reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.20 | Interest and Finance Charge Rates.

Effective:
March 20, 2019
Latest Legislation:
House Bill 489 - 132nd General Assembly
(A) A bank may contract for and receive interest or finance charges at any rate or rates agreed upon or consented to by the parties to the loan contract, extension of credit, or revolving credit agreement, but not exceeding an annual percentage rate of twenty-five per cent. In addition, a bank may charge, collect, and receive, as interest, other fees and charges that are agreed upon by the bank and the borrower, including, but not limited to, periodic membership fees, cash advance fees, charges for exceeding a designated credit limit, charges for late payments, charges for the return of a dishonored check or other payment instrument, guarantee fees, origination fees, processing fees, application fees, and prepayment fees. Any fees and charges charged, collected, or received by a bank in accordance with this division shall not be included in the computation of the annual percentage rate or the rates of interest or finance charges for purposes of applying the twenty-five per cent limitation.
The computation of the loan balance on which interest and finance charges are assessed and the method of compounding interest on the balance shall be as agreed upon by the bank and the borrower.
(B) For the purposes of section 85 of the "National Bank Act," 48 Stat. 191 (1933), 12 U.S.C.A. 85, and section 521 of the "Depository Institutions Deregulation and Monetary Control Act of 1980," 94 Stat. 132, 12 U.S.C.A. 1831d, both of the following apply:
(1) All the interest and finance charges and other fees and charges authorized under division (A) of this section are deemed to be interest and may be charged, collected, and received as interest by a bank.
(2) All terms, conditions, and other provisions authorized by this section and other provisions contained in any agreement with the borrower, including, but not limited to, terms, conditions, and other provisions relating to the method of determining the balance upon which interest or finance charges are applied, time periods within which fees and charges may be avoided, reasons for default and rights to cure any default, rights to accelerate payments, account cancellation, choice of law, and change-in-terms requirements, are deemed to be material to the determination of the interest rate.
(C) Any agreement between a bank and a borrower, wherever the borrower's place of residence, shall be governed solely by the laws of this state and federal law, unless otherwise provided for in the agreement.
(D) Subject to any requirements under applicable federal law, a bank and a borrower may specify in their agreement any terms and conditions for modifying or amending the agreement.
(E) The charging, collection, or receipt of the interest and finance charges, and other fees and charges authorized under this section are deemed not to violate any provision of the Revised Code that prescribes, regulates, or limits any fee, charge, rate of interest, or finance charges.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.25 | Bank's Own Stock as Security or Payment.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) No stock state bank shall lend money on the security of shares of its own stock or accept shares of its own stock in satisfaction of a debt, unless necessary to prevent loss on a debt previously contracted in good faith.
(B) A stock state bank that accepts shares of its own stock as allowed by division (A) of this section shall retire or dispose of the shares at the time and in the manner required by the superintendent of financial institutions.
(C) For purposes of this section, the superintendent may determine that stock of a person that controls a stock state bank, if the stock is not readily marketable, is the functional equivalent of stock of the bank and, therefore, subject to divisions (A) and (B) of this section.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.26 | Owning or Holding Real Estate or Stock Acquired in Satisfaction of Debt.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A)(1) A state bank may own or hold for not more than five years any real estate it acquires by foreclosure, conveyance in lieu of foreclosure, or other legal proceedings relating to loan security interests or otherwise in satisfaction of a debt previously contracted. The superintendent of financial institutions may, upon application by a state bank, grant the bank the power to hold the real estate for a longer time.
(2) The superintendent may, at any time, require a state bank to obtain an independent qualified appraisal of real estate the bank owns or holds in accordance with division (A)(1) of this section.
(3) Real estate sold on contract, but with title remaining in the name of the state bank, shall not be considered real estate held by the bank for the purpose of divisions (A)(1) and (2) of this section.
(B)(1) A state bank may own or hold for not more than five years shares of companies either acquired in securing satisfaction of a debt previously contracted in good faith or taken on a refinancing plan involving an investment that was legal at the time it was made. The superintendent may, upon application by a state bank, grant the bank the power to hold the shares for a longer time.
