reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1116 | Mutual Holding Companies › Section 1116.05 | Mutual State Bank Reorganization as Mutual Holding Company.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A mutual state bank may, with the approval of the superintendent of financial institutions, reorganize to become a mutual holding company, in one of the following manners:
(1) By organizing one or more subsidiary stock state banks, one or more of which may be an interim stock state bank, the ownership of which shall be evidenced by shares of stock to be owned by the reorganizing mutual state bank and by transferring a substantial portion of its assets, all of its insured deposits, and part or all of its other liabilities to one or more subsidiary stock state banks;
(2) By organizing a first tier subsidiary stock state bank, causing that subsidiary to organize a second tier subsidiary stock state bank, and transferring, by merger of the reorganizing mutual state bank with the second tier subsidiary, a substantial portion of its assets, all of its insured deposits, and part or all of its other liabilities to the resulting stock state bank at which time the first tier subsidiary stock state bank becomes a mutual holding company;
(3) In any other manner approved by the superintendent.
(B) As a part of its mutual holding company reorganization, a mutual state bank may organize as a subsidiary holding company of the mutual holding company, which subsidiary holding company shall own all of the outstanding voting stock of the resulting stock state bank.
(C) Before reorganizing into a mutual holding company, a reorganizing mutual state bank shall do all of the following:
(1) Obtain approval of a reorganization plan by a two-thirds vote of the board of directors of the reorganizing mutual state bank and any acquiree mutual bank;
(2) Obtain approval of the reorganization plan by a two-thirds vote, or such other proportion not less than a majority as the reorganizing mutual state bank's or any acquiree mutual bank's articles of incorporation or code of regulations provide, of the members' votes cast in person or by proxy at the annual meeting or at a special meeting of members called by the board of directors for the purpose of approving the reorganization plan;
(3) File a reorganization application in the form prescribed by the superintendent that includes all of the following:
(a) An officers' certification that the reorganization plan has been approved by the directors and members in accordance with applicable state law, articles of incorporation, code of regulations, or bylaws;
(b) A copy of the reorganization plan;
(c) Any other information the superintendent requires.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1116 | Mutual Holding Companies › Section 1116.06 | Application for Reorganization.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) Within ten business days after receipt of an application for a mutual holding company reorganization under division (C)(3) of section 1116.05 of the Revised Code, the superintendent of financial institutions shall do one of the following:
(1) Accept the application for processing;
(2) Request additional information to complete the application;
(3) Return the application if it is substantially incomplete.
(B) Within one hundred eighty days after an application is accepted for processing, the superintendent shall approve or disapprove the application and, if approved, impose any conditions the superintendent determines appropriate.
(C) In approving or disapproving an application, the superintendent, after conducting an appropriate examination or investigation, shall consider whether:
(1) The reorganizing mutual state bank and any acquiree mutual bank will operate in a safe, sound, and prudent manner.
(2) The applicant has demonstrated that the reorganization plan is fair to the members of the reorganizing mutual state bank and any acquiree mutual bank.
