1301:2-5-02 Bonds for officers and employees.

(A) In accordance with the requirements of section 1151.49 of the Revised Code, each association shall maintain as a minimum the fidelity bond coverage shown on the following schedule:

Assets Plus Mortgages Serviced (Base)

From To Amount of bond

$ --- $ 100,000 $ 15,000

100,001 200,000 22,500

200,001 300,000 30,000

300,001 400,000 45,000

400,001 500,000 60,000

500,001 600,000 75,000

600,001 700,000 90,000

700,001 800,000 105,000

800,001 900,000 120,000

900,001 1,000,000 135,000

1,000,001 2,000,000 150,000

2,000,001 3,000,000 180,000

3,000,001 4,000,000 210,000

4,000,001 5,000,000 240,000

5,000,001 6,000,000 270,000

6,000,001 7,000,000 300,000

7,000,001 8,000,000 330,000

8,000,001 9,000,000 360,000

9,000,001 10,000,000 390,000

10,000,001 15,000,000 450,000

15,000,001 20,000,000 510,000

20,000,001 25,000,000 570,000

25,000,001 30,000,000 630,000

30,000,001 40,000,000 705,000

40,000,001 50,000,000 780,000

50,000,001 60,000,000 855,000

60,000,001 70,000,000 945,000

70,000,001 85,000,000 1,035,000

85,000,001 100,000,000 1,125,000

100,000,001 125,000,000 1,230,000

125,000,001 150,000,000 1,335,000

150,000,001 175,000,000 1,440,000

175,000,001 200,000,000 1,545,000

200,000,001 225,000,000 1,650,000

225,000,001 250,000,000 1,755,000

250,000,001 275,000,000 1,860,000

275,000,001 300,000,000 1,965,000

300,000,001 325,000,000 2,070,000

325,000,001 350,000,000 2,175,000

350,000,001 375,000,000 2,280,000

375,000,001 400,000,000 2,385,000

400,000,001 425,000,000 2,490,000

425,000,001 450,000,000 2,595,000

450,000,001 475,000,000 2,700,000

475,000,001 500,000,000 2,805,000

500,000,001 525,000,000 2,910,000

Over 525,000,000 --- 3,000,000

(B) The bond coverage may provide for a deductible amount which otherwise would be recoverable from the bonding company. A deductible amount may be applied separately to one or more insuring agreements. No more than one deductible amount shall be permitted from all losses caused by the same person or persons acting in collusion or combination in cases in which such losses result from dishonesty of employees (as defined in the bond). A deductible shall not exceed two per cent of the association's net worth.

Prior Eff. 12-14-79, 1-17-92; Replaces 1301:2-1-08, eff. 6-3-04
Rule promulgated under: RC 119.03
Rule authorized by: RC 1155.20
Rule amplifies: RC 1151.49
R.C. 119.032 review dates: 05/24/2009