(2) The superintendent may, at any time, require a state bank to obtain an independent qualified appraisal of the shares the bank owns or holds in accordance with division (B) of this section.
(C) The limitations set forth in this section shall not apply to real estate or shares owned or held by a state bank affiliate, except for a company that is a subsidiary of the state bank.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.31 | Real Estate Investments.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A state bank may purchase, acquire by lease, or otherwise invest in the real estate and interests in real estate the board of directors considers necessary or convenient for transaction of the bank's business, including by ownership of an entity having as its exclusive authority the ownership and management of the bank's real estate interests.
(B) A state bank may invest an amount equal to the greater of the bank's capital or ten per cent of its total assets in any other real estate. This limitation does not apply, however, to real estate acquired by foreclosure, conveyance in lieu of foreclosure, or other legal proceedings relating to loan security interests or otherwise in satisfaction of a debt previously contracted.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.32 | Bonds, Notes and Other Debt Securities as Investments.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A state bank may invest in any of the following:
(1) Bonds, bills, notes, or other debt securities of the United States or for which the full faith and credit of the United States is pledged for payment of principal and interest;
(2) Bonds, notes, or other debt securities issued by this state, or any state of the United States, that are the direct obligation of the issuer and for which the full faith and credit of the issuer is pledged to provide payment of the principal and interest;
(3) Bonds, notes, or other debt securities of any county, municipal corporation, township, school district, improvement district, sewer district, or other subdivision of this state or any other state of the United States, that are the direct obligation of the county or the subdivision issuing them and for which the full faith and credit of the issuing county or subdivision is pledged to provide payment of principal and interest;
(4) Bonds or other debt obligations issued or guaranteed by agencies or instrumentalities of the United States, regardless of the guarantee of payment of principal and interest by the United States;
(5) Subject to conditions and restrictions the superintendent of financial institutions may prescribe, bonds, debentures, and other debt securities issued by any country or multinational organization that are the direct obligation of the issuing country or multinational organization and for which the full faith and credit of the issuing country or multinational organization is pledged to provide payment of principal and interest;
(6) Bankers' acceptances of the kinds described in divisions (B) and (C) of section 1109.17 of the Revised Code;
(7) Subject to conditions and restrictions the superintendent may prescribe, bonds, debentures, and other debt securities and obligations of any state or political subdivision of a state, a public corporation, or governmental agency that are payable solely out of anticipated revenues, commonly referred to as revenue bonds;
(8) As defined and restricted by the superintendent, marketable obligations evidencing the indebtedness of any corporation in the form of bonds, notes, debentures, or equipment trust certificates, commonly referred to as investment securities.
(B) In addition to any other provision of this chapter authorizing state banks to invest in bonds, debentures, or other debt securities, a state bank may invest in bonds, debentures, and other debt securities and obligations in which national banks, savings banks, and savings associations insured by the federal deposit insurance corporation are permitted to invest.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.33 | Investing in Stock of Federally Chartered Banks.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
A state bank may apply to the superintendent of financial institutions for permission to invest, subject to the conditions and requirements prescribed by the superintendent, an amount, in the aggregate, not exceeding ten per cent of a stock state bank's paid-in capital and surplus or a mutual state bank's retained earnings in the stock of banks or corporations chartered or incorporated under the laws of the United States, including section 25a of the "Federal Reserve Act of 1913," 12 U.S.C. 611, as amended, and principally engaged in international or foreign banking, or in banking in a dependency or insular possession of the United States, either directly or through the agency, ownership, or control of local institutions in foreign countries, dependencies, or insular possessions.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.34 | Investing in Securities of Domestic Insurance Company.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A state bank may invest in the securities of a domestic insurance company organized under Chapter 3907. or 3925. of the Revised Code, regulated by the superintendent of insurance under Title XXXIX of the Revised Code and engaged exclusively in the business of reinsuring risks, to the extent permitted by and subject to limitations and restrictions imposed by the superintendent of financial institutions by rules adopted in accordance with Chapter 119. of the Revised Code.