(3) The interests of the reorganizing mutual state bank's depositors and creditors and the general public will not be jeopardized by the proposed reorganization into a mutual holding company;
(4) The proposed reorganization will result in a reorganizing mutual state bank or any acquiree state bank that has adequate capital, satisfactory management, and good earnings prospects;
(5) A stock issuance proposed in connection with the mutual holding company reorganization plan meets the standards established by the superintendent and any applicable state and federal securities laws; and
(6) The reorganizing mutual state bank or any acquiree mutual bank has furnished all information required in the reorganization plan and any other information requested by the superintendent regarding the proposed reorganization.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1116 | Mutual Holding Companies › Section 1116.07 | Reorganization Plans.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
Each reorganization plan submitted with a mutual holding company reorganization application shall contain a description of all significant terms of the proposed reorganization and include all of the following:
(A) Any proposed stock issuance plan;
(B) An opinion of counsel, or a ruling from the United States internal revenue service and the Ohio department of taxation, as to the federal and state tax treatment of the proposed reorganization;
(C) A copy of the articles of incorporation and code of regulations of the proposed mutual holding company, the resulting stock state bank, and any affiliate organizations in the holding company structure;
(D) A description of the method of reorganization under this chapter;
(E) A statement that, upon consummation of the reorganization, certain assets and liabilities, including all deposit accounts of the reorganizing mutual state bank, shall be transferred to the resulting stock state bank, which bank shall immediately become a stock state bank subsidiary of the mutual holding company or subsidiary holding company;
(F) A summary of the expenses to be incurred in connection with the reorganization;
(G) Any other information required by the superintendent of financial institutions.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1116 | Mutual Holding Companies › Section 1116.08 | Approval; Filing With Secretary of State.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
After approving a mutual holding company reorganization application, the superintendent of financial institutions shall, to effect the reorganization, forward the articles of incorporation to the secretary of state for filing.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1116 | Mutual Holding Companies › Section 1116.09 | Membership Rights.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A mutual holding company shall do all of the following:
(1) Confer upon existing and future depositors of the resulting stock state bank the same membership rights in the mutual holding company as were conferred upon depositors by the articles of incorporation or code of regulations of the reorganizing mutual state bank in effect immediately prior to the reorganization;
(2) Confer upon existing and future depositors of any acquiree mutual bank or any bank that is in the mutual form when acquired by the mutual holding company, the same membership rights in the mutual holding company as were conferred upon depositors by the articles of incorporation or code of regulations of the acquired mutual bank in effect immediately prior to the acquisition, provided that if the acquired mutual bank is merged into another subsidiary state bank from which the mutual holding company draws members, the depositors of the acquired mutual bank shall receive the same membership rights as the depositors of the subsidiary state bank into which the acquired mutual bank is merged;
(3) Confer upon the borrowers of the resulting stock state bank who are borrowers at the time of reorganization the same membership rights in the mutual holding company as were conferred upon them by the articles of incorporation or code of regulations of the reorganizing mutual state bank in effect immediately prior to the reorganization, but not any membership rights in connection with any borrowings made after the reorganization;
(4) Confer upon the borrowers of any acquiree mutual bank or any bank that is in the mutual form when acquired by the mutual holding company who are borrowers at the time of the acquisition, the same membership rights in the mutual holding company as were conferred on them by the articles of incorporation or code of regulations of the acquired mutual bank in effect immediately prior to the acquisition, but not any membership rights in connection with any borrowings made after the acquisition; provided, however, that if the acquired mutual bank is merged into another bank from which the mutual holding company draws members, the borrowers of the acquired mutual bank shall instead receive the same grandfathered membership rights as the borrowers of the subsidiary state bank into which the acquired mutual bank is merged.
(B) A mutual holding company that acquires a bank in the stock form, other than a resulting stock state bank or an acquiree mutual bank, shall not confer any membership rights upon the depositors and borrowers of the stock bank, unless such stock bank is merged into a subsidiary stock state bank from which the mutual holding company draws its members, in which case the depositors of the stock bank shall receive the same membership rights as other depositors of the subsidiary stock state bank into which the stock bank is merged.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1116 | Mutual Holding Companies › Section 1116.10 | Governance by Board of Directors.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A mutual holding company and any subsidiary holding company shall be governed by a board of directors and in accordance with the articles of incorporation and code of regulations adopted in connection with the reorganization, or as amended in accordance with law or rule after the reorganization.
(B) The board of the mutual holding company and any subsidiary holding company shall have at least five members who, initially, shall consist of the board of directors of the reorganizing mutual state bank. Such members, after the formation of the mutual holding company and any subsidiary holding company, shall continue to serve as directors for the balance of the terms to which they were elected.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1116 | Mutual Holding Companies › Section 1116.11 | Transfer of Assets and Liabilities.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
All assets, rights, obligations, and liabilities of a reorganizing mutual state bank that are not expressly retained by the mutual holding company shall be transferred to the resulting stock state bank.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1116 | Mutual Holding Companies › Section 1116.12 | Deposit Accounts.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
Each person who holds a deposit account in a reorganizing mutual state bank or any acquiree mutual state bank immediately before the reorganization shall receive, upon consummation of the reorganization, without payment, an identical deposit account in the resulting stock state bank or acquiree mutual state bank.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1116 | Mutual Holding Companies › Section 1116.13 | Reorganization Plans; Amendment or Termination.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
The following apply to a reorganization plan adopted by the board of directors of the reorganizing mutual state bank or any acquiree mutual bank:
(A) It may be amended by those boards as a result of any regulator's comments before any solicitation of proxies from the members to vote on the reorganization plan or, with the written consent of the superintendent of financial institutions, at any later time.
