LAW
Writer®
Ohio Laws and Rules
(A) Subject to paragraphs (C), (D), (E) and (F) of this rule a savings bank may contract to receive deposits, renew time deposits, close loans, service loans, and receive payments on loans and other obligations for its customers through an affiliate depository institution, at any and all offices of the affiliate depository institution, without being required to obtain prior written approval of the superintendent of financial institutions.
(B) A savings bank that wants to contract to provide services other than those listed in paragraph (A) of this rule or to provide services to its customers through an unaffiliated depository institution must individually seek prior approval from the superintendent of financial institutions in accordance with section 1161.071 of the Revised Code.
(C) A savings bank may not contract to establish new deposit accounts, extend credit, or create new business relationships through offices of other depository institutions.
(D) A savings and bank may not, as agent or as principal through its agent, conduct any activity which the savings bank is prohibited from conducting under applicable federal or state law.
(E) All agreements to act as agent pursuant to this rule shall be in writing and address the nature of the services to be provided and the rights and responsibilities of each party.
(F) Any agency relationship shall be on terms that are consistent with safe and sound practices.
(G) The banking office of the depository institution acting as agent pursuant to this rule and section 1161.071 of the Revised Code is not considered to be a branch of the contracting savings bank.
R.C. 119.032 review dates: 04/14/2010 and 04/14/2015
Promulgated Under: 119.03
Statutory Authority: 1163.24
Rule Amplifies: 1161.071
Prior Effective Dates: 11-17-91, 6-3-04