(B)(1) The total amount any state bank may invest in the common and preferred stock, obligations, and other securities of domestic insurance companies pursuant to division (A) of this section shall not exceed ten per cent of the bank's assets.
(2) A state bank may file an application with the superintendent of financial institutions for permission to invest, subject to the conditions and requirements prescribed by the superintendent of financial institutions, an amount in excess of ten per cent of the bank's capital in the common and preferred stock, bonds, debentures, and other obligations of one domestic insurance company pursuant to division (A) of this section.
(C) A state bank making investments pursuant to division (A) of this section shall report the investments annually on the first day of March to the superintendent of financial institutions and the superintendent of insurance. The report shall include, for each reinsurer in which the bank has made an investment, information as to the amount of reinsurance written in this state by each line of insurance designated by the superintendent of insurance.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.36 | Underwriting and Dealing in Guaranteed and Acceptable Debt Securities.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
To the extent permitted by and subject to any limitations and restrictions the superintendent of financial institutions may impose, a state bank may underwrite and deal in investments in the form of bonds, notes, debentures, or other debt securities that are any of the following:
(A) The direct obligation of or guaranteed by the United States;
(B) The direct obligation of or guaranteed by any state of the United States or any political subdivision of any state of the United States;
(C) Acceptable to the superintendent.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.39 | Additional Stock Investments.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
In addition to the specific investments authorized in this chapter, a state bank may also invest, in the aggregate, no more than ten per cent of its assets in the common or preferred stock, obligations, or other securities of any corporations, as authorized by the bank's board of directors.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.40 | Additional Authority for Loans and Investments.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) In addition to the other loan and investment authority provided for banks in Chapter 1109. of the Revised Code, but subject to all other provisions of the Revised Code, a state bank may invest up to fifteen per cent of its total assets in loans or investments authorized by the bank's board of directors.
(B) If a loan or other investment is authorized under more than one section of Chapter 1109. of the Revised Code, a state bank may designate under which section the loan or investment has been or will be made. The loan or investment may be apportioned among appropriate categories, and may be moved in whole or in part from one category to another.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.43 | Investing in Bankers' Bank or Holding Company.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) For purposes of this section:
(1) "Bankers' bank" means a bank organized to engage exclusively in providing services to other depository institutions and depository institution holding companies and their officers, directors, and employees.
(2) "Bankers' bank holding company" means a corporation that owns or controls, directly or indirectly, a majority of the shares of the capital stock of a bankers' bank, or controls in any manner the election of a majority of the directors of a bankers' bank.
(3) "Depository institution" means a bank, savings association, savings bank, or credit union.
(B) A state bank may invest, in the aggregate, up to ten per cent of its capital in shares of bankers' banks or bankers' bank holding companies.
(C)(1) The voting shares of a bankers' bank shall be owned by twenty or more depository institutions or depository institution holding companies, and no depository institution or depository institution holding company shall own, directly or indirectly, more than fifteen per cent of the voting shares of a bankers' bank.
(2) The voting shares of a bankers' bank shall be owned, directly or indirectly, exclusively by depository institutions, depository institution holding companies, and persons who hold the shares under, or initially acquired them through, a plan for the benefit of the bankers' bank's officers and employees.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.44 | Investing in Bank Subsidiary Corporations and Bank Service Corporations.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A state bank may invest, in the aggregate, twenty-five per cent of its assets in the stock, obligations, and other securities of bank subsidiary corporations and bank service corporations.
(B) A state bank shall obtain the approval of the superintendent of financial institutions prior to investing in, acquiring, or establishing a bank subsidiary corporation or bank service corporation, or performing any new activities in a bank subsidiary corporation or bank service corporation.
(C)(1) A bank subsidiary corporation that is a wholly owned subsidiary of the state bank may engage in any activities, except taking deposits, that are a part or an extension of the business of banking.
(2) A bank service corporation shall be owned solely by one or more banks, and may, at any location, do any of the following:
(a) Provide clerical, bookkeeping, accounting, statistical, or similar services;
(b) Engage in any activities, except taking deposits, that all of its owner banks are authorized to engage in;
(c) Engage in any activity, except taking deposits, the board of governors of the federal reserve system has determined to be permissible for a financial holding company under section 4(k)(1) of the "Bank Holding Company Act of 1956," as amended, 70 Stat. 133, 12 U.S.C.A. 1843(k)(1).