(B) It may be terminated by either board at any time before the meeting at which the members vote on the reorganization plan or, with the written consent of the superintendent, at any later time.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1116 | Mutual Holding Companies › Section 1116.16 | Conversion of Mutual Holding Companies.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A mutual holding company organized under the laws of another state or the United States may, with the approval of the superintendent of financial institutions, convert to a mutual holding company organized under this chapter by submitting an application in accordance with rules adopted by the superintendent under section 111.15 of the Revised Code.
(B) State banks existing as of the effective date of this section that are affiliates of a mutual holding company organized under the laws of another state or the United States and that submit an application pursuant to division (A) of this section within one year after the effective date of this section shall be eligible for an expedited review process.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1116 | Mutual Holding Companies › Section 1116.18 | Powers.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
Subject to all necessary regulatory notices or approvals, a mutual holding company organized under this chapter may do all of the following:
(A) Acquire a bank organized in mutual or stock form by merger of such bank with the subsidiary stock state bank, interim subsidiary stock bank, or subsidiary stock holding company of the mutual holding company;
(B) Merge with or acquire another holding company provided that such holding company has, as one of its subsidiaries, a subsidiary banking corporation;
(C) Exercise any power of, or engage in any activity permitted for, a mutual state bank;
(D) Engage directly or indirectly only in such activities as are permissible activities for bank holding companies under applicable state and federal law or regulations;
(E) Invest in the stock of a bank;
(F) Exercise any rights, waive any rights, or take or waive any other action with respect to any securities of any subsidiary stock state bank or subsidiary stock holding company that are held by the mutual holding company.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1116 | Mutual Holding Companies › Section 1116.19 | Surplus Distribution.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) The board of directors of a mutual holding company may from time to time, by a majority vote of the directors, do both of the following:
(1) Divide equitably any surplus that is in excess of the amount required for the operations of the mutual holding company or to maintain the safety and soundness of the mutual holding company;
(2) Distribute that surplus to the respective depositors of its subsidiary stock state banks in accordance with their membership rights.
(B) If the superintendent of financial institutions determines that the surplus held by a mutual holding company is excessive, the superintendent may order the board of directors of the mutual holding company to make the distribution described in division (A) of this section.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1116 | Mutual Holding Companies › Section 1116.20 | Subsidiary Holding Company; Issuance of Securities.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) A mutual holding company may establish a subsidiary holding company as a direct subsidiary to hold one hundred per cent of the stock of its subsidiary stock state bank, provided the subsidiary holding company is not formed and operated as a means of evading or frustrating the purposes of this chapter. Subject to the approval of the superintendent of financial institutions, the subsidiary holding company may be established either at the time of the initial mutual holding company reorganization or at a subsequent date.
(B) In addition to its powers under Chapters 1107. and 1109. of the Revised Code, any subsidiary stock state bank or subsidiary holding company may, with the prior approval of the superintendent and subject to such rules as the superintendent may prescribe, issue one or more classes of securities, including one or more classes of common stock or preferred stock, and take any action in connection with such issuance or otherwise with respect to any such securities; provided, however, that in no event shall the mutual holding company hold less than twenty-five per cent of the combined voting power of all classes of securities of the subsidiary stock holding company or stock state bank that have voting power in the election of directors of such stock state bank.
