reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1101 | Banks - General Provisions › Section 1101.99 | Penalty.

Effective:
January 1, 1997
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1103 | State Banks - Corporate Governance › Section 1103.02 | Legal Existence of State Banks.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
When the articles of incorporation and the superintendent of financial institutions' certificate of approval are filed with the secretary of state, the persons who have subscribed them or their successors and assigns shall become a body corporate by the name designated in the articles of incorporation, with succession. The legal existence of the state bank begins upon the filing of the articles of incorporation and, unless the articles of incorporation otherwise provide, its period of existence is perpetual.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1103 | State Banks - Corporate Governance › Section 1103.03 | Authority of State Bank Board of Directors.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
Except where the law of this state, the articles of incorporation, or the code of regulations require action to be authorized or taken by shareholders, all of the authority of a state bank shall be exercised by or under the direction of the board of directors in accordance with Chapter 1105. of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1103 | State Banks - Corporate Governance › Section 1103.18 | Officer Equivalent to Treasurer.

Effective:
January 1, 2018
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1103 | State Banks - Corporate Governance › Section 1103.19 | Two Authorized Signatures Required.

Effective:
January 1, 2018
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1103 | State Banks - Corporate Governance › Section 1103.20 | Filing Documents With Secretary of State.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) When any provision in Chapters 1101. to 1127. or Chapter 1701. of the Revised Code requires a document regarding an existing, previously existing, or proposed state bank to be filed with the secretary of state, all of the following apply:
(1) The person responsible for producing the document shall deliver the document, properly completed, to the superintendent of financial institutions, along with payment for any fee required for filing the document with the secretary of state.
(2) The superintendent shall file the document, and any required approval by the superintendent, with the secretary of state.
(3) The secretary of state shall send a certified copy of the document to both the superintendent and the state bank or other person on whose behalf the superintendent filed the document.
(B) If the person responsible for producing the document to be filed fails to comply with division (A)(1) of this section, the action or transaction to which the document relates is not authorized or effective.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1103 | State Banks - Corporate Governance › Section 1103.99 | Penalty for Misleading Use of Name.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
Whoever violates division (E)(1) of section 1103.07 of the Revised Code shall be subject to a civil penalty of up to ten thousand dollars for each day the violation is committed, repeated, or continued.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1105 | Banks - Board of Directors › Section 1105.01 | Authority, Number, Terms and Classes of Directors.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) Except where the Revised Code, the articles of incorporation, or the code of regulations require action to be authorized or taken by shareholders or members, all of the authority of a state bank shall be exercised by or under the direction of the bank's board of directors. The board of directors shall consist of not less than five directors.
(B) Unless the articles of incorporation or the code of regulations provide for a different term, which may not exceed three years from the date of the director's election and until the director's successor is elected and qualified, each director shall hold office until the next annual meeting of the shareholders or members and until the director's successor is elected and qualified, or until the director's earlier resignation, removal from office, or death.
(C) The articles of incorporation or the code of regulations may provide for the classification of directors into either two or three classes consisting of not less than two directors each. The terms of office of the several classes need not be uniform, except that no term shall exceed the maximum time specified in division (B) of this section.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1105 | Banks - Board of Directors › Section 1105.02 | Qualifications of Board Members.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A)(1) Of the directors on the board of directors of a state bank:
(a) A majority of the directors shall be outside directors. However, in the case of a stock state bank, if eighty per cent or more of any class of the bank's voting shares are owned by a company, a majority of the directors may be officers or directors of one or more affiliates of the bank.
(b) For purposes of this section, anyone who is not an employee of the state bank or the bank holding company shall be considered an outside director.
(2)(a) If during a term of office a director causes the total membership of the board to be out of compliance with division (A)(1)(a) of this section, the director forfeits the directorship, and the director's office is then vacant.
(b) No new director, or former director who is elected or appointed to the board after an interruption in service, shall be elected or appointed if it causes the total membership of the board to be out of compliance with division (A)(1)(a) of this section.
(B)(1) No person who has been convicted of, or has pleaded guilty to, a felony or any crime involving an act of fraud, dishonesty, breach of trust, theft, or money laundering shall serve as a director of a bank or a subsidiary or affiliate of a bank. The superintendent of financial institutions may waive this restriction if the crime the person was convicted of or pleaded guilty to was a misdemeanor or minor misdemeanor or the equivalent thereof.
(2) If during a term of office any director is convicted of, or pleads guilty to, a crime described under division (B)(1) of this section, the director forfeits the directorship, and the director's office is then vacant.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1105 | Banks - Board of Directors › Section 1105.03 | Director Oath.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) To qualify as a director, each person elected or appointed to the board of directors shall, within sixty days after election or appointment, take and subscribe an oath to diligently and honestly perform the duties of a director and to not knowingly violate or permit to be violated any federal banking law or any provision of Chapters 1101. to 1127. of the Revised Code.
(B) Promptly upon execution, and within sixty days of the person's election or appointment, the oath shall be filed with the secretary of the state bank.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1105 | Banks - Board of Directors › Section 1105.04 | Individual, Schedule, or Blanket Fidelity Bonds.

