reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.09 | Trust Service Offices.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A)(1) A trust service office is any location established by a trust company as a place for either of the following:
(a) Persons seeking the services of the trust company, or information about those services, to contact representatives of the trust company regarding the trust company's business.
(b) The trust company's representatives to contact the trust company's customers, or potential customers, and their representatives.
(2) None of the following is a trust service office:
(a) Any location where a trust company conducts its operations but does not provide facilities for contact with its customers or contact by the public with the trust company;
(b) Any location that is the home or place of work or business or used for the convenience of the trust company's customer, potential customer, or a representative of a customer or potential customer where the trust company's representative's contact with its customer, potential customer, or a representative of a customer or potential customer is merely incidental to the purposes for which the location is maintained and to the activities conducted there;
(c) Any location where another person, including a financial institution, conducts its business and persons inquiring about trust services are merely referred to a trust company, even if referrals to a particular trust company are by exclusive arrangement and compensated.
(B) A trust company may, consistent with the trust company's safe and sound operation and the law, establish and maintain trust service offices at any location, including the following:
(1) If clearly identified and distinguished, at a location where another person, including a financial institution, also conducts business;
(2) If the trust company is a bank, savings and loan association, or savings bank, at any of its approved banking offices or main office or branches.
(C)(1) A trust company shall give notice in writing to the superintendent of financial institutions prior to establishing, relocating, or closing a trust service office in this state.
(2) A trust company that is a state bank also shall give notice in writing to the superintendent prior to establishing, relocating, or closing a trust service office outside this state.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.11 | Trust Company - Powers and Duties.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
A trust company may receive and hold moneys or property, in trust or as custodian, from executors, administrators, assignees, guardians, trustees, corporations, or individuals, and engage in those activities constituting the trust business, and any activities incidental to the trust business, including any of the following:
(A) Acting as trustee under any instrument creating a trust for the care and management of property under the same circumstances and in the same manner as any other trustee;
(B) Accepting and executing any trusts, duties, and powers that may be granted to it regarding holding, managing, investing, or disposing of any property, real or personal, that may be committed or transferred to or vested in a trust estate and any rents, income, profits, and proceeds of that property or the sale of that property;
(C) Accepting and executing all trusts committed to it by order of any court of any state, the United States, or any country, to act as executor, administrator, assignee, guardian, receiver, or trustee, or in any other fiduciary capacity, and taking title to any real estate that is the subject of any trust committed to it by any court;
(D) Acting as agent for holding, managing, investing, or disposing of any property, real or personal, and any rents, income, profits, or proceeds of that property or the sale of that property;
(E) Acting as trustee under any mortgage, deed of trust, or indenture for securing bonds or other debt securities issued by any corporation, association, state, county, municipal corporation, or political subdivision;
(F) Accepting and executing any other corporate or municipal trusts;
(G) Acting as agent or trustee for registering, countersigning, or transferring certificates of stock, bonds, or other evidences of indebtedness of a corporation, association, state, county, municipal corporation, or political subdivision.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.12 | Use of Trust Companies by Courts.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) Any court in this state may direct moneys or property that are under its control, paid into court by parties to legal proceedings, or brought into court by reason of an order, judgment, or decree, to be placed with a trust company for safekeeping.
(B) Any court in this state may appoint a trust company to act as executor, administrator, assignee, guardian, receiver, or trustee, or in any other fiduciary capacity, for any estate or property of any kind.
(C) No trust company shall be required by a court to assume or execute any trust the trust company has not consented to assume or execute.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.15 | Purchase of Services or Products.