(C) Nothing in this section shall prohibit a subsidiary stock state bank or subsidiary stock holding company from issuing, in connection with an employee stock option or other employee benefit plan or with the mutual holding company reorganization or subsequent thereto, different classes of common stock to the mutual holding company and subsidiary stock state bank or subsidiary stock holding company. An issuance of securities may be made at the time of the mutual holding company reorganization or thereafter, and may be made in connection with the merger or acquisition of another bank whether organized in mutual or stock form.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1116 | Mutual Holding Companies › Section 1116.21 | Conversion to Stock Holding Company.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
A mutual holding company organized under this chapter may, with the approval of the superintendent of financial institutions, convert to a stock holding company by submitting an application in accordance with rules adopted by the superintendent under section 1121.03 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1117 | Banks - Offices › Section 1117.01 | Banking Office Locations.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) Subject to section 1115.05 and Chapter 1119. of the Revised Code, a bank, regardless of the location of its principal place of business, may establish or acquire and maintain a banking office in this state.
(B)(1) With the prior written approval of the superintendent of financial institutions obtained in accordance with section 1117.02 of the Revised Code, a state bank may establish or acquire a banking office at any of the following locations:
(a) Any location in this state;
(b) Any location in another state of the United States;
(c) Any location outside the United States.
(2) The superintendent may condition approval of a banking office at any location authorized by division (B)(1)(b) or (c) of this section on an agreement satisfactory to the superintendent providing for the times, method, and reimbursement of expenses for examining the banking office.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1117 | Banks - Offices › Section 1117.03 | Banking Office Schedules.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) A bank may propose to operate a banking office on a less than full-time basis, whether it be regular, intermittent, or occasional.
(B) If a proposed banking office is to be operated by use of a mobile facility, it may do business at more than one identified location.
(C) A bank that establishes a banking office shall notify the superintendent of financial institutions prior to doing either of the following:
(1) Changing the banking office's schedule of operation from part-time to full-time or full-time to part-time;
(2) If the banking office is operated by use of a mobile facility, adding or eliminating any location at which the banking office transacts business within the banking office's service area or changing the banking office's schedule of operation.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1117 | Banks - Offices › Section 1117.04 | Relocating a Banking Office.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
A bank proposing to relocate a banking office shall do the following:
(A) If the banking office is to be relocated within a one-mile radius of the banking office's current location, the bank shall notify the superintendent of financial institutions and comply with the relocation procedures established by the superintendent.
(B) If the banking office is to be relocated outside a one-mile radius of the banking office's current location, the bank shall obtain the superintendent's approval for the relocation in accordance with the procedures set forth in section 1117.02 of the Revised Code for establishing a banking office and comply with the banking office closing procedures established by the superintendent.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1117 | Banks - Offices › Section 1117.05 | Providing Services at Another Institution's Offices.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) With the written approval of the superintendent of financial institutions, a bank may contract with one or more other banks, savings banks, and savings associations to provide services to the contracting bank's customers at any or all of the offices of the other banks, savings banks, and savings associations as if the offices of the other banks, savings banks, and savings associations were offices of the contracting bank.
(B) The superintendent shall determine whether to accept a bank's application for approval of a contract authorized by division (A) of this section within ten business days after receiving a bank's application for the superintendent's approval of the contract. The superintendent shall approve or disapprove the contract within thirty days after accepting the bank's application.
(C) In determining whether to approve or disapprove a contract authorized by division (A) of this section, the superintendent shall consider all of the following:
(1) The adequacy of the management of both the contracting bank and the other banks, savings banks, and savings associations;
(2) The adequacy of the capital of both the contracting bank and the other banks, savings banks, and savings associations;
(3) The adequacy of the operations and controls of both the contracting bank and the other banks, savings banks, and savings associations;
(4) Whether the contract is being used to avoid application of the criteria for establishing a banking office under section 1117.02 of the Revised Code or any kind of business combination under Chapter 1115. of the Revised Code.
(D) This section does not authorize a contracting bank to establish new deposit accounts, extend credit, or create new banking relationships through offices of the other banks, savings banks, and savings associations.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1117 | Banks - Offices › Section 1117.06 | Limited Operations - Extension of Structures.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) A bank shall keep a written record of both of the following:
(1) Each location at which the bank receives, but does not accept, cash or other items for subsequent deposit, such as by mail or armored car service or at a lock box or night depository;
(2) Each location at which the bank is engaged solely in providing administrative support services for its own operations or for other depository institutions.
