the Revised Code, as often as the superintendent of financial institutions considers necessary, but at least once each twenty-four-month cycle, the superintendent, or any deputy or examiner appointed by the superintendent for that purpose, shall thoroughly examine the records and affairs of each state bank. The examination shall include a review of all of the following:
(1) Compliance with law;
(2) Safety and soundness;
(3) Other matters the superintendent determines.
(B) The superintendent may examine the records and affairs of any of the following as the superintendent considers necessary:
(1) Any party to a proposed reorganization for which the superintendent's approval is required by section 1115.11 or 1115.14 of the Revised Code;
(2) Any bank, savings and loan association, or savings bank proposing to convert to a bank doing business under authority granted by the superintendent for which the superintendent's approval is required by section 1115.02 of the Revised Code;
(3) Any person proposing to acquire control of a state bank for which the superintendent's approval is required by section 1115.06 of the Revised Code, or who acquired control of a state bank without the approval of the superintendent when that approval was required by section 1115.06 of the Revised Code, with respect to the state bank of which control is to be, or was, acquired;
(4) Any bank proposing to establish or acquire a branch for which the superintendent's approval is required by section 1117.02 of the Revised Code;
(5) Any foreign bank that maintains, or proposes to establish, one or more offices in this state;
(6) Any trust company.
(C) The board of directors or holders of a majority of the shares of a state bank or trust company may request the superintendent conduct a special examination of the records and affairs of the bank or trust company. The superintendent has sole discretion over the scope and timing of a special examination, and may impose restrictions and limitations on the use of the results of a special examination in addition to the restrictions and limitations otherwise imposed by law. The fee for a special examination shall be paid by the bank or trust company examined in accordance with section 1121.29 of the Revised Code.
(D) The superintendent may conduct all aspects of an examination concurrently or may divide the examination into constituent parts and conduct them at various times.
(E) The superintendent shall preserve the report of each examination, including related correspondence received and copies of related correspondence sent, for ten years after the examination date.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.101 | Frequency of Bank Examinations.

Effective:
March 20, 2019
Latest Legislation:
House Bill 489 - 132nd General Assembly
(A) Notwithstanding section 1121.10 of the Revised Code, and subject to division (B) of this section, the superintendent of financial institutions shall not conduct an examination of a state bank more frequently than once every twenty-four-month cycle, if the bank meets both of the following conditions:
(1) It has assets of ten billion dollars or less.
(2) Under the uniform financial institutions rating system, it maintains a composite rating of one.
(B) The superintendent may conduct more frequent examinations if either of the following applies:
(1) The superintendent has reasonable cause to believe that there is a risk of harm to the bank and the examination of the bank is necessary to fully determine the risk to the bank or to determine how best to address the risk.
(2) The superintendent participates with financial institution regulatory authorities of other states or the United States in a joint, concurrent, or coordinated examination.
(C) A bank's composite rating used for purposes of division (A)(2) of this section is not a public record under section 149.43 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.13 | Examining Other Corporate Persons Who, Directly or Indirectly, Control Banks.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
An examination of the records and affairs of a state bank under section 1121.10 of the Revised Code may include the examination of a person who, directly or indirectly, controls the state bank and is a corporation that is not a bank holding company registered with the federal reserve or a savings and loan holding company, as its affairs relate to the bank.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.15 | Maintaining Books and Accounts.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) The superintendent of financial institutions may prescribe the manner and form of keeping the books and accounts of state banks, so the books and accounts may be as nearly uniform as circumstances permit.
(B) Any person that, by contract or otherwise, performs services for a state bank or trust company or a representative office, agency, or branch licensed under Chapter 1119. of the Revised Code, whether on or off the premises of the bank, trust company, representative office, agency, or branch, is subject to examination by the superintendent as to the books and records of the bank, trust company, representative office, agency, or branch in the person's possession, to the same extent as if the services were being performed by the bank, trust company, representative office, agency, or branch itself. For the purposes of this division, "services" includes clerical, bookkeeping, accounting, statistical, and other services. A state bank, trust company, representative office, agency, or branch shall notify the superintendent in writing whenever another person is performing services of this kind for the bank, trust company, representative office, agency, or branch, or the bank, trust company, representative office, agency, or branch changes the person performing the services.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.16 | Prohibited Acts; Violations.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) No state bank, trust company, or regulated person shall do any of the following:
(1) Refuse to allow any examination authorized by section 1121.10 of the Revised Code;
(2) Refuse to give information required by the division of financial institutions in the course of or in relation to an examination authorized by section 1121.10 of the Revised Code;
(3) Provide false or misleading information in the course of or in relation to an examination authorized by section 1121.10 of the Revised Code, knowing it to be false or misleading.
(B) If a state bank, trust company, or regulated person violates division (A) of this section, the superintendent may do any of the following:
(1) Issue a cease and desist order pursuant to section 1121.32 of the Revised Code, issue a removal or prohibition order pursuant to section 1121.33 of the Revised Code, issue a suspension or temporary prohibition order pursuant to section 1121.34 of the Revised Code, or assess a civil penalty pursuant to section 1121.35 of the Revised Code;
(2) Appoint a conservator for the state bank pursuant to section 1125.09 of the Revised Code;
(3) Initiate civil or criminal proceedings the superintendent considers appropriate.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.17 | Executing Documents.