(D) Bank subsidiary corporations and bank service corporations are subject to examination and regulation by the superintendent.
(E) A bank subsidiary corporation or a bank service corporation may invest in a lower-tier bank subsidiary corporation or bank service corporation, subject to the requirements of this section.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.441 | Additional Investment Authority.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
Only for investments made under section 1109.44 of the Revised Code may a state bank invest in securities pursuant to section 1109.39 of the Revised Code or make investments pursuant to section 1109.40 of the Revised Code that result in any of the following:
(A) The state bank, directly or indirectly, or acting through one or more other persons, owning, controlling, or having the power to vote twenty-five per cent or more of any class of voting securities of the company in which the investment is being made;
(B) The state bank controlling in any manner the election of a majority of the directors or trustees of the company in which the investment is being made;
(C) As determined by the superintendent of financial institutions after notice and opportunity for a hearing, the state bank directly or indirectly exercising a controlling influence over the management or policies of the company in which the investment is being made.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.45 | Investing in Clearing Corporation.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
A state bank may invest in the shares of a clearing corporation as defined by section 1308.01 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.47 | Limiting Investing in One Issuer.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) Except as provided in division (B) of this section, a state bank shall not invest more than fifteen per cent of its capital in the shares, obligations, or other securities of any one issuer.
(B) Division (A) of this section does not apply to any of the following:
(1) Bonds or other obligations enumerated in divisions (A)(1) to (6) of section 1109.32 of the Revised Code;
(2) Investment in a bank subsidiary corporation engaged solely in the business of holding title to real estate described in division (A) of section 1109.31 of the Revised Code;
(3) Obligations or securities, other than stock, of the federal national mortgage association, the student loan marketing association, the government national mortgage association, or the federal home loan mortgage corporation, or their successors;
(4) Common and preferred stock, obligations, and other securities of one domestic reinsurance company with the written permission of the superintendent of financial institutions as required by division (B) of section 1109.34 of the Revised Code;
(5) Shares, obligations, securities, or other interests of any other issuer with the written approval of the superintendent.
(C) For purposes of this section, no purchase by a state bank of stock in a federal reserve bank or federal home loan bank is an investment.
(D) If a state or political subdivision of a state issues securities, acting solely as a conduit for the transmission of the proceeds of the sale of the securities to one or more private entities for economic development purposes and to be repaid solely by the private entity or entities that received the proceeds of the sale of the securities, then both of the following apply for purposes of determining the amount a state bank may invest in accordance with division (A) of this section:
(1) The securities are obligations of the private entity or entities in proportion to their receipt of the proceeds.
(2) The securities are not obligations of the issuing state or political subdivision.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.48 | Investing in Firms Owned and Controlled by Minorities or Women.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
In exercising its investment authority, a state bank shall give equal consideration to investments that involve firms owned and controlled by minorities and firms owned and controlled by women, either alone or in joint venture with other firms, where the investments offer quality, return, and safety comparable to other investments currently available to the bank.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.49 | Furnishing Financial Information to Superintendent.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
A state bank investing in the securities of a bank or corporation pursuant to this chapter shall furnish information concerning the financial condition of the bank or corporation to the superintendent of financial institutions upon the superintendent's demand.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.55 | Permitted Transactions With Affiliate.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A state bank and its subsidiaries may engage in any of the transactions described in division (B) of this section only if one of the following applies:
(1) The transaction is on terms and under circumstances, including credit standards, that are substantially the same, or at least as favorable to the bank or its subsidiary, as those prevailing at the time for comparable transactions with or involving other nonaffiliated companies.
(2) In the absence of comparable transactions, the transaction is on terms and under circumstances, including credit standards, that in good faith would be offered to, or would apply to, nonaffiliated companies.