Effective:
January 1, 2007
Latest Legislation:
House Bill 416 - 126th General Assembly
(A) A trust company acting in any fiduciary capacity, including, but not limited to, the capacities described in section 1111.11 of the Revised Code, may purchase any service or product, including, but not limited to, insurance or securities underwritten or otherwise distributed by the trust company or by an affiliate, through or directly from the trust company or an affiliate or from a syndicate or selling group that includes the trust company or an affiliate, provided that the purchase is otherwise prudent under the Ohio Uniform Prudent Investor Act and the compensation for the service or product is reasonable and is not prohibited by the instrument governing the fiduciary relationship. The compensation for the service or product may be in addition to the compensation that the trust company is otherwise entitled to receive from the fiduciary account.
(B) A trust company shall disclose at least annually any purchase authorized by this section that was made by the trust company during that reporting period. The disclosure shall be given, in writing or electronically, to all persons entitled to receive statements of account activity, and shall include any capacities in which the trust company or an affiliate acts for the issuer of the securities or the provider of the products or services and the fact that the trust company or an affiliate may have an interest in the products or services.
(C) This section shall apply to the purchase of securities made at the time of the initial offering of the securities or at any time thereafter.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.16 | Fiduciary Capacity for Holding Money and Property.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) A trust company may receive and hold money and other property in a fiduciary capacity generally in trust as trustee unless the instrument or other authority appointing the trust company as trustee directs that the money and property be held, in whole or in part, separately from other money and property held in a fiduciary capacity.
(B) Moneys held in a fiduciary capacity by a trust company may, pending distribution, payment of current obligations, or investment, be treated as a deposit in the trust company. Such moneys may also be deposited in an affiliate of the trust company that is authorized to receive deposits, or in any other institution that is authorized to receive deposits. In the event the trust company, affiliate, or other institution in which such moneys are deposited becomes insolvent, closes, or is suspended, the claims for such moneys shall be preferred. The assets of the trust company, affiliate, or other institution in which such moneys are deposited shall be impressed with a trust for the payment of such claims.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.17 | Will, Trust Instrument or Other Authority Governs.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
Any will, trust instrument, or other authority under which a trust company acts shall govern the trust company in receiving, holding, investing, and distributing money and other property the trust company holds in a fiduciary capacity.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.18 | Separating Fiduciary Assets and Records.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) A trust company shall segregate all assets held in any fiduciary capacity from the trust company's own assets, and shall keep its fiduciary records separate and distinct from the trust company's other records.
(B) A trust company shall not use funds received in any fiduciary capacity in conducting the trust company's business. However, if the trust company is a bank, savings and loan association, or savings bank authorized to engage in business in addition to trust business, the trust company may invest the funds received in a fiduciary capacity in a deposit account or instrument of the trust company as specifically permitted by section 1111.13 of the Revised Code. No person shall access any property held by a trust company in trust to satisfy a liability of the trust company.
(C) A trust company shall not accept or, if the trust company is a bank, savings and loan association, or savings bank authorized to engage in business in addition to trust business, shall not in its trust department accept, deposits of current funds subject to check or the deposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.21 | Stated Capital Security for Faithful Discharge of Duties.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) The stated capital of a trust company, with the liabilities of the shareholders existing under the terms of the shares, shall be held as security for the faithful discharge of the duties undertaken by the trust company in respect to any trust or in any fiduciary capacity.
(B)(1) Except as provided in division (B)(2) of this section, no bond or other security shall be required from any trust company with respect to any trust or when the trust company is appointed executor, administrator, guardian, trustee, receiver, assignee, or safekeeping agent.
(2) A court or officer appointing a trust company executor, administrator, guardian, trustee, receiver, assignee, or safekeeping agent may, upon proper application, require the trust company to give security for the faithful performance of its duties. The court or officer may revoke the appointment if the trust company fails to give the security required.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.22 | Records Kept Separate.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) A trust company shall keep separate and complete records for each fiduciary account or relationship, including a record of any securities constituting assets of each particular estate, trust, or account.
(B) A trust company may place securities it holds in any fiduciary capacity with a qualified custodian of securities. A qualified custodian of securities that has custody of securities held by a trust company in a fiduciary capacity may place those securities with another qualified custodian of securities.
