1301:9-2-33 Sale and leaseback.

(A) A sale and leaseback is a form of a lease arrangement in which a company sells an asset to another party – usually an insurance or finance company, a leasing company, a limited partnership, or an institutional investor – in exchange for cash, then contracts to lease the asset for a specified term.

(B) Credit unions may enter into a valid sale and leaseback arrangement, which is consistent with safe and sound practices, subject to the prior written approval of the superintendent.

R.C. 119.032 review dates: 03/17/2006 and 11/15/2010

Promulgated Under: 119.03

Statutory Authority: 1733.41

Rule Amplifies: 1733.02, 1733.03, 1733.04, 1733.15

Prior Effective Dates: 8/3/93