Effective:
January 1, 2018
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1105 | Banks - Board of Directors › Section 1105.07 | Bylaws.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
For its own governance, the board of directors may adopt bylaws not inconsistent with the law of this state, the articles of incorporation, or the code of regulations. Without limiting their generality, the bylaws may include provisions with respect to:
(A) The time and place of holding, the manner of and authority for calling, giving notice of, and conducting meetings of the board of directors;
(B) The appointment of committees of the board of directors, their authority, and the time, place, and manner of calling, giving notice of, and conducting their meetings.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1105 | Banks - Board of Directors › Section 1105.08 | Board and Committee Meetings.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A)(1) A state bank's board of directors shall meet monthly unless the bank's code of regulations provides for a different frequency of meetings, which shall not be less than quarterly.
(2) Division (A)(1) of this section does not prohibit either of the following:
(a) A state bank's board of directors meeting more frequently than required by division (A)(1) of this section or the bank's code of regulations;
(b) The superintendent of financial institutions requiring a state bank's board of directors to meet more frequently than required by division (A)(1) of this section or the bank's code of regulations if the superintendent determines more frequent meetings are appropriate because of circumstances regarding the bank.
(B) Unless prohibited by the articles of incorporation, the code of regulations, or, in the case of a committee of the board of directors, an order of the board of directors, meetings of the board of directors or a committee of the board of directors may be held in any manner permitted by the laws of this state, including by communications equipment, if all persons participating can communicate with each of the others. Participation in a meeting in accordance with this division constitutes presence at the meeting.
(C) Minutes shall be kept of all meetings of a state bank's board of directors and of any committees of the board of directors, and shall be recorded in a readable and reproducible form and kept at the bank. The minutes shall show the action of the board of directors or any committee of the board of directors on loans, discounts, and investments made or authorized. The minutes of all committees of the board of directors shall be submitted to the board of directors for review at each meeting of the board of directors.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1105 | Banks - Board of Directors › Section 1105.11 | Personal Liability.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A director, officer, employee, or other institution-affiliated party of a bank shall not be personally and individually liable for direct or indirect damages the bank, its shareholders or members, or any other person sustains in consequence of a violation of or failure to comply with any provision of Chapters 1101. to 1127. of the Revised Code or the rules adopted under those chapters, including any civil money penalties, unless it can be shown that the director, officer, employee, or other institution-affiliated party knowingly violated or failed to comply with that provision of law or, with respect to a director's liability, that the director knowingly permitted any of the officers, employees, or other institution-affiliated parties to violate or fail to comply with any such provision.
(B) Nothing in this section shall be construed to deprive a director of the defenses set forth in section 1701.59 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1107 | State Banks - Capital and Securities › Section 1107.03 | Evaluating Adequacy of Bank's Capital.

Effective:
January 1, 2018
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1107 | State Banks - Capital and Securities › Section 1107.05 | Issuing Debt Securities.

Effective:
January 1, 2018
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1107 | State Banks - Capital and Securities › Section 1107.09 | Stock Options.