(C) A trust company may register and hold securities it holds in any fiduciary capacity in its own name, in the name of a nominee, or, if appropriate to the securities, in bearer form. A custodian of securities that has custody of securities held by a trust company in a fiduciary capacity may hold or place those securities in the name of the trust company, the custodian's own name, the name of either of their nominees, or, if appropriate to the securities, in bearer form.
(D) A trust company, and a custodian of securities that has custody of securities held by a trust company in any fiduciary capacity, may hold securities it holds in any fiduciary capacity, including those held in bearer form, in bulk, whether or not the securities are certificated, without certification of ownership attached to the securities.
(E) A trust company is liable to an estate, trust, or other fiduciary account for any loss resulting from any acts or omissions of the trust company, a nominee, or a custodian of securities relating to securities the trust company holds in any fiduciary capacity.
(F)(1) A trust company that serves as a cofiduciary may, with the consent of the other cofiduciaries, do any of the following:
(a) Place securities it holds in any fiduciary capacity with a custodian of securities, as provided in division (B) of this section;
(b) Register and hold securities it holds in any fiduciary capacity in its own name, in the name of a nominee, or in bearer form, as provided in division (C) of this section;
(c) Hold securities it holds in any fiduciary capacity in bulk, as provided in division (D) of this section.
(2) Any person that serves as a cofiduciary with a trust company for any property in this state consisting of securities may consent to the trust company taking any of the actions authorized by division (F)(1) of this section.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.23 | Requirements for Oaths, Affidavits and Signatures.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A)(1) Whenever an executor, administrator, guardian, or conservator of estates, assignee, receiver, depositary, safekeeping agent, or trustee is required to take and subscribe an oath or to make an affidavit, a trust company acting in that capacity may satisfy the requirement through the oath or affidavit of any authorized officer.
(2) A trust company that takes and subscribes an oath or makes an affidavit is liable for its failure to perform any of the duties required by law to be performed by an individual acting in like capacity, and is subject to the same penalties for the failure as would be applicable to an individual.
(B) In proceedings in any probate court or court of record that are connected with any authority exercised under Chapters 1101. to 1127. of the Revised Code, all accounts, returns, and other papers may be signed and sworn to on behalf of a trust company by any authorized officer of the trust company.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.26 | Regulation by Superintendent and Division of Financial Institutions.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) Any trust company is subject to all powers of, and remedies and sanctions available to, the superintendent of financial institutions and the division of financial institutions under Chapters 1101. to 1127. of the Revised Code, in addition to the specific powers, remedies, and sanctions provided for in this chapter.
(B)(1) With regard to a trust company that is not a bank doing business under authority granted by the superintendent, "regulated person," as used in division (B) of this section, means a director, officer, employee, or controlling shareholder of or agent for the trust company or a person who participates in the management of the trust company, whether or not the person is assigned to an office of the trust company in this state or specifically to the trust company's trust business in this state.
(2) An order to cease and desist issued under section 1121.32 of the Revised Code, a removal or prohibition order issued under section 1121.33 of the Revised Code, or a suspension order issued under section 1121.34 of the Revised Code, which order is issued against a regulated person who is a regulated person because of the person's relationship with a trust company doing trust business in this state that is not a bank doing business under authority granted by the superintendent, does not affect the relationship between the regulated person and the trust company except as it relates to the conduct of the trust company's trust business in this state.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.27 | Reporting to Superintendent.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
Each trust company licensed under this chapter shall file with the superintendent of financial institutions any report the superintendent may require, in the form and manner and containing the information prescribed by the superintendent.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.28 | Court Order for Investigation of Trust.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) Any judge of a court by order of which a trust company is acting in a fiduciary capacity may, upon the judge's own motion or upon the written application of any party interested in the trust estate, appoint suitable persons to investigate the affairs and management of the trust company concerning the trust. The persons who conduct the investigation shall make a sworn report to the court of the investigation. The expense of the investigation shall be taxed as costs, either against the party requesting it or against the assets of the trust, as the court decrees. The court may examine any officers of the trust company, under oath or affirmation, as to the trust, or as to the affairs and management of the trust company, while the court is considering its appointment. The examination and answers of an authorized officer of a trust company under oath shall be received as the examination and answers of the trust company. The court may compel any of the officers of the trust company to attend these examinations and to answer questions relating to the proceedings.