Effective:
January 1, 2018
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.19 | Self-Assessment Report.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) As used in this section, a "self-assessment report" of a bank includes, but is not limited to, all of the following:
(1) An evaluation of the bank's loan underwriting standards, asset quality, financial reporting to federal or state regulatory agencies, and compliance with its policies and with federal or state statutory or regulatory requirements;
(2) Any communication related to the report, including electronic mails or telephone logs.
(B) A self-assessment report, any portion or contents of the report, and any documents, data, compilations, analyses, or other information and material generated, created, produced, developed, or prepared as part of the self-assessment process, are privileged and not admissible or subject to discovery in any civil or administrative litigation, action, proceeding, or investigation.
(C) The self-assessment privilege granted by this section to a bank and its affiliates applies regardless of whether a bank regulator or any other governmental authority in possession of a self-assessment report or any portion or contents of it subsequently discloses it or any portion or contents of it to a third party as required or permitted by any state or federal law.
(D) Notwithstanding any applicable state or federal public records law, a bank regulator or any other governmental authority in possession of a self-assessment report or any portion or contents of it shall not disclose the report or any portion or contents of it to any person in response to a public records request.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.21 | Reporting Condition and Income.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
Each bank and trust company shall report its condition and income to the division of financial institutions at the times, in the form, and including the information the superintendent of financial institutions prescribes.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.26 | Considering Impact of Proposed Action or Transaction.

Effective:
January 1, 2018
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.27 | Reasonable and Necessary Conditions.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
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 and the superintendent is permitted to condition that approval, any condition imposed by the superintendent shall be reasonable and necessary.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.30 | Banks Fund.

Effective:
September 30, 2021
Latest Legislation:
House Bill 110 - 134th General Assembly
(A) All assessments, fees, charges, and forfeitures provided for in Chapters 1101. to 1127. and sections 1315.01 to 1315.18 of the Revised Code, except civil penalties assessed pursuant to section 1121.35 or 1315.152 of the Revised Code, shall be paid to the superintendent of financial institutions, and the superintendent shall deposit them into the state treasury to the credit of the banks fund, which is hereby created.
(B) The superintendent may expend or obligate the banks fund to defray the costs of the division of financial institutions in administering Chapters 1101. to 1127. and sections 1315.01 to 1315.18 of the Revised Code. The superintendent shall pay from the fund all actual and necessary expenses incurred by the superintendent, including for any services rendered by the department of commerce for the division's administration of Chapters 1101. to 1127. and sections 1315.01 to 1315.18 of the Revised Code. The fund shall be assessed a proportionate share of the administrative costs of the department and the division of financial institutions. The proportionate share of the administration costs of the division of financial institutions shall be determined in accordance with procedures prescribed by the superintendent. The amount assessed for the fund's proportional share of the department's administrative costs and the division's administrative costs shall be paid from the banks fund to the division of administration fund and the division of financial institutions fund respectively.
(C) Any money deposited into the state treasury to the credit of the banks fund, but not expended or encumbered by the superintendent to defray the costs of administering Chapters 1101. to 1127. and sections 1315.01 to 1315.18 of the Revised Code, shall remain in the banks fund for expenditures by the superintendent in subsequent years and shall not be used for any purpose other than as set forth in this section.
Last updated July 15, 2021 at 1:30 PM
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.37 | Serving Notice.