Effective:
January 1, 2018
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1107 | State Banks - Capital and Securities › Section 1107.11 | Pre-Emptive Rights.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) Unless otherwise provided in the articles of incorporation, the holders of any class of a stock state bank's shares, other than shares that are limited as to dividend rate and liquidation price, shall, upon the offering or sale for cash of shares of the same class, have the right, during a reasonable time and on reasonable terms fixed by the directors, to purchase the shares in proportion to their respective holdings of shares of that class, at not less than par value, unless the shares offered or sold are any of the following:
(1) Treasury shares;
(2) Released from pre-emptive rights by the affirmative vote or written consent of the holders of either of the following:
(a) Two-thirds of the shares entitled to the pre-emptive rights;
(b) A majority of the shares entitled to the pre-emptive rights, if for offering and sale or granting options to any or all employees of the bank or any of the bank's subsidiaries or to a trustee on their behalf, under a plan adopted under section 1107.09 of the Revised Code;
(3) Offered to shareholders in satisfaction of their pre-emptive rights and not purchased by the shareholders, and thereupon issued or agreed to be issued for a consideration not less than that at which the shares were offered to the shareholders, less reasonable expenses, compensation, or discount paid or allowed for the sale, underwriting, or purchase of the shares.
(B) An action arising from the offering or sale of shares under division (A) of this section shall be brought within two years after the date on which written notice or other communication of the transaction is mailed or otherwise given to the person entitled to bring the action. In no event shall any such action be brought later than four years after the cause of action accrued.
(C) Pre-emptive rights with respect to shares issued by a stock state bank chartered on or after the effective date of this amendment shall be governed by section 1701.15 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1107 | State Banks - Capital and Securities › Section 1107.13 | Bank May Purchase Its Own Shares.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
With the prior written approval of the superintendent of financial institutions, a stock state bank may purchase its own shares in accordance with section 1701.35 of the Revised Code.
(B) A stock state bank that acquires shares of its stock shall retire or dispose of the shares at the time and in the manner required by the superintendent.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1107 | State Banks - Capital and Securities › Section 1107.15 | Declaring Dividends and Distributions.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
A stock state bank's board of directors may declare dividends and distributions on the bank's outstanding shares, subject to all of the following conditions:
(A) Except as otherwise provided in division (B) of this section, payment of a dividend or distribution may only be funded from undivided profits or, subject to the approval of the superintendent of financial institutions, from a special reserve created from proceeds from the sale of bank stock.
(B) A dividend or distribution may be funded, in whole or in part, from surplus with the approval of both of the following:
(1) The holders of at least two-thirds of the outstanding shares of each class of the bank's stock;
(2) The superintendent.
(C) A dividend or distribution may be paid in treasury shares or in authorized but unissued shares, if the board makes the required transfers to surplus and paid-in capital.
(D) The approval of the superintendent is required for the declaration of dividends and distributions if the total of all dividends and distributions declared on the bank's shares in any year, and not paid in shares, exceeds the total of its net income for that year combined with its retained net income of the preceding two years.
(E) Prior to the declaration of any dividend or distribution the bank has made all required allocations to reserves for losses or contingencies.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.01 | Bank Powers, Rights and Privileges Generally.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A state bank may use, exercise, and enjoy all of the powers, rights, and privileges of a corporation as set forth in section 1701.13 of the Revised Code, unless otherwise provided in its articles of incorporation and except as otherwise expressly limited by Chapters 1101. to 1127. of the Revised Code. The powers authorized under this division include the power to receive any property of any description, or any interest in property, by gift, devise, or bequest, and to make donations for the public welfare or for charitable, scientific, or educational purposes.
(B) A state bank may perform all acts necessary to carry into effect the powers authorized by Title XI of the Revised Code and the purposes for which the bank was created.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.02 | Additional and Incidental Powers.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) In addition to exercising the powers and performing the acts authorized under Chapters 1101. to 1127. of the Revised Code, a state bank has and may exercise all powers and perform all acts attendant to the business of banking as set forth in those chapters.
(B) A state bank has and may exercise all powers, perform all acts, and provide all services that are otherwise a part of or incidental to the business of banking.
(C) In addition to what is otherwise authorized under Chapters 1101. to 1127. of the Revised Code, a state bank has and may exercise all powers, perform all acts, and provide all services that are permitted for national banks and federal savings associations, other than those dealing with interest rates, regardless of the date the corresponding parity rule adopted by the superintendent of financial institutions under section 1121.05 of the Revised Code takes effect. If a state bank intends to take any such action before the adoption of the corresponding parity rule, the bank shall provide the superintendent with prior written notice of the action and the basis for the action. The superintendent, within ninety days after receipt of that notice, may prohibit the bank from taking such action if the superintendent determines it would be unsafe or unsound for the bank.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.021 | Election to Operate as a Savings and Loan Association.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) As used in this section, "portfolio assets" and "qualified thrift investments" have the same meanings as in 12 U.S.C. 1467a, as amended.
(B) A state bank may elect to operate as a savings and loan association by filing a written notice of that election with the superintendent of financial institutions.
(C) Upon filing an election notice, a state bank shall be considered a savings and loan association if both of the following conditions are met:
(1) Its qualified thrift investments equal or exceed sixty-five per cent of its portfolio assets.
(2) Its qualified thrift investments continue to equal or exceed sixty-five per cent of its assets on a monthly average basis in nine out of every twelve months.
(D) A state bank may revoke its election notice at any time by submitting a written notice thereof to the superintendent.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.03 | Federal Deposit Insurance Corporation and Federal Reserve Requirements.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) No bank shall transact business in this state unless its deposit accounts are insured by the federal deposit insurance corporation, except a bank that by the terms of its articles of incorporation or articles of association is not permitted to solicit or accept deposits other than trust funds. Each bank whose deposit accounts are insured by the federal deposit insurance corporation shall maintain that insurance as a condition of doing business in this state.
(B) Each bank doing business in this state shall comply with the reserve requirements of the "Federal Reserve Act of 1913," as amended.
(C) Any bank doing business in this state may become a member of the federal reserve system as permitted under federal law and do all things necessary to maintain that membership in accordance with the "Federal Reserve Act of 1913," as amended.
(D) Any bank doing business in this state may become a member of a federal home loan bank and do all things necessary to maintain that membership in accordance with the "Federal Home Loan Bank Act of 1932," 47 Stat. 725, 12 U.S.C.A. 1421, as amended. A bank may purchase and hold stock in a federal home loan bank in excess of the amount required for membership, if that purchase and holding of stock is consistent with the financial condition of the bank and prudent banking practice.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.04 | Good Faith Reliance; Electronic Statements and Notice.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A bank may, in good faith, rely:
(1) On any and all information, agreements, documents, and signatures provided by its customers as being true, accurate, complete, and authentic and representing what they purport to represent; and
(2) That the persons signing have full capacity and complete authority to execute and deliver any and all such documents and agreements and to act in such capacity as may be represented to the bank.
As used in this division, "good faith" has the same meaning as in section 1301.201 of the Revised Code.
(B) A bank may, with the customer's consent, provide electronically any statement, notice, or report required to be provided customers under this chapter. A customer's consent may be obtained electronically or in writing.
(C) A bank customer may, with the bank's consent, provide electronically any notice required to be provided to the bank under this chapter. A bank's consent may be obtained electronically or in writing.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.05 | Deposit Contracts.

