Chapter 1301:2-1 General Provisions

(A) Reasonable public notice shall be given in the register of Ohio at least thirty days prior to any hearing regarding the adoption, amendment or rescission of rules for savings and loan associations.

(B) The notice shall include:

(1) A statement that the superintendent intends to consider adopting, amending, or rescinding a rule;

(2) A synopsis of the proposed rule, amendment, or rescission or a general statement of the subject matter to which the proposed rule, amendment, or rescission relates;

(3) A statement of the reason or purpose for adopting, amending or rescinding the rule; and

(4) The date, time and place of the hearing on the proposed action.

(C) The superintendent may determine it necessary to provide notice by a means other than that provided in paragraph (A) including:

(1) By publication in a financial institutions industry publication of general circulation in Ohio.

(2) By publication in one or more newspapers of general circulation in Ohio.

(3) By mailing notice to affected savings and loan associations.

(D) The superintendent shall provide a copy of the public notice to any person who requests it and pays the cost of copying and mailing the notice.

HISTORY: (former COg-1); Eff 11-12-72; Replaces 1301:2-1-01, eff. 6-3-04

Rule promulgated under: RC 119.03

Rule authorized by: RC 1155.20

Rule Amplifies: 119.03, 1155.20

RC 119.032 Review Date: 5-24-09

This rule is issued by the superintendent of building and loan associations pursuant to division (C) of section 9.02 of the Revised Code. It establishes the rates and conditions for reimbursement of actual and necessary costs directly incurred by building and loan associations in assembling or providing customer financial records to any party.

(A) Except as provided in this rule or in section 9.02 of the Revised Code, any party, including a governmental authority, that requires or requests a building and loan association to assemble or provide a customer’s financial records shall pay the building and loan association for all actual and necessary costs directly incurred in searching for, reproducing, or transporting these records according to the following schedule:

(1) Search and processing costs. Reimbursement of search and processing costs shall be the total amount of personnel direct time incurred in locating and retrieving, reproducing, packaging, and preparing financial records for shipment. The rate for search and processing costs is ten dollars per hour per person, computed on the basis of two dollars and fifty cents per quarter hour or fraction thereof, and is limited to the total amount of personnel time spent in locating and retrieving documents or information or reproducing or packaging and preparing documents for shipment where required or requested by a party. Specific salaries of such persons shall not be included in search costs. In addition, search and processing costs do not include salaries, fees, or similar costs for analysis of material or for managerial or legal advice, expertise, research, or time spent for any of these activities. If itemized separately, search and processing costs may include the actual cost of extracting information stored by computer in the format in which it is normally produced, based on computer time and necessary supplies; however, personnel time for computer search may be paid for only at the rate specified in this paragraph.

(2) Reproduction costs. Reimbursement for reproduction costs shall be for costs incurred in making copies of documents required or requested. The rate for reproduction costs for making copies of required or requested documents is fifteen cents for each page, including copies produced by reader/printer reproduction processes. Photographs, films, and other materials are reimbursed at actual cost.

(3) Transportation costs. Reimbursement for transportation costs shall be for necessary costs directly incurred to transport personnel to locate and retrieve the information required or requested, and necessary costs directly incurred solely by the need to convey the required or requested material to the place of examination.

(B) A building and loan association is not entitled to reimbursement under this rule for costs incurred in assembling or providing the following records or information:

(1) Security interest, bankruptcy claims, debt collection. Any financial records provided as an incident to perfecting a security interest, proving a claim in bankruptcy, or otherwise collecting on a debt owing either to the building and loan association itself or in its role as a fiduciary.

(2) Nonidentifiable information. Financial records that are not identified with or identifiable as being derived from the financial records of a particular customer.

(C) Payment shall be limited to material required or requested. Payment shall be made only for costs that are directly incurred, actual, and necessary. No payment must be made until the building and loan association satisfactorily complies with the request or requirement, except that in the case where the request or requirement is withdrawn or revoked, the building and loan association shall be reimbursed for the actual and necessary costs directly incurred in assembling financial records required or requested to be produced prior to the time the party notifies the building and loan association that the request or requirement is withdrawn or revoked. No payment must be made unless the building and loan association submits an itemized bill or invoice showing specific details concerning search and processing, reproduction, and transportation costs.

(D) For the purposes of this rule, the term “costs directly incurred” means costs incurred solely and necessarily as a consequence of searching for, reproducing, or transporting books, papers, records, or other data, in order to comply with a request or requirement to produce a customer’s financial records. The term does not include any allocation of fixed costs (overhead, equipment, depreciation, etc.). If a building and loan association has financial records that are stored at an independent storage facility that charges a fee to search for, reproduce, or transport particular records requested, these costs are considered to be directly incurred by the building and loan association.

(E) Where terms used in this rule are defined in section 9.02 of the Revised Code, they shall have the meaning set forth in that section.

HISTORY: Eff. 7-9-82; Replaces: 1301:2-1-09, eff. 6-3-04

Rule promulgated under: RC 119.03

Rule authorized by: RC 1155.20

Rule amplifies: RC 9.02

119.032 Review Date: 5-24-09

(A) All records not specifically set forth in the schedule in paragraph (D) of this rule should be retained for a period of at least two years from the date of last entry thereon or if there is no entry, the date of completion of the transaction represented thereby.

(B) Branch records of original entry should be kept as if part of the main office records.

(C) The responsibility rests with the savings and loan association to determine if the minimum time periods specified in paragraph (D) of this rule are sufficient to meet the requirements of other government agencies and the specific needs of the savings and loan association.

(D) Savings and loan associations shall retain records in accordance with the following schedule:

Records to be retained for a period of at least six years:

Cash receipt tickets for share accounts deposits, loans or other records of original entry serving the same purpose

Journal entry tickets or vouchers

Cash withdrawal slips

All checks issued by the savings and loan association

Cash receipts, cash disbursements, general journal vouchers

Safe deposit box records (after completion of record)

Signature cards (after account is closed)

Share assignment or stock transfer records (after completion of record)

Proxies and ballots

Certificates of deposit (after account is closed)

Inheritance tax waivers and letters of appointment

Paid bills

General correspondence

Contracts and leases (after expiration)

Records pertaining to the transaction history of depositors’, shareholders’ and mortgagors’ accounts

Records to be retained permanently:

General ledgers

Shareholders’, directors’, and executive committee minutes

Examination reports

External audit reports

Permanent stock certificates

HISTORY: Eff. 3-6-92; Replaces: 1301:2-1-17, Eff. 6-3-04

Rule promulgated under: RC 119.03

Rule authorized by: RC 1155.20

Rule amplifies: RC 1155.07

RC 119.032 Review Date: 5-24-09

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