(B) A bank shall give written notice to the superintendent of financial institutions both prior to using and after ceasing to use any of the following:
(1) Any structure located within five hundred yards of a banking office and operated as an extension of the services of the banking office;
(2) Any facility located within the geographical limits of a military installation at which a bank only accepts deposits and cashes checks;
(3) Any location at which a bank takes and processes applications for loans and may disburse loan proceeds, but does not accept deposits.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1117 | Banks - Offices › Section 1117.07 | Bank Closing.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) In the event of a power failure, fire, act of God, riot, strike, robbery or attempted robbery, epidemic, interruption of communication facilities, or any other reason the superintendent of financial institutions approves, or in the event of the declaration of the existence of an emergency by the governor or another person lawfully exercising the power and duties of the office of governor, an officer of a bank, designated by the board of directors of the officer's bank, in the reasonable and proper exercise of the designated officer's discretion may determine not to open one or more of the bank's banking offices on any business or banking day, or, if having opened, to close one or more of the bank's banking offices during the continuation of the occurrence or emergency. In no case shall any banking office remain closed for more than two consecutive days, excluding weekends and legal holidays, without obtaining the approval of the superintendent. A designated officer closing a banking office pursuant to the authority granted under this section shall give as prompt notice of the action as conditions permit, and by any means available, to the superintendent.
(B) The designated officers of a bank may close any one or more or all of the bank's banking offices on any day designated, by proclamation of the president of the United States or the governor of this state, as a day of mourning, rejoicing, or other special observance. In such a case, the bank shall not be required to comply with any other provision of the Revised Code regarding the closing or reopening of banks or financial institutions.
(C) Any act required or authorized to be performed at a banking office that has not been opened or that has been closed for any time pursuant to this section, may be performed on the next succeeding business day the banking office is reopened for business. Any other provision or rule of law notwithstanding, no liability or loss of rights of any kind on the part of any person, firm, or corporation, or of the bank, shall accrue or result because of any nonopening or closing authorized by this section.
(D) The right of a bank not to open or to close under this section and the protections afforded with respect to that right shall be in addition to and not in lieu of any rights or protections granted under section 1304.07 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1119 | Foreign Banks › Section 1119.01 | Foreign Bank Definitions.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
As used in this chapter, unless the context otherwise requires:
(A) "Foreign bank" means any company, or any subsidiary or affiliate of a company, organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, that engages in the business of banking. "Foreign bank" includes, without limitation, a foreign commercial bank, foreign merchant bank, or other foreign institution that engages in banking activities usually conducted in connection with the business of banking in the country that granted its charter or countries where the foreign institution is operating.
(B) "Executive officer" has the same meaning as in section 1109.23 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1119 | Foreign Banks › Section 1119.02 | Foreign Bank License.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) No foreign bank shall conduct any operations in this state connected to its banking business, unless it has a license issued by the superintendent of financial institutions under this chapter or by the office of the comptroller of the currency. Any license issued by the superintendent under this chapter is effective until surrendered by the foreign bank or revoked by the superintendent.
(B) Except as provided in section 1117.05 of the Revised Code, no person shall conduct any operations in this state connected to a foreign bank's banking business as a representative or as an agent of a foreign bank, unless the foreign bank is licensed to conduct those operations either by the superintendent under this chapter or by the office of the comptroller of the currency.
(C) If any person conducts operations in this state as a representative or agent of a foreign bank, the foreign bank is deemed to be conducting those operations.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1119 | Foreign Banks › Section 1119.05 | Applying for Preliminary Approval of Representative Office.

Effective:
October 9, 2021
Latest Legislation:
House Bill 263 - 133rd General Assembly
(A)(1) For each representative office a foreign bank proposes to operate, the foreign bank shall first submit to the superintendent of financial institutions an application for preliminary approval of the representative office. The superintendent shall approve or disapprove the application within sixty days after accepting the application.
(2) In determining whether to approve or disapprove the foreign bank's application, the superintendent shall consider all of the following:
(a) Whether the foreign bank is subject to comprehensive supervision and regulation on a consolidated basis by the appropriate authorities in the country that granted its banking charter;
(b) Whether the management of the foreign bank and the proposed management of the representative office are adequate;
(c) Whether any controlling person of the foreign bank, each director and executive officer of the foreign bank, and each director and executive officer of any controlling person of the foreign bank is competent and of sound financial standing;
(d) Whether the capital and financial resources of the foreign bank are adequate;
(e) Whether the foreign bank is currently operating in compliance with applicable laws, regulations, and orders;
(f) Whether it is reasonable to believe the foreign bank will operate the representative office in compliance with applicable laws, regulations, and orders;
(g) Any other reasonable criteria the superintendent may prescribe.
