1301:9-2-28 Credit card programs.

Prior to entering a credit card lending program, a credit union shall file with the superintendent a certification by the board of directors that the implementation of a credit card lending program will not negatively affect the operations of the credit union on a long-term basis. The superintendent shall notify the credit union not more than fifteen days after the filing of the certification whether it is denied, approved, or modified. If the superintendent does not respond within fifteen days after the filing of the certification, 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.

Replaces: 1301:9-2-28

Effective: 07/01/2006

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

Promulgated Under: 119.03

Statutory Authority: 1733.41

Rule Amplifies: 1733.25

Prior Effective Dates: 8/3/93