Ohio Administrative Code Search

...ety bond issued by a bonding company or insurance company authorized to do business in this state. (C) With respect to an individual bond obtained by a licensee employed by or associated with a qualified exempt entity, by a licensee employed by a loan processing or underwriting company on a licensee's behalf, or by a licensee acting as an independent contractor performing clerical or support duti...

...nues less operating expenses before all insurance assessments or corporate stabilization expenses. (C) "File" or "filing" means the day on which any correspondence or other document is received at the Ohio department of commerce, division of financial institutions. (D) "GAAP" stands for "Generally Accepted Accounting Principles." (E) "Immediate family" includes a spouse of the official or employee, or the official...

... nonrisk assets: (1) Prepaid share insurance; other prepaid insurance; (2) Other prepaid and deferred expenses; (3) Accrued income on nonrisk assets; and (4) Deposits in corporate credit unions with maturities of two years or less. (G) Reserves for corporate credit unions. (1) At the end of each dividend cycle and prior to paying a dividend (or, at the option of the corporate credit ...

... nonrisk assets: (1) Prepaid share insurance; other prepaid insurance; (2) Other prepaid and deferred expenses; (3) Accrued income on nonrisk assets; and (4) Deposits in corporate credit unions with maturities of two years or less. (G) Reserves for corporate credit unions. (1) At the end of each dividend cycle and prior to paying a dividend (or, at the option of the corporate credit ...

...risk assets: (1) Prepaid share insurance; other prepaid insurance; (2) Other prepaid and deferred expenses; (3) Accrued income on nonrisk assets; and (4) Deposits in corporate credit unions with maturities of two years or less. (F) Reserves for corporate credit unions. (1) At the end of each dividend cycle and prior to paying a dividend (or, at the option of the corporate credit unio...

...plan, including credit union owned life insurance policies, not to exceed in the aggregate ten per cent of its shares and undivided earnings; (e) Any securities or other properties not specifically described in section 1733.30 of the Revised Code and paragraph (B)(2) of this rule, to an extent not exceeding in the aggregate five per cent of shares and undivided earnings or fifty per cent of the net w...

...plan, including credit union owned life insurance policies, not to exceed in the aggregate ten per cent of its shares and undivided earnings; (f) Any securities or other properties not specifically described in section 1733.30 of the Revised Code and paragraph (B)(2) of this rule, to an extent not exceeding in the aggregate five per cent of shares and undivided earnings or fifty per cent of the n...

...osed credit union: Commitment of share insurance as required by section 1733.041 of the Revised Code; Evidence of a common bond and the number of potential members in the field of membership, as well as their stability of employment or association in the common bond group and the economic characteristics thereof; Evidence of the character and fitness of the proposed incorporators which shall include proof of manag...

...he placement of proper private mortgage insurance on the excess amount. The superintendent shall notify the credit union not more than ten business days after the filing of the policy whether it is denied, approved, or modified. If the superintendent does not respond within ten business days after the filing of the policy, it shall be deemed approved; unless, the superintendent notifies the credit...

...he placement of proper private mortgage insurance on the excess amount. The superintendent shall notify the credit union not more than ten business days after the filing of the policy whether it is denied, approved, or modified. If the superintendent does not respond within ten business days after the filing of the policy, it shall be deemed approved; unless, the superintendent notifies the credit...

...pletion of construction; and (3) Title insurance method, under which a title company assumes responsibility for making construction disbursements and for obtaining the necessary assurance of an unencumbered first lien position for the lender. An updated title insurance policy is issued with each disbursement, insuring the lender to the full amount of the construction disbursements to date. It remains the credit unio...

...pletion of construction; and (3) Title insurance method, under which a title company assumes responsibility for making construction disbursements and for obtaining the necessary assurance of an unencumbered first lien position for the lender. An updated title insurance policy is issued with each disbursement, insuring the lender to the full amount of the construction disbursements to date. It rem...

...ect on July 21, 2010. (B) Adequate insurance on properties securing home equity and second mortgage loans shall be in place and the borrower shall furnish a copy of a fire and casualty policy in at least the amount of any outstanding mortgage with a mortgage loss payable clause in favor of the credit union. (C) Credit unions engaging in equity lending shall obtain a title search of the prope...

... effect on July 18, 2023. (B) Adequate insurance on properties securing home equity and second mortgage loans shall be in place and the borrower shall furnish a copy of a fire and casualty policy in at least the amount of any outstanding mortgage with a mortgage loss payable clause in favor of the credit union. (C) Credit unions engaging in equity lending shall obtain a title search of the prope...

...ale price; appraisals; title search and insurance requirements; steps to be taken to secure various types of collateral; and how often the value and marketability of collateral is re-evaluated; (9) Identification by position of those individuals prohibited from receiving member business loans; No credit union shall make member business loans to the following non-volunteer senior management employees or to any assoc...

...y services; agent or agency for sale of insurance; personal property leasing; and provision of vehicle warranty programs; provision of vehicle warranty programs; provision of group purchasing program; real estate leasing of excess credit union service organization property; alarm-monitoring and other security services; disaster recovery services; student loan origination; all telephone and telecom...

...of computer hardware or software. (6) Insurance brokerage or agency: agency for sale of insurance; provision of vehicle warranty programs; provision of group purchasing programs; and real estate settlement services. (7) Leasing: personal property; and real estate leasing of excess CUSO property. (8) Loan support services: debt collection services; loan processing, servicing, and sales; sale ...

...ised value of the property, name of the insurance company and specification of coverage.

...ised value of the property, name of the insurance company and specification of coverage.

...he proposed conversion also involves an insurance conversion, the credit union shall refer to the national credit union administration's rules and regulations for conversion of insurance. (E) The superintendent shall not approve any proposed conversion by a state chartered credit union if: (1) The superintendent has not received all of the required documents; or (2) The credit union has not paid all supervisory or...

...f the merger. If the merger involves an insurance conversion, the credit union should reference the national credit union administration rules and regulations for guidance; and (7) Any other information the superintendent requires. (D) In addition to the items listed in paragraph (C) of this rule, the continuing and merging credit unions shall submit the following additional supporting items: (1) Financial stateme...

...f the merger. If the merger involves an insurance conversion, the credit union should reference the national credit union administration rules and regulations for guidance; (7) Financial statements of the merging and continuing credit unions including projected net worth calculations for the combined credit unions; (8) Analysis of the allowance for loan and lease loss reserves for the merging an...

...itten approval of the superintendent of insurance as to the percentage amount of the aggregate share capital of a participating credit union, which each participating credit union must contribute and maintain with the credit union share guaranty corporation as a capital contribution, prior to requiring each participating credit union to contribute and maintain such a capital contribution. (B) (1) The credit union ...

...ired to file with the superintendent of insurance thereof to the superintendent of credit unions.

...ng a license from the superintendent of insurance. (B) The superintendent of credit unions shall determine whether the credit union share guaranty corporation is in compliance with Chapter 1761. of the Revised Code. The superintendent of credit unions shall notify the credit union share guaranty corporation and the superintendent of insurance of his determination. (1) If the superintendent of credit unions finds th...