(B) The superintendent shall issue a license to a foreign bank to operate the representative office if all of the following have occurred:
(1) The superintendent has approved the foreign bank's application for preliminary approval to operate the representative office under division (A) of this section.
(2) The foreign bank has met all conditions of the superintendent's preliminary approval.
(3) The foreign bank has delivered to the superintendent an appointment of an agent for service of process, the agent's acknowledgment of the appointment, and the foreign bank's agreement to service of process upon the superintendent if reasonable efforts to serve the foreign bank's agent or place of business in this state are unsuccessful.
Last updated October 9, 2021 at 5:20 AM
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1119 | Foreign Banks › Section 1119.06 | Prohibited and Authorized Activities.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) A foreign bank licensed to operate a representative office shall not conduct any banking business through the licensed representative office, including any of the following activities:
(1) Soliciting, receiving, or accepting deposits, either directly or as agent for subsequent deposit at another office of the foreign bank;
(2) Approving any application for, disbursing any funds from, or otherwise providing credit in this state;
(3) Carrying credit balances;
(4) Exercising fiduciary powers.
(B) At or through a licensed representative office, a foreign bank may conduct activities that are connected to the foreign bank's banking business, including the following:
(1) A representative office may contact local persons to solicit business for the foreign bank, but may not solicit, receive, or accept deposits, either directly or as agent, for subsequent deposit at another office of the foreign bank.
(2) A representative office may accept and process applications for the extension of credit, but may not approve any application.
(3) A representative office may prepare documentation and execute documents for transactions previously approved outside this state, but may not disburse any funds or otherwise provide credit in this state.
(4) A representative office may conduct credit investigations and analyses requested by persons authorized to extend credit.
(5) A representative office may provide information on local economic and business conditions.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1119 | Foreign Banks › Section 1119.08 | Applying for Preliminary Approval of Agency or Branch.

Effective:
October 9, 2021
Latest Legislation:
House Bill 263 - 133rd General Assembly
(A)(1) For each agency or branch a foreign bank proposes to operate, the foreign bank shall first submit to the superintendent of financial institutions an application for preliminary approval of the agency or branch. The superintendent shall determine whether to approve or disapprove the application within sixty days after accepting the application.
(2) In determining whether to approve or disapprove the foreign bank's application, the superintendent shall consider all of the following:
(a) Whether the foreign bank is subject to comprehensive supervision and regulation on a consolidated basis by the appropriate authorities in the country that granted its banking charter;
(b) Whether the management of the foreign bank and the proposed management of the agency or branch are adequate;
(c) Whether any controlling person of the foreign bank, each director and executive officer of the foreign bank, and each director and executive officer of any controlling person of the foreign bank is competent and of sound financial standing;
(d) Whether the capital and financial resources of the foreign bank are adequate;
(e) Whether the foreign bank is currently operating in a safe and sound manner, and is in compliance with applicable laws, regulations, and orders;
(f) Whether it is reasonable to believe the foreign bank will operate the agency or branch in a safe and sound manner, and in compliance with applicable laws, regulations, and orders;
(g) Any other reasonable criteria the superintendent may prescribe.
(B) The superintendent shall issue a license to a foreign bank to operate the agency or branch if the following have occurred:
(1) The superintendent has approved the foreign bank's application for preliminary approval to operate the agency or branch under division (A) of this section.
(2) The foreign bank has met all conditions of the superintendent's preliminary approval.
(3) The foreign bank has delivered to the superintendent an appointment of an agent for service of process, the agent's acknowledgment of the appointment, and the foreign bank's agreement to service of process upon the superintendent if reasonable efforts to serve the foreign bank's agent or place of business in this state are unsuccessful.
(4) The foreign bank has pledged assets as required under section 1119.09 of the Revised Code and maintains assets in this state as required by section 1119.10 of the Revised Code.