Effective:
January 1, 2018
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.06 | Designating on Signature Card Deposit Is in Trust for Another.

Effective:
January 1, 1997
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.07 | Deposits Payable to Survivor - Deposits Payable on Death.

Effective:
August 29, 2000
Latest Legislation:
House Bill 313 - 123rd General Assembly
(A) When a deposit is made in the name of two or more persons, payable to either or the survivor, the bank may pay all of the deposit, any part of the deposit, or any interest earned on the deposit, to either of the named persons, or the guardian of the estate of either of the named persons, whether or not the other person is living. The receipt or acquittance of the person paid is a sufficient release and discharge of the bank for any payments made from the account to that person.
(B) A bank may enter into a written contract with a natural person for the proceeds of the person's deposits to be payable on the death of that person to another person or to any entity or organization in accordance with the terms, restrictions, and limitations set forth in sections 2131.10 and 2131.11 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.08 | Safes, Vaults, Safe Deposit Boxes, Night Depositories.

Effective:
January 1, 2018
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.09 | Accounts and Safe Deposit Box Rentals for Minors.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) A bank may do any of the following:
(1) Accept deposits made by or on behalf of any minor and open an account however payable in the name of one or more persons, one or more or all of whom are minors, or in the name of another person as trustee for a minor, whether or not the deposit is made or the account is opened by the minor;
(2) Enter into an agreement to rent a safe deposit box to a minor;
(3) Accept the appointment of a minor as agent or deputy on any deposit or safe deposit box by any person, including a minor, maintaining the deposit or safe deposit box.
(B) When a bank enters into a deposit contract or safe deposit box rental agreement with a minor, all of the following apply:
(1) The terms and conditions of the deposit contract or safe deposit box rental agreement are binding on the minor the same as a person of legal age who enters into a deposit contract or rents a safe deposit box.
(2) The relationship between the bank and the minor regarding the deposit contract or safe deposit box rental agreement is in all respects the same as if the minor were a person of legal age.
(3) The bank shall incur no liability for any transaction regarding the deposit or safe deposit box solely because of doing business with a minor.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.10 | Claims Adverse to Deposits or Property.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
If any claim not clearly consistent with the terms of any applicable authority on file with a bank is made to any deposit, safe deposit box, property held in safekeeping, security, obligation, or other property in the bank's possession or control, in whole or in part, by any person, including any depositor, individual, or group of individuals, whether or not authorized to draw on or exercise any right or control with respect to the property, the bank is not required to recognize the claim without one of the following:
(A) A court order, issued by a court of competent jurisdiction and served on the bank, enjoining or restraining the bank from taking any action with respect to the property or instructing the bank to pay some or all of the balance of the account, provide access to the safe deposit box, or deliver the property as provided in the order;
(B) A bond in the form and amount and with sureties satisfactory to the bank, indemnifying the bank against any liabilities, loss, and expenses it might incur because of its recognition of the claim or because of its refusal, due to the claim, to honor or recognize any right with respect to the property.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.11 | Deposits Entered as u.s. Money.