Effective:
January 1, 1997
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.39 | Notice Served Within 6 Years of Resignation, Termination or Separation.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
The resignation, termination of employment or participation, or separation of a regulated person, including a separation caused by the closing of a bank or trust company, shall not affect the jurisdiction and authority of the superintendent of financial institutions to issue any notice and proceed against the regulated person under section 1121.32, 1121.33, 1121.34, or 1121.35 of the Revised Code, if the notice is served in accordance with section 1121.37 of the Revised Code within six years after the date of the regulated person's resignation, termination, or separation from the bank or trust company.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.43 | Monthly Publication by Superintendent of Violations.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) Except as provided in division (B) of this section, the superintendent of financial institutions shall make available to the public on a monthly basis all of the following:
(1) Any written agreement or other writing for which a violation may be enforced by the superintendent;
(2) Any final order issued pursuant to section 1121.32, 1121.33, 1121.34, 1121.35, or 1121.41 of the Revised Code;
(3) Any modification or termination of an agreement, other writing, or order made available to the public pursuant to this section.
(B)(1) If, in the superintendent's discretion, the superintendent determines that making a written agreement or other writing available to the public pursuant to division (A)(1) of this section would be contrary to the public interest, the superintendent shall not make it available to the public.
(2) If the superintendent determines that making a final order available to the public pursuant to division (A)(2) of this section would seriously threaten the safety and soundness of a state bank or trust company, the superintendent may delay making it available for a reasonable time.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.45 | Meeting With Regulated Persons.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) The superintendent of financial institutions may call and convene a meeting with the regulated persons the superintendent determines to be appropriate at a location within this state and at a date and time established by the superintendent upon notice served in accordance with section 1121.37 of the Revised Code. The regulated persons notified of the meeting shall attend the meeting unless excused by the superintendent for reasonable cause at the superintendent's sole discretion. Failure of a regulated person to attend a meeting called and convened in accordance with this division, unless excused by the superintendent, is grounds for suspending or removing the regulated person from office or imposing civil penalties against the regulated person.
(B) If a quorum of the board of directors of a bank or an affiliate of a bank attends a meeting called and convened by the superintendent pursuant to division (A) of this section, they may convene a meeting of the board of directors to address matters related to the superintendent's meeting, notwithstanding any contrary provision of the bank's articles of incorporation, code of regulations, or bylaws related to notice of a board of directors meeting.
(C) The records of any meeting called and convened in accordance with division (A) of this section and the discussions, information, and documentation presented at the meeting are, in the possession of any person, confidential and privileged information and shall not be disclosed except as provided in section 1121.18 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.47 | Superintendent - Order and Subpoena Powers.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) The superintendent of financial institutions may do both of the following:
(1) Summon and compel, by order or subpoena, witnesses to appear before the superintendent, deputy superintendent, examiner, attorney, or such other person designated by the superintendent and testify under oath regarding the affairs of a bank or trust company or, in relation to matters concerning a state bank, foreign bank, or trust company, a regulated person;
(2) Compel, by order or subpoena, the production of any record, book, paper, document, item, or other thing pertaining to a bank or trust company or, in relation to matters concerning a state bank, foreign bank, or trust company, a regulated person.
(B) The superintendent shall serve an order or subpoena issued pursuant to division (A) of this section in any manner provided by section 1121.37 of the Revised Code.
(C) If a person fails to comply with an order or subpoena of the superintendent or refuses to testify to any matter regarding which the person is lawfully interrogated before the division of financial institutions, on application of the superintendent, the court of common pleas of the county in which the person resides or in which the principal place of business of the person is located, or a judge of the court, shall compel compliance by attachment proceedings as for contempt in the case of noncompliance with a subpoena issued from the court or refusal to testify in the court. Failure of a regulated person to comply fully with an order or subpoena issued under the authority of this section shall be grounds for removing the regulated person from office, prohibiting the regulated person from participating directly or indirectly in the affairs of a bank or trust company, or imposing civil penalties against the regulated person.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.48 | Suits and Court Proceedings.