(B) For any cause applicable to natural persons serving in the same capacity, the court may order that the trust company promptly settle the trust.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.02 | Applicability to Family Trust Company.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
Except as otherwise provided in this chapter or in any other provision of the Revised Code, a family trust company is subject to this chapter only to the extent that the family trust company transacts trust business in this state.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.03 | Licensure.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
(A)(1) A family trust company may be, but is not required to be, licensed under this chapter. If a family trust company does not apply for a license under this chapter, it is not subject to supervision by the superintendent of financial institutions, so long as the family trust company meets the criteria as set forth in this chapter for an unlicensed family trust company. It shall, however, before commencing operations as a family trust company and annually thereafter, submit to the superintendent an affidavit signed by a senior officer of the family trust company verifying that the family trust company meets all of the requirements set forth under this chapter to transact business as an unlicensed family trust company in this state. The superintendent may charge and collect a fee from the unlicensed family trust company when the unlicensed family trust company files the affidavit with the superintendent.
(2) If the superintendent requires a fee under division (A)(1) of this section, the superintendent shall adopt rules in accordance with Chapter 119. of the Revised Code to establish the amount of the fee.
(B) Except as otherwise provided in this chapter, a family trust company licensed under this chapter is not subject to any other chapter of Title XI of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.04 | Powers of Family Trust Company.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
(A)¿A family trust company may do any of the following for the benefit of family clients only:
(1)¿Act as a fiduciary, including as a personal representative, within and outside this state;
(2)¿Act within and outside this state as advisory agent, agent, assignee, assignee for the benefit of creditors, attorney in fact, authenticating agent, bailee, bond or indenture trustee, conservator, conversion agent, curator, custodian, escrow agent, exchange agent, fiscal or paying agent, financial adviser, investment adviser, investment manager, managing agent, purchase agent, receiver, registrar, safekeeping agent, subscription agent, transfer agent except for public business entities, warrant agent, or in any similar capacity generally performed by corporate trustees and, in so acting, possess, purchase, sell, invest, reinvest, safe keep, or otherwise manage or administer the real or personal property of other persons;
(3)¿Exercise the powers of a corporation or limited liability company organized under the laws of this state and any incidental powers to enable it to fully exercise any power authorized under this chapter.
(B)¿¿A family trust company shall not do any of the following:
(1)¿Except as otherwise provided in division (A)(10) of section 1112.05 of the Revised Code, receive money or its equivalent from any individual or entity for deposit, make loans of any nature to any individual or entity, or otherwise conduct a general banking business;
(2)¿Engage in trust business with, or advertise its services to, the public;
(3)¿Use "trust" or any direct derivative of that word as any part of its name, unless it is a licensed family trust company.