Effective:
January 1, 1997
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.15 | Permitted Transactions.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A)(1) Subject to the restrictions and limitations of the Revised Code, a state bank may do any of the following:
(a) Loan money, with or without security, and payable on demand, at maturity, in installments, or by any combination of these;
(b) Issue, advise, and confirm letters of credit authorizing the beneficiaries of the letters to draw upon the bank or its correspondents;
(c) Purchase open accounts, whether or not the accounts represent an evidence of debt.
(2) Subject to the margin requirements the superintendent of financial institutions may prescribe by rule, a state bank may make loans secured by stocks, bonds, or other securities.
(B) Subject to sections 1109.22, 1109.32, and 1109.47 of the Revised Code and any rules the superintendent prescribes, a state bank may purchase obligations of any kind with or without recourse.
(C) A state bank may acquire personal property for lease to others, if the transaction, as a whole, has the character of an extension of credit.
(D)(1) Subject to division (D)(2) of this section, any other restrictions and limitations of the Revised Code, and any conditions, restrictions, or requirements established by the superintendent, a state bank may enter into a debt suspension agreement or debt cancellation contract with a borrower or borrowers in connection with any loan or extension of credit.
(2) A state bank shall not offer or finance, directly or indirectly, a debt suspension agreement or debt cancellation contract requiring a lump sum, single payment for the agreement or contract payable at the outset of the agreement or contract, if the debt subject to the agreement or contract is secured by one to four family, residential real property.
(3) For purposes of division (D) of this section, "debt cancellation contract" and "debt suspension agreement" have the same meanings as in 12 C.F.R part 37, as amended.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.151 | No Fiduciary Relationship Created.

Effective:
January 1, 2018
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.16 | Standards for Extensions of Credit.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) The superintendent of financial institutions shall adopt rules prescribing standards for extensions of credit that are either of the following:
(1) Secured by liens on interests in real estate;
(2) Made for the purpose of financing the construction of either a building or improvements to real estate.
(B) In prescribing the standards required by division (A) of this section, the superintendent shall consider all of the following:
(1) The risk the extensions of credit pose to the federal deposit insurance funds;
(2) The need for state banks to operate in a safe and sound manner;
(3) The availability of credit;
(4) Any other factors the superintendent considers appropriate.
(C) In prescribing the standards required by division (A) of this section, the superintendent may differentiate among types of loans on the basis of any of the following:
(1) Statutory requirements;
(2) Risk to the federal deposit insurance funds;
(3) The safety and soundness of state banks.
(D) The superintendent shall not adversely evaluate an investment or a loan made by a state bank, or consider a loan to be nonperforming, solely because the loan is secured by or the investment is in commercial, residential, or industrial property, unless the investment or loan may affect the bank's safety and soundness.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.18 | Extending Credit Pursuant to Revolving Credit Agreement.

Effective:
January 1, 1997
Latest Legislation:
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.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.181 | Charges Under Revolving Credit Agreement.

Effective:
September 4, 2012
Latest Legislation:
House Bill 322 - 129th General Assembly
(A) As used in this section:
(1) "Revolving credit agreement" means an agreement pursuant to which a bank contemplates repeated transactions and the amount of credit that may be extended pursuant to the agreement is made available to the extent that any outstanding balance is repaid. "Revolving credit agreement" does not include an agreement secured by a residential mortgage.
(2) "Residential mortgage" means an obligation to pay a sum of money evidenced by a note or agreement and secured by a lien upon real property located within this state containing two or fewer residential units or on which two or fewer residential units are to be constructed, including such an obligation on a residential condominium or cooperative unit.
(B) Notwithstanding any limitations contained in sections 1109.18, 1109.20, or any other section of the Revised Code, a bank may charge interest, fees, and other charges under a revolving credit agreement at the same or lower rates or amounts that a bank located in another state may charge its revolving credit customers in this state.