Effective:
January 1, 2018
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.50 | Independent Auditor.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) As used in this section, "independent auditor" means an external, unaffiliated auditor who has a certified public accounting designation that qualifies the person to provide an auditor's report.
(B) The superintendent of financial institutions may, when circumstances warrant, require a bank or trust company to have an independent auditor conduct agreed upon procedures prescribed by the superintendent. The independent auditor shall be retained, and the expense of the agreed upon procedures shall be paid, by the bank or trust company. The agreed upon procedures shall be conducted in accordance with standards established by the American institute of certified public accountants.
(C) The board of directors of the bank or trust company shall, within sixty days after receipt of the report prepared by the independent auditor for the agreed upon procedures conducted pursuant to this section, prepare a response to the report and file the report and the board's response with the superintendent. A report and response filed with the superintendent pursuant to this section may be disclosed only as provided in section 1121.18 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.51 | Action to Secure Condition of Assets.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) The superintendent of financial institutions may do either of the following:
(1) If, in the superintendent's judgment, the condition of an asset warrants, require the bank to do any of the following:
(a) Establish specific reserves against the asset :
(b) Charge the asset down to the sum that, in the judgment of the superintendent, represents the asset's value;
(c) Exclude the asset from the bank's assets.
(2) Require a bank to establish general reserves against any class or category of the bank's assets.
(B) The superintendent may limit a bank's or trust company's activities and require a bank or trust company to take affirmative actions the superintendent determines to be appropriate to address and remedy in the bank's or trust company's operation or condition that are found in an examination by the superintendent or any other regulatory agency or authority or by any other means.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.56 | Immunity.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
Neither the superintendent of financial institutions, any employee, agent, or contractor of the division of financial institutions, or any supervisor appointed by the superintendent under this chapter is liable in any civil, criminal, or administrative proceeding for any mistake of judgment or discretion in any action taken, or any omission made, in good faith within the scope of the person's official capacity as assigned by the superintendent.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1121 | Banks - Superintendent's Powers › Section 1121.61 | Bona Fide Errors.

Effective:
March 20, 2019
Latest Legislation:
House Bill 489 - 132nd General Assembly
(A) As used in this section, "bona fide error" means an unintentional clerical, calculation, computer malfunction or programming, or printing error.
(B) A state bank, trust company, or regulated person shall not be held civilly liable in any action brought under Title XI or under Chapter 1309., 1317., or 1345. of the Revised Code, and shall not be subject to any sanction by the superintendent of financial institutions, if all of the following conditions are met:
(1) The bank, trust company, or person shows by a preponderance of evidence that the compliance failure was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any such error.
(2) Within sixty days after discovering the error, and prior to the initiation of any action by the superintendent or the receipt of written notice of the error from the consumer, the bank, trust company, or person notifies the superintendent and the consumer of the error and the manner in which the bank, trust company, or person intends to make full restitution to the consumer.
(3) The bank, trust company, or person promptly makes reasonable restitution to the consumer.
(C) If, in the event of a compliance failure, the bank, trust company, or regulated person does not meet the conditions set forth in division (B) of this section, a consumer injured by the error has a cause of action to recover damages. Such an action may not, however, be maintained as a class action.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1123 | Banking Commission › Section 1123.01 | Banking Commission.

Effective:
January 1, 2018
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1123 | Banking Commission › Section 1123.02 | Organization and Procedures of Banking Commission.

Effective:
January 1, 1997
Latest Legislation:
House Bill 670 - 121st General Assembly
(A) The banking commission shall hold regular meetings at the times and places it fixes, and shall meet at any time on call of the deputy superintendent for banks upon two days' notice unless the commission by resolution provides for a shorter notice.
(B) A majority of the full commission constitutes a quorum, and action taken by a majority of those present at a meeting at which there is a quorum constitutes the action of the commission.
(C) No member shall participate before the commission in a proceeding involving any bank of which the member is, or was at any time in the preceding twelve months, a member of the board of directors, an officer, an employee, or a shareholder. A member may refrain from participating in a proceeding before the commission for any other cause the member considers sufficient.
(D) The commission may, by a majority vote of those present at a meeting at which there is a quorum, adopt and amend bylaws and rules the commission, in its judgment, considers necessary and proper. The commission shall select one of its members as secretary, who shall keep a record of all its proceedings.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1123 | Banking Commission › Section 1123.03 | Banking Commission - Duties.

Effective:
September 29, 2017
Latest Legislation:
House Bill 49 - 132nd General Assembly
The banking commission shall do all of the following:
(A) Make recommendations to the deputy superintendent for banks and the superintendent of financial institutions on the business of banking;
(B) Consider and make recommendations on any matter the superintendent or deputy superintendent submits to the commission for that purpose;
(C) Pass upon and determine any matter the superintendent or deputy superintendent submits to the commission for determination;
(D) Consider and determine whether to confirm the annual schedule of assessments proposed by the superintendent in accordance with section 1121.29 of the Revised Code;
(E) Determine whether to increase the schedule of assessments as provided in division (A)(3) of section 1121.29 of the Revised Code;
(F) Determine, as provided in division (D) of section 1121.12 of the Revised Code, both of the following:
(1) Whether there is reasonable cause to believe that there is a significant risk of imminent material harm to the bank;
(2) Whether the examination of the bank holding company is necessary to fully determine the risk to the bank, or to determine how best to address the risk to the bank.