Last updated October 9, 2021 at 5:19 AM
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1119 | Foreign Banks › Section 1119.09 | Pledging Assets.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) To be licensed to operate an agency or branch in this state, a foreign bank shall pledge assets to the superintendent of financial institutions, of the kinds, in an amount, and in the manner prescribed by the superintendent, by placing the assets with a qualified custodian for safekeeping. The assets pledged are for the benefit of the agency's or branch's unaffiliated creditors.
(B)(1) The value of the assets pledged in accordance with this section shall be computed based on the lesser of their principal amount or market value.
(2) In determining the amount of assets a foreign bank is required to pledge for each agency or branch, the superintendent shall consider both of the following:
(a) The amounts necessary or desirable to maintain a sound financial condition and to protect depositors, creditors, and the public interest;
(b) The concentration of risk to any one borrower or group of related borrowers and the concentration of transfer risk to any one country, including the country in which the foreign bank is domiciled.
(C) A foreign bank that has pledged assets as required by this section may receive any income paid on those assets while the foreign bank continues to conduct business in the ordinary course in this state and the superintendent has not issued a notice prohibiting the foreign bank's receipt of income paid on the assets the foreign bank has pledged.
(D) A foreign bank that has pledged assets as required by this section shall maintain its pledge with the custodian after the foreign bank ceases to be licensed to operate the agency or branch, until the superintendent determines that the assets are no longer necessary for the protection of depositors, creditors, and the public interest.
(E) To qualify to hold assets pledged as required by this section, a custodian must be one of the following:
(1) A federal reserve bank located in this state or any branch of a federal reserve bank located in this state without regard to where the branch is located;
(2) A bank that maintains a banking office in this state, if approved by the superintendent;
(3) A trust company that maintains a trust service office in this state, if approved by the superintendent.
(F) A custodian of assets pledged as required by this section shall do all of the following:
(1) Hold the assets separate from all other assets of the pledging foreign bank and the custodian;
(2) Segregate the assets pledged on the custodian's books and clearly identify them as pledged in accordance with this section;
(3) Release the assets pledged only upon the order of the superintendent or the superintendent's designee.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1119 | Foreign Banks › Section 1119.10 | Complying With Asset Maintenance Requirement.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) Subject to conditions and requirements the superintendent of financial institutions may prescribe, to be licensed to operate an agency or branch in this state, a foreign bank shall maintain assets in this state of the kinds and in the amount prescribed by the superintendent as necessary or desirable for the maintenance of a sound financial condition and for the protection of depositors, creditors, and the public interest.
(B) In determining compliance with the asset maintenance requirement of division (A) of this section, the superintendent shall include all of the following:
(1) Assets the foreign bank has pledged as required by section 1119.09 of the Revised Code;
(2) Reserves the foreign bank is required to maintain with the federal reserve with respect to the foreign bank's agencies and branches in this state;
(3) Assets pledged and surety bonds payable to the federal deposit insurance corporation with respect to the foreign bank's agencies and branches in this state.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1119 | Foreign Banks › Section 1119.11 | Permitted Activities.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) When a foreign bank engages in an activity or undertakes an action through an agency or branch licensed under this chapter, the foreign bank is subject to the same limitations on and requirements of engaging in the activity or taking the action that apply to a state bank.
(B)(1) A foreign bank licensed to operate an agency shall not accept deposits from citizens or residents of the United States or exercise fiduciary powers. An account that carries a credit balance in connection with the distribution of loan proceeds is not a deposit for purposes of this section.
(2) A foreign bank licensed to operate an agency may, in addition to conducting all of the permissible activities of a representative office set forth in division (B) of section 1119.06 of the Revised Code, conduct limited banking activities at or through a licensed agency, including all of the following:
(a) Lending money;
(b) Maintaining credit balances that are incidental to or arise out of the distribution of loan proceeds;
(c) Receiving funds as agent to be forwarded for deposit to an existing account at another office authorized to accept deposits.