Last updated July 22, 2021 at 9:39 AM
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.05 | Family Trust Company Acting as Fiduciary of a Trust.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
(A)¿¿Notwithstanding any other provision of law to the contrary, while acting as the fiduciary of a trust, a family trust company may do all of the following:
(1)¿Invest in a security of an investment company or investment trust for which the family trust company or a family affiliate provides services in a capacity other than as a fiduciary;
(2)¿Place a security transaction using a broker that is a family affiliate;
(3)¿Invest in an investment contract that is purchased from an insurance company or carrier owned by or affiliated with the family trust company or a family affiliate;
(4)¿Enter into an agreement with a beneficiary or grantor of a trust relative to the appointment or compensation of the fiduciary or a family affiliate;
(5)¿Transact with another trust, estate, guardianship, or conservatorship for which the family trust company is a fiduciary or in which a beneficiary has an interest;
(6)¿Make an equity investment in a nonpublicly traded entity that may or may not be marketable and that is owned or controlled, either directly or indirectly, by one or more beneficiaries, family members, or family affiliates;
(7)¿Deposit trust money in a financial institution that is owned or operated by a family affiliate;
(8)¿Delegate the authority to conduct any transaction or action under this section to an agent of the family trust company or a family affiliate;
(9)¿Purchase, sell, hold, own, or invest in any security, bond, real or personal property, stock, or other asset of a family affiliate;
(10)¿Loan money to or borrow money from a family member or the family member's legal representative, another trust managed by the family trust company, or a family affiliate;
(11) Act as proxy in voting any shares of stock that are assets of the trust;
(12) Exercise any powers of control with respect to any interest in a business entity that is an asset of the trust, including, without limitation, the appointment of officers or directors who are family members;
(13) Receive reasonable compensation for its services.
(B) After full disclosure to the governing body of the family trust company is provided, nothing in this section prohibits a family trust company from entering into a transaction with or investing in any asset of any of the following:
(1) A trust, estate, guardianship, or conservatorship for which the family trust company is a fiduciary;
(2) A family affiliate;
(3) Any other business entity, agent, or person for which a conflict of interest may exist.
Last updated July 22, 2021 at 9:39 AM
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.06 | Oath.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
Each member of the governing board of a family trust company shall take and subscribe an oath that the member will administer the affairs of the family trust company diligently and honestly and that the member will not knowingly or willfully permit noncompliance with or violation of any of the laws relating to family trust companies.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.07 | Application for License.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
(A) A family trust company wishing to be licensed under this chapter shall file an application with the superintendent of financial institutions. The application shall be in the form prescribed by the superintendent and shall be accompanied by a nonrefundable application fee of five thousand dollars.
(B) Within sixty days after a complete application for a license is filed, the division of financial institutions shall investigate the relevant facts concerning the applicant. If the application involves investigation outside this state, the division may require the applicant to advance sufficient funds to pay any of the actual expenses of that investigation.
(C) In determining whether to approve or disapprove an application for a family trust company license, the superintendent shall consider all of the following:
(1) Whether the applicant is a corporation or limited liability company described in division (H) of section 1112.01 of the Revised Code;
(2) Whether the applicant's articles of incorporation or articles of organization authorize the applicant to serve as a trustee;
(3) Whether the applicant satisfies the requirements of section 1112.13 of the Revised Code;
(4) Whether it is reasonable to believe the applicant will comply with applicable laws and observe sound fiduciary standards in conducting trust business in this state.
(D) If an application for a license does not contain all of the information required or is not accompanied by the required fee, and if that information or fee is not submitted to the superintendent within twelve months after the superintendent first requests the information or fee, or within such later period as determined by the superintendent, the superintendent shall consider the application withdrawn. If an application is considered withdrawn under this division or if an applicant otherwise withdraws its application, the superintendent shall not issue a license to the applicant unless the applicant submits a new application and pays the required fee.
