(A) A trust company, currently licensed to transact trust activities in Ohio, may apply to become a "qualified trustee" under the provisions of section 135.18 or 135.181 of the Revised Code (Uniform Depository Act) by applying with the division of financial institutions in the following manner:
(2) The division will then conduct an investigation of the applicant's vault system. If the applicant is a national bank or a foreign trust company, this investigation may either be on-site at the expense of the applicant or by written request to the applicant's regulating authority to have the authority to certify as to the adequacy and supervision of the institution's vault system.
(B) Upon a determination by the division that the above conditions have been met, the division shall issue a certificate of qualification. No such certificate shall be issued unless the applicant has first received authority to exercise trust powers in Ohio.
R.C. 119.032 review dates: 11/15/2006 and 11/15/2011
Promulgated Under: 119.03
Statutory Authority: 1121.03
Prior Effective Dates: 2/18/02, 5/1/84