4501:1-2-04 Deposits of money or securities.

(A) Proof of financial responsibility may be evidenced by the certificate of the treasurer of state that the person named therein has deposited with the treasurer thirty thousand dollars in money or bonds of the United States, of this state, or of a political subdivision of this state at their par or face value. The treasurer of state shall not accept any such deposit and issue a certificate therefor and the registrar of motor vehicles shall not accept such certificate unless it is accompanied by evidence that there are no unsatisfied judgments against the depositor in the county where the depositor resides.

(B) The application for and the issuance of a certificate under this rule shall be as follows:

(1) The applicant shall complete the application prescribed by the registrar of motor vehicles and sign the application in the presence of a notary public;

(2) The applicant shall deliver or otherwise transmit at applicant's own risk either thirty thousand dollars in the form of a money order or cashier's check payable to "Treasurer, State of Ohio" or bonds of the United States, or this state or a political subdivision of this state having a aggregate par or face value of at least thirty thousand dollars, along with the application, to the bureau of motor vehicles;

(3) Upon receipt of the application and the thirty thousand dollars in money or bonds, the registrar shall either approve or disapprove the application;

(4) If approved, the registrar shall transmit to the treasurer the money or bonds for deposit . No interest shall accrue to the credit of the applicant upon any money deposited by the treasurer pursuant to this rule;

(5) If approved by the treasurer of state, the treasurer shall deposit the money or bonds and shall execute a "Receipt and Certificate of Financial Responsibility" and return it to the registrar;

(6) The registrar shall transmit the receipt and certificate of financial responsibility to the applicant;

(7) The proof of financial responsibility shall become effective upon the registrar's receipt of the certificate from the treasurer.

Effective: 03/22/2010
R.C. 119.032 review dates: 12/31/2009 and 12/31/2014
Promulgated Under: 119.03
Statutory Authority: R.C. 4501.02 , R.C. 4509.101
Rule Amplifies: R.C. 4509.62 , R.C. 4509.45
Prior Effective Dates: 4/20/95