(C) A foreign bank licensed to operate a branch may, in addition to conducting all of the permissible activities of a representative office set forth in division (B) of section 1119.06 of the Revised Code and all of the permissible activities of an agency set forth in division (B)(2) of this section, conduct the following activities at or through a licensed branch:
(1) Accepting deposits, the acceptance of which does not constitute engaging in domestic retail deposit activities;
(2) If qualified under Chapter 1111. of the Revised Code, exercising fiduciary powers;
(3) Other activities authorized for state banks.
(D) Each foreign bank licensed to operate an agency or branch shall, in the manner the superintendent of financial institutions prescribes, give notice to the agency's or branch's customers that deposits with that agency or branch are not insured by the federal deposit insurance corporation or otherwise.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1119 | Foreign Banks › Section 1119.13 | Branch Defined.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
No foreign bank licensed under this chapter to operate a representative office or an agency shall use the term "branch" to identify that representative office or agency. A foreign bank may use the term "branch" in a description of a representative office or agency that the foreign bank has clearly identified as licensed as a representative office or agency, as the case may be, under this chapter.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1119 | Foreign Banks › Section 1119.14 | Transferring or Assigning License.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A) No license issued to a foreign bank under this chapter is transferable or assignable.
(B) When a foreign bank licensed under this chapter is to be a constituent in a reorganization in which the foreign bank will not be the resulting corporation, or is to sell a representative office, agency, or branch the foreign bank is licensed to operate in this state, prior to the reorganization or sale, both of the following must be done, whether or not the resulting or acquiring corporation will continue to conduct business at any location where the foreign bank being acquired or selling the representative office, agency, or branch is conducting business:
(1) The corporation that is to be the resulting corporation in the reorganization or the acquiring corporation shall do either of the following:
(a) Obtain an appropriate license to conduct the activities it proposes to conduct in this state and make all changes to conform the business being acquired to the requirements and limitations of the license obtained;
(b) Obtain the approval of the superintendent of financial institutions to consolidate the representative office, agency, or branch being acquired with another representative office, agency, or branch appropriately licensed, whether under this chapter or otherwise, to conduct the business of the representative office being acquired.
(2) The foreign bank licensed to operate the representative office, agency, or branch shall voluntarily surrender the license to operate the representative office, agency, or branch in accordance with section 1119.26 of the Revised Code.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1119 | Foreign Banks › Section 1119.16 | Licensee's Duties.

Effective:
January 1, 1997
Latest Legislation:
House Bill 538 - 121st General Assembly
(A)(1) Except as provided in division (A)(2) of this section, each foreign bank licensed to operate a representative office, agency, or branch in this state shall do all of the following:
(a) Maintain in this state all of each licensed representative office's, agency's, or branch's records.
(b) Segregate each licensed representative office's, agency's, or branch's records from all of the foreign bank's and its affiliates' other records;
(c) Maintain each licensed representative office's, agency's, or branch's assets separate and apart from the foreign bank's other assets.
(2) A foreign bank that operates more than one licensed representative office, agency, or branch in this state may, as permitted by the superintendent of financial institutions, do both of the following:
(a) Combine the records of those licensed representative offices, agencies, and branches and maintain the records at one location in this state;
(b) Collectively maintain the assets of those licensed representative offices, agencies, and branches.
(B) All deposits of money, or its equivalent, in any agency or branch licensed under this chapter shall be entered on the agency's or branch's books in terms of money of the United States.
(C) The superintendent may prescribe the manner and form of keeping the books and records of representative offices, agencies, and branches licensed under this chapter.
(D) The superintendent may retain, at the expense of the foreign bank, any advisors necessary to assist in the review or examination of the records and affairs of any representative office, agency, or branch of a foreign bank licensed under this chapter.
2023 Ohio Revised Code › Title 11 | Banks-Savings and Loan Associations › Chapter 1119 | Foreign Banks › Section 1119.17 | Reporting Income and Condition.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) Each foreign bank licensed under this chapter shall file with the superintendent of financial institutions any reports the superintendent may prescribe in the form and manner and containing the information the superintendent prescribes.
(B) When the superintendent requires banks and trust companies to report their income and condition in accordance with section 1121.21 of the Revised Code, the superintendent shall require each foreign bank licensed under this chapter to report the income and condition of its representative offices, agencies, and branches in this state.