(E) When an applicant has satisfied all prior conditions imposed by the superintendent in approving the applicant's application for a family trust company license and has pledged securities as required by section 1112.12 of the Revised Code, the superintendent shall issue the applicant a trust company license. A license issued pursuant to this section shall remain in force and effect until surrendered by the licensee pursuant to section 1112.17 of the Revised Code or suspended or revoked by the superintendent pursuant to section 1112.24 or 1112.25 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.09 | Transfer and Assignment Prohibited.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
A family trust company's license to engage in trust business in this state is not transferable or assignable.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.10 | More Than One Place of Business.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
Not more than one place of business shall be maintained under the same license issued under this chapter, but the superintendent of financial institutions may issue additional licenses to the same licensee. For every additional place of business in this state, the licensee shall submit an application in the form prescribed by the superintendent and pay a one-time nonrefundable fee of five hundred dollars. For every additional place of business outside of this state, the licensee shall give written notice thereof to the superintendent.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.11 | Limitation of Powers Before Licensure.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
The existence of any licensed family trust company shall date from the filing of its articles of incorporation or articles of organization, from which time it shall have and may exercise the incidental powers conferred by law upon corporations or limited liability companies, as applicable. However, until it has obtained a license issued under this chapter, a family trust company shall not transact any business as a licensed family trust company, other than the election of officers, the taking and approving of their official bonds, the receipts of payment upon stock subscriptions, and other business incidental to its organization.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.13 | Fidelity Bonds; Liability Insurance.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
(A)¿Each licensed family trust company shall obtain and maintain all of the following:
(1) Fidelity bonds in such amounts as it considers advisable, but not less than an aggregate amount of one million dollars, on any active officer, manager, family member acting in a managerial capacity, or employee, whether or not such persons receive a salary or other compensation from the family trust company, to indemnify it against loss because of any dishonest, fraudulent, or criminal act or omission by any of the persons bonded, acting alone or in combination with any other person. The bonds may be in any form and may be paid for by the family trust company.
(2) Directors and officers liability insurance coverage in the amount of at least one million dollars.
(B)¿A licensed family trust company may also procure property and casualty insurance of a nature and with such coverage amounts as it considers advisable.
Last updated July 22, 2021 at 9:37 AM
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.14 | Duties of Licensed Family Trust Company.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
Each licensed family trust company shall do all of the following:
(A) Maintain office space in this state for the transaction of trust business and for the storage of, and access to, family trust company records;
(B) Hold in this state at least two governing board meetings per year at which a quorum of the board members are physically present;
(C) Employ, engage, or contract with at least one individual, on a part-time basis, to provide services in this state for the family trust company;
(D) Perform at least three of the following trust administration activities wholly or partly in this state for the accounts under the management, administration, or custody of the family trust company:
(1) Annual account reviews;
(2) Annual investment reviews;
(3) Trust accountings;
(4) Account correspondence;
(5) Completion of trust account tax returns;
(6) Distribution of account statements.
(E) Maintain all of the following:
(1) A minimum of three directors or managers, at least one of whom is a resident of this state;
(2) A minimum stockholders' equity of an amount determined by the division of financial institutions, which amount shall be at least two hundred thousand dollars but not more than five hundred thousand dollars. The equity may be comprised of cash, securities, including stock of a nonpublicly traded business entity, or other reasonably liquid assets exclusive of all organization expenses.
(3) All applicable state and local business licenses and permits;
(4) A bank account with a state chartered or national bank having a principal or branch office in this state.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.15 | Board Meetings.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
The governing board of a licensed family trust company shall hold at least one regular meeting during each calendar quarter. At each of the quarterly meetings, the board, or an auditor selected by the board, shall thoroughly review the books, records, funds, and securities held by the family trust company. If the board selects an auditor, the auditor's findings shall be reported directly to the board. In lieu of the quarterly examinations, the board may accept an annual audit conducted by a certified public accountant or an independent auditor selected by the board.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.16 | Other Licensing and Regulation Requirements.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
Except as otherwise provided in section 1112.04 of the Revised Code, a licensed family trust company has all the rights, privileges, and exemptions from licensing and regulation requirements that are granted by any law of this state to trust companies licensed under Chapter 1111. of the Revised Code, including, without limitation, the requirements for registration, licensing, and supervision set forth in Chapter 1707. of the Revised Code. A family trust company established under Chapter 1112. of the Revised Code is not subject to taxation under Chapter 5726. of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.18 | Recordkeeping.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
(A) A family trust company shall keep separate and complete records for each fiduciary account or relationship, including a record of any securities constituting assets of each particular estate, trust, or account.
(B) A family trust company may place securities it holds in any fiduciary capacity with a qualified custodian of securities. A qualified custodian of securities that has custody of securities held by a family trust company in a fiduciary capacity may place those securities with another qualified custodian of securities.