(B) Division (A) of this section applies to all of the following:
(1) A covered transaction with an affiliate;
(2) The sale of securities or other assets to an affiliate, including assets subject to an agreement to repurchase;
(3) The payment of money or the furnishing of services to an affiliate under contract, lease, or otherwise;
(4) Any transaction in which an affiliate acts as an agent or broker or receives a fee for its services to the bank or to any other person.
(C) No state bank or its subsidiary shall do either of the following:
(1) Purchase as fiduciary any securities or other assets from an affiliate unless the purchase is permitted by one of the following:
(a) The instrument creating the fiduciary relationship;
(b) A court order;
(c) The law of the jurisdiction governing the fiduciary relationship.
(2) Whether acting as principal or fiduciary, knowingly purchase or otherwise acquire, during the existence of any underwriting or selling syndicate, any security if a principal underwriter of the security is an affiliate.
Division (C)(2) of this section does not apply if the purchase or acquisition of the securities has been approved, before the securities are initially offered for sale to the public, by a majority of the directors of the bank who are not officers or employees of the bank or any of its affiliates.
(D) No state bank or affiliate or subsidiary of a state bank shall publish any advertisement or enter into any agreement stating or suggesting the bank shall in any way be responsible for the obligations of its affiliates.
(E) For purposes of division (C) of this section:
(1) "Principal underwriter" means any underwriter, in connection with a primary distribution of securities, that is any of the following:
(a) In privity of contract with the issuer or an affiliated person of the issuer;
(b) Acting alone or in concert with one or more other persons, initiates or directs the formation of an underwriting syndicate;
(c) Allowed a rate of gross commission, spread, or other profit greater than the rate allowed another underwriter participating in the distribution.
(2) "Security" has the same meaning as in section 3(a)(10) of the "Securities Exchange Act of 1934," 48 Stat. 881, 15 U.S.C. 78c(a)(10), as amended.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.56 | Rules for Transactions With Affiliates.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
Pursuant to the authority of section 1121.03 of the Revised Code, the superintendent of financial institutions may adopt rules to administer and carry out the purposes of sections 1109.53, 1109.54, and 1109.55 of the Revised Code, including rules that do any of the following:
(A) Further define terms used in sections 1109.53, 1109.54, and 1109.55 of the Revised Code;
(B) If the superintendent finds them to be in the public interest and consistent with the purposes of sections 1109.53, 1109.54, and 1109.55 of the Revised Code:
(1) Exempt transactions or relationships from the requirements of sections 1109.53, 1109.54, and 1109.55 of the Revised Code;
(2) Exclude any subsidiary of a bank holding company from the definition of affiliate for purposes of sections 1109.53, 1109.54, and 1109.55 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.59 | Authority to Borrow.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
A state bank may borrow money in any sum consistent with safety and soundness. Borrowing by means of the issuance of debt securities is subject to the approval of the superintendent of financial institutions in accordance with section 1107.05 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.61 | Paying Management and Consulting Fees.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
No state bank shall contract to pay, or pay to any person, any fees for management or consulting services, including fees for legal, accounting, brokerage, or other similar professional services, that do not have a direct relationship to the value of the services rendered or to be rendered, based on reasonable costs consistent with current market values for services of the kind contracted for.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.62 | Selling Insurance.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
A state bank may engage in the business of selling insurance through a subsidiary insurance agency subject to licensing under the law of this state and the law of every other state in which services are provided by the bank or its subsidiary.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.64 | Travel Services.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
Subject to the limitations and restrictions of Chapters 1101. to 1127. of the Revised Code, a state bank shall have the power to do both of the following:
(A) Operate travel agencies;
(B) Engage in the sale of tickets for passage on common carriers, such as airlines, railroads, ships, and buses, to points within and outside the United States.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.65 | Tax Certificate Purchase.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
In order to protect its interest in a property, a state bank may purchase a tax certificate under section 5721.32 or 5721.33 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.68 | Using Copying or Reproduction Processes.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) A bank may, for any business purpose, retain a document, paper, or other instrument or 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 bank 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.
