1301:9-2-01 Service facilities.

(A) “Service facility” as used in Chapter 1733. of the Revised Code includes a shared service facility and any additional credit union office, agency, or any branch place of business at which member accounts are established or money lent. A credit union may, subject to the approval of the superintendent, provide one or more service facilities for the transaction of any credit union business. A set of all accounting records of the service facilities shall be maintained at the home office of the credit union. A service facility may also include a shared service facility.

(B) The credit union shall file with the superintendent a request for approval to establish a new service facility in writing prior to establishing the service facility. The superintendent shall notify the credit union not more than fifteen days after the filing of the request for approval to establish the service facility whether it is denied, approved, or modified. If the superintendent does not respond within fifteen days after the filing of the request for approval to establish the service facility it shall be deemed approved; unless, the superintendent notifies the credit union in writing within fifteen days of the credit union’s request being filed that additional documentation is required. If additional documentation is required, the credit union shall have thirty days to file the additional documentation with the superintendent. If the service facility includes the purchase of real estate, the notice and approval required for the service facility shall be subject to the provisions of rule 1301:9-2-25 of the Administrative Code.

Replaces: 1301:9-2-01

Effective: 07/01/2006

R.C. 119.032 review dates: 11/15/2010

Promulgated Under: 119.03

Statutory Authority: 1733.41

Rule Amplifies: 1733.04

Prior Effective Dates: 8/3/93