(C) A family trust company may register and hold securities it holds in any fiduciary capacity in its own name, in the name of a nominee, or, if appropriate to the securities, in bearer form. A custodian of securities that has custody of securities held by a family trust company in a fiduciary capacity may hold or place those securities in the name of the family trust company, the custodian's own name, the name of either of their nominees, or, if appropriate to the securities, in bearer form.
(D) A family trust company, and a custodian of securities that has custody of securities held by a family trust company in any fiduciary capacity, may hold securities it holds in any fiduciary capacity, including those held in bearer form, in bulk, whether or not the securities are certificated, without certification of ownership attached to the securities.
(E)(1) A family trust company that serves as a cofiduciary may, with the consent of the other cofiduciaries, do any of the following:
(a) Place securities it holds in any fiduciary capacity with a custodian of securities, as provided in division (B) of this section;
(b) Register and hold securities it holds in any fiduciary capacity in its own name, in the name of a nominee, or in bearer form, as provided in division (C) of this section;
(c) Hold securities it holds in any fiduciary capacity in bulk, as provided in division (D) of this section.
(2) Any person that serves as a cofiduciary with a family trust company for any property in this state consisting of securities may consent to the family trust company taking any of the actions authorized by division (E)(1) of this section.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.19 | Retention and Reproduction of Documents.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
(A) A family trust company may, for any business purpose, retain a document, paper, or other instrument. A family trust company may record by use of a process to record, copy, photograph, or store a representation of the original document, paper, or other instrument or record if all of the following apply:
(1) The process correctly and accurately copies or reproduces, or provides a means for correctly and accurately copying or reproducing, the original document, paper, or other instrument or record with regard to both its substance and appearance, except the copy or reproduction need not reflect the original paper or other medium, size, or color, unless the medium, size, or color is necessary to establish the authenticity of the original.
(2) The process does not permit the recording, copy, photographic image, or stored representation of the original document, paper, or other instrument or record to be altered or manipulated.
(3) Any medium the process uses to record, copy, photograph, or store a representation of the original document, paper, or other instrument or record is a durable medium for retaining and reproducing records.
(B) The superintendent of financial institutions shall identify and publish a list of processes that satisfy the conditions of division (A) of this section.
(C) Each family trust company that uses a process authorized by this section to preserve any of its records shall also provide for safekeeping and for examining, viewing, or projecting the records preserved, and for producing reproductions of the original records.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.20 | Remedies and Sanctions.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
(A) Any licensed family trust company is subject to all powers of, and remedies and sanctions available to, the superintendent of financial institutions and the division of financial institutions under Chapters 1101. to 1127. of the Revised Code, in addition to the specific powers, remedies, and sanctions provided for in this chapter.
(B)(1) With regard to a licensed family trust company, "regulated person," as used in division (B) of this section, means a director, officer, employee, or controlling shareholder of or agent for the licensed family trust company or a person who participates in the management of the licensed family trust company, whether or not the person is assigned to an office of the licensed family trust company in this state or specifically to the licensed trust company's trust business in this state.
(2) An order to cease and desist issued under section 1121.32 of the Revised Code, a removal or prohibition order issued under section 1121.33 of the Revised Code, or a suspension order issued under section 1121.34 of the Revised Code, which order is issued against a regulated person who is a regulated person because of the person's relationship with a licensed family trust company doing trust business in this state, does not affect the relationship between the regulated person and the licensed family trust company except as it relates to the conduct of the licensed family trust company's trust business in this state.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.21 | Reports.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
Each family trust company licensed under this chapter shall file with the superintendent of financial institutions any report the superintendent may require, in the form and manner and containing the information prescribed by the superintendent.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.22 | Examination of Records and Affairs.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
(A) Not later than eighteen months after a licensed family trust company receives its initial license under this chapter, and as often thereafter as the superintendent of financial institutions considers necessary, but at least once each thirty-six-month cycle, the superintendent, or any deputy or examiner appointed by the superintendent for that purpose, shall thoroughly examine the records and affairs of the licensed family trust company. For purposes of the examination, the superintendent may require the attendance of, and examine under oath, any governing board member, officer, manager, employee, or agent of a licensed family trust company. A licensed family trust company shall produce and make available all records or other documents requested by the superintendent, in either electronic or paper form, whether the examination is conducted at the office of the family trust company or wholly or partially off-site.