(D) Recordings, copies, photographic images, or stored representations of original documents, papers, or other instruments or records made in accordance with this section, or reproductions of original documents, papers, or other instruments or records produced from recordings, copies, photographic images, or stored representations made in accordance with this section, when properly identified by the officer by whom or under whose supervision they were made or who has custody of them, have the same effect at law as the original records or records made by any other legally authorized means. They may be offered in the same manner and shall be received in evidence in any court where the original records, or records made by other legally authorized means, could have been introduced and received. Certified or authenticated duplicates of recordings, copies, photographic images, or stored representations of original documents, papers, or other instruments or records made in accordance with this section, or of reproductions of original documents, papers, or other instruments or records produced from recordings, copies, photographic images, or stored representations made in accordance with this section, shall be admitted in evidence in the same manner as the original documents, papers, or other instruments or records.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.73 | Proceeding for Partition.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
The interests of any tenants in common, survivorship tenants, or coparceners of any tangible or intangible personal property may be partitioned under this section pursuant to a partition proceeding. A proceeding for partition under this section may be filed in the court of common pleas of any county in which any co-owner resides. If a partition proceeding is filed and the court finds that partition of the interests in question should be made, the court shall order the sale of the property and division of the proceeds among the co-owners or shall partition the property among the co-owners. The division of the proceeds or partitioning of the property shall be either in proportion to the net contributions by each co-owner to the total property or as the court finds to be equitable and practicable.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1109 | State Banks - Powers › Section 1109.75 | Securitization.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) Notwithstanding any other provision of law, to the extent set forth in the transaction documents relating to a securitization:
(1) Any property, assets, or rights purported to be transferred, in whole or in part, in a securitization shall be deemed to no longer be the property, assets, or rights of the transferor.
(2) A transferor in a securitization, the transferor's creditors, or a bankruptcy trustee, receiver, or similar person in an insolvency proceeding involving the transferor shall have no rights whatsoever to reacquire, reclaim, recover, redeem, or recharacterize as property of the transferor any property, assets, or rights purported to be transferred, in whole or in part, by the transferor.
(3) In the event of the transferor's bankruptcy, receivership, or other insolvency proceedings, the property, assets, or rights purported to have been transferred by the transferor, in whole or in part, in a securitization shall not be deemed to be part of the transferor's property, assets, rights, or estate.
(B) Nothing contained in this section shall be deemed to require any securitization transaction to be treated as a sale for federal or state tax purposes or to preclude the treatment of any securitization transaction as a debt for federal or state tax purposes.
(C) As used in this section, "securitization" means a transfer of financial assets by a financial institution insured by the federal deposit insurance corporation (FDIC) to a special purpose entity established to issue securities supported by the financial assets to investors.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.02 | Authority to Solicit or Engage in Trust Business.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) Except as provided in division (B) of this section, no person shall solicit or engage in trust business in this state except a corporation that is one of the following:
(1) A corporation licensed under section 1111.06 of the Revised Code that is one of the following:
(a) A state bank;
(b) A bank authorized to accept and execute trusts and doing business under authority granted by the bank chartering authority of another state or country;
(c) A corporation organized under the laws of another state or country and authorized to accept and execute trusts in that state or country.
(2) A national bank or federal savings association authorized to accept and execute trusts and doing business under authority granted by the office of the comptroller of the currency.
(B) This chapter shall not apply to a corporation that is incorporated under the laws of another state or the United States, has its principal place of business in another state, is currently qualified to do and is engaging in trust business in the state where the corporation has its principal place of business, and is doing any of the following:
(1) Serving as ancillary executor or administrator of property in this state that is in the estate of a decedent, after appointment as executor or administrator of the estate by the courts of the decedent's state of residence;
(2) As trustee, acquiring, holding, or transferring a security interest in lands or other property in this state, by mortgage, deed of trust, or other instrument, to secure any evidence of indebtedness;
(3) Certifying to any evidence of indebtedness.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.03 | Authority of National Bank or Federal Savings Association.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) Notwithstanding any other provision of the Revised Code, any national bank or federal savings association that has been granted fiduciary powers by the office of the comptroller of the currency may act in this state as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, or in any other fiduciary capacity in which trust companies qualified and licensed under section 1111.06 of the Revised Code are authorized to act in this state. For such purpose, a national bank or federal savings association shall have the same powers and rights, including but not limited to, the same right to make and accept transfers of fiduciary appointments, as are granted by the laws of this state to trust companies qualified and licensed under section 1111.06 of the Revised Code, and may solicit trust business, accept trust deposits, and maintain nonbranch trust offices in this state. A national bank or federal savings association shall not, by virtue of conducting such trust activity in this state, be subject to examination or inspection by the superintendent of financial institutions, nor shall it be required to obtain any approval, authorization, licenses, or certification from, or pay any fee or assessment to, the superintendent in order to conduct trust activities in this state.