(B) The findings of any examination conducted under this section shall be recorded in a written examination report that contains a full, true, and careful statement of the condition of the licensed family trust company. The superintendent shall provide a copy of the written examination report to the governing board of the licensed family trust company.
(C) A licensed family trust company being examined shall pay the expense of any examination conducted under this section, including salaries, travel expenses, supplies, and equipment.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.23 | Confidentiality.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
(A) Except as provided in division (D) of this section, the superintendent of financial institutions, the superintendent's agents, and employees shall keep privileged and confidential all of the following information:
(1) Application information and other information obtained from a family trust company, including the names and addresses of the directors and officers, the names and addresses of the stockholders, family members, or other owners, capital contributions, and business affiliations;
(2) Information required to be reported to, or filed with, the superintendent of financial institutions under this chapter, including the affidavit described in division (A)(1) of section 1112.03 of the Revised Code;
(3)¿Information leading to, arising from, or obtained in the course of an examination or investigation conducted under the authority of this chapter;
(4) Information relating to a family trust company that qualifies as nonpublic personal information under 15 U.S.C. 6809 and the regulations adopted thereunder;
(5)¿Information or agreements relating to any merger, consolidation, or transfer;
(6) Any other private information relating to a family trust company.
(B) Any person who receives privileged and confidential information as described in division (A) of this section is subject to the requirements of this section. No person, knowing the information is privileged and confidential, shall purposely divulge the information in any manner.
(C) Neither the superintendent, nor any agent or employee of the superintendent, shall purposely make, or cause to be made, any false statements or reports regarding the affairs or condition of a family trust company.
(D) The information described in division (A) of this section shall remain confidential and not discoverable from any source, and shall not be introduced into evidence, except in the following circumstances:
(1) When it is necessary for the superintendent to take official action regarding the affairs of a family trust company;
(2) To assist another state or a federal agency investigating activities regulated under this chapter;
(3) When obtained by a law enforcement officer pursuant to a subpoena, court order, search warrant, or other lawful means.
(E) The discovery of information pursuant to division (D) of this section shall be limited to information that directly relates to the family trust company that is the subject of the enforcement action or litigation.
Last updated July 22, 2021 at 9:38 AM
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1112 | Ohio Family Trust Company Act › Section 1112.24 | Failure to Comply With Chapter or Refusal to Allow Inspection.

Effective:
September 14, 2016
Latest Legislation:
House Bill 229 - 131st General Assembly
(A)¿The superintendent of financial institutions may revoke a license issued under this chapter if, after notice and an opportunity for hearing in accordance with Chapter 119. of the Revised Code (which hearing shall not be open to the public), the superintendent finds either of the following:
(1) An officer or director of, or any manager or family member acting in a managerial capacity for, the licensed family trust company has failed to comply with any provision of this chapter.
(2) The licensed family trust company, or any person authorized to act on its behalf, refuses to allow the superintendent or any deputy or examiner appointed by the superintendent to inspect all books, records, papers, and effects related to the family trust company's business.
(B) In addition to any other remedy provided under this chapter, the superintendent may impose a fine of not more than ten thousand dollars upon either of the following:
(1) A person who fails to comply with any provision of this chapter or any rule adopted thereunder;
(2) A family trust company that is not licensed under this chapter that operates in any manner that is authorized only for licensed family trust companies.
Last updated July 22, 2021 at 9:38 AM