(B) Notwithstanding the provisions of division (A) of this section, section 1111.04, division (B) of section 1111.07, and section 1111.08 of the Revised Code shall apply to national banks and federal savings associations.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.05 | Individual, Schedule, or Blanket Fidelity Bonds for Employees and Officers.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
Prior to soliciting or engaging in trust business in this state, and at all times while engaging in trust business in this state, a trust company shall have all of the following:
(A) Individual, schedule, or blanket fidelity bonds in favor of the trust company covering each of the trust company's employees and officers in an amount reasonable for the size and nature of the trust company's business;
(B) Capital, in combination with other financial support such as insurance in favor of the trust company against errors and omissions by any of the trust company's employees and officers, adequate for the size and nature of the trust company's business;
(C) Management and personnel adequate in number and qualifications for the size and nature of the trust company's business.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.06 | Applying for Trust Company License.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) Any person, other than a national bank with trust powers or a federal savings association with trust powers, proposing to solicit or engage in trust business in this state shall apply to the superintendent of financial institutions to be licensed as a trust company. The superintendent shall approve or disapprove the application within sixty days after accepting it.
(B) In determining whether to approve or disapprove an application for a trust company license, the superintendent shall consider all of the following:
(1) Whether the applicant is a corporation described in division (A)(1) of section 1111.02 of the Revised Code;
(2) Whether the applicant's articles of incorporation or association authorize the applicant to serve as a trustee;
(3) If the applicant is not a state bank, whether the applicant is currently qualified to do and is engaging in trust business in the state or country under the laws of which the applicant is organized;
(4) Whether the applicant satisfies the requirements of section 1111.05 of the Revised Code;
(5) Whether it is reasonable to believe the applicant will comply with applicable laws and observe sound fiduciary standards in conducting trust business in this state;
(6) If the applicant is not a state bank, whether the applicant is subject to comprehensive supervision and regulation of its fiduciary activities by appropriate authorities of the state or country under the laws of which the applicant is organized.
(C) In approving an application for a trust company license, the superintendent may impose any condition the superintendent determines to be appropriate.
(D) When an applicant has satisfied all prior conditions imposed by the superintendent in approving the applicant's application for a trust company license and has pledged securities as required by section 1111.04 of the Revised Code, the superintendent shall issue the applicant a trust company license. A license issued pursuant to this section shall remain in force and effect until surrendered by the licensee pursuant to section 1111.31 of the Revised Code or suspended or revoked by the superintendent pursuant to section 1111.32 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.07 | No Transferring or Assigning License.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A trust company's license to solicit or engage in trust business in this state is not transferable or assignable.
(B) Subject to section 2109.28 of the Revised Code, if any trust company enters into a merger or consolidation in which the trust company is not the surviving corporation, or transfers all or substantially all of its assets and liabilities to another corporation, the resulting, surviving, or transferee corporation shall succeed the trust company as fiduciary as a matter of law and without necessity to do anything further, if the resulting, surviving, or transferee corporation is a trust company or a national bank or federal savings association authorized to accept and execute trusts and doing business under authority granted by the office of the comptroller of the currency. If the trust company is not the surviving corporation of a merger, enters a consolidation, or after transferring substantially all of its assets and liabilities ceases to solicit or engage in trust business in this state, the trust company shall surrender its trust company license in accordance with section 1111.31 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1111 | Trust Companies › Section 1111.08 | Transferring Fiduciary Account or Relationship.

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