Ohio Administrative Code Search

...(A) Each credit union engaged in operations as of January first of a calendar year shall pay the supervisory fee described in division (E) of section 1733.32 of the Revised Code, based on a percentage of the gross assets of the credit union, as shown by its last annual financial report, by the following groupings: (1) The amount from $1 to $125,000 of the credit union's gross assets shall be bill...

...(A) Each credit union shall obtain and maintain a fidelity bond subject to approval of the superintendent. As a minimum, the fidelity bond must provide coverage for the fraud and dishonesty of all employees, directors, officers, and committee members. If a bonding company has submitted a template bond to be approved by the superintendent and such template is approved, a credit union may use this bond without the supe...

...(A) Each credit union shall obtain and maintain a fidelity bond, subject to approval of the superintendent, that at a minimum, provides coverage for the fraud and dishonesty of all employees, directors, officers, and committee members. If a bonding company has submitted a template bond to be approved by the superintendent and such template is approved, a credit union may use this bond without the superintendent's a...

...(A) For the purchase of notes of liquidating other credit unions, notes made by individual members of a credit union may be purchased by another credit union at a price agreed upon by the credit unions and subject to the prior written approval of the superintendent. (B) Authorized investments and investment restrictions (1) No credit union shall invest any of its funds in any securities or ...

...(A) For the purchase of notes of liquidating other credit unions, notes made by individual members of a credit union may be purchased by another credit union at a price agreed upon by the credit unions and subject to the prior written approval of the superintendent. (B) Authorized investments and investment restrictions (1) A credit union may invest funds in securities or other property no...

...(A) Pursuant to division (C) of section 1733.31 of the Revised Code, the superintendent defines "liquidity fund" as the sum of all cash on hand or on deposit, plus all investments maturing within one year of the date the calculation in paragraph (C)(1) of this rule is performed. (B) The superintendent may require a particular credit union or all credit unions to establish a liquidity fund grea...

...(A) The field of membership of a credit union may include the families of members; that is, persons related by blood, adoption or marriage to or living in the same household with a person having the common bond, as well as surviving spouses of persons who have left the field of membership in good standing. When the individual member of a credit union leaves the field of membership, all persons who are members by virt...

...(A) The field of membership of a credit union may include the families of members; that is, persons related by blood, adoption or marriage to or living in the same household with a person having the common bond, as well as surviving spouses of persons who have left the field of membership in good standing. When the individual member of a credit union leaves the field of membership, all persons who...

...(A) Definitions (1) The term "group" for the purposes of this rule shall be as described in division (D)(1) of section 1733.05 of the Revised Code, except that for the purpose of a vote to disaffiliate group membership, shall not include a member who acquires his "common bond" for member status through familial relationship. (2) "Original credit union" for the purposes of this rule shall mean the credit union from ...

...(A) Definitions (1) The term "group" for the purposes of this rule means a "select group" as described in division (D)(1) of section 1733.05 of the Revised Code; however, for the purpose of a vote to disaffiliate group membership, the term "group" does not include a member who acquires his or her "common bond" for member status through familial relationship. (2) "Original credit union" f...

...(A) For purposes of this rule, "first-lien residential real estate loan" has the same meaning as in 12 C.F.R. 702.2, as in effect on November 1, 2023. (B) For purposes of this rule, a "non-conforming loan" means a loan which the credit union knows or has a reasonable basis to conclude is not eligible to be sold to either the federal naional mortgage association (Fannie Mae) or the federal home l...

...(A) "Construction loans" are loans made for the purpose of building on vacant land or construction additions to existing structures. Because the incomplete structure and the land represent the security for the loan, funds are disbursed in installments as work progresses. One of three methods, or variants thereof, are used to ensure a lien free, and an adequately collateralized loan throughout construction. These thre...

...(A) "Construction loans" are loans made for the purpose of building on vacant land or construction additions to existing structures. Because the incomplete structure and the land represent the security for the loan, funds are disbursed in installments as work progresses. One of three methods, or variants thereof, are used to ensure a lien free, and an adequately collateralized loan throughout cons...

...(A) A "home equity loan or a second mortgage loan" is a loan secured by the equity in a dwelling, and is made for a purpose other than the purchase or refinancing of the dwelling, regardless of the lien priority. A home equity loan may be one with lines of equity credit which are either variable or fixed-rate. Home equity loans qualify as consumer credit. Home equity and second mortgage loans shal...

...(A) A "member business loan" is defined as any loan, line of credit or letter of credit which will be used for commercial, corporate, business, investment property or venture, or agricultural purpose. Exceptions to this definition are: (1) Loans fully secured by a lien on a one-to-four-family dwelling; (2) Loans fully secured by shares in the credit union or deposits in other financial insti...

...(A) As used in this rule: (1) "Fixed assets" means any premises, furniture, fixtures, and equipment. (2) "Furniture, fixtures, and equipment" include all office furnishings, office machines, computer hardware and software, automated terminals, heating and cooling equipment and machinery. (3) "Premises" includes any parking lot, office, branch office, service facility as defined in rule 1301...

...(A) As used in this rule: (1) "Fixed assets" means any premises, furniture, fixtures, and equipment. (2) "Furniture, fixtures, and equipment" include all office furnishings, office machines, computer hardware and software, automated terminals, heating and cooling equipment and machinery. (3) "Premises" includes any parking lot, office, branch office, service facility as defined in rule 1301...

...(A) A "Credit Union Service Organization" (CUSO) means any organization, as determined by the superintendent, in which a credit union can invest in and make loans if the CUSO primarily serves credit unions, its membership, or the membership of other credit unions and whose business relates to the daily or routine operation of the credit unions it serves, are incidental to the credit union, are pro...

...(A) A "Credit Union Service Organization" (CUSO) means any entity in which a credit union has an ownership interest or to which a credit union has extended a loan, and that entity is engaged primarily in providing products or services to credit unions or credit union members. A CUSO also includes any entity in which a CUSO has an ownership interest of any amount, if that entity is engaged primaril...

...(A) Any conversion of a state chartered credit union to a federally chartered credit union or a federally chartered credit union to a state chartered credit union is subject to the approval of the superintendent. (B) A state chartered credit union seeking to convert to a federally chartered credit union must: (1) Submit the following to the superintendent: (a) A letter requesting conversion an...

...(A) Except as provided in divisions (A)(1) to (A)(8) of section 1761.13 of the Revised Code, a credit union share guaranty corporation shall not invest or deposit its funds in any manner or make any investment in any company, related or unrelated, without obtaining the prior written approval of the superintendent of credit unions. (B) As used in paragraph (A) of this rule: (1) "Company" means an...

...(A) The credit union share guaranty corporation shall submit its annual report to the superintendent of credit unions, department of commerce, within one hundred days after the close of the fiscal year. The annual report shall be certified by the oath of the president and secretary of the credit union share guaranty corporation which shall state that the annual report is true and correct in all respects to the best o...

...(A) "Intangible property" means unclaimed funds as defined in division (B) of section 169.01 and section 169.02 of the Revised Code, or a fixed and certain interest in intangible personal property, of every kind or description, that is held, issued or owed in the course of a holder's business, and all income or increments therefrom. The term "intangible property" includes, but not by way of limita...

...(A) "Intangible property" means unclaimed funds as defined in division (B) of section 169.01 and section 169.02 of the Revised Code, or a fixed and certain interest in intangible personal property, of every kind or description, that is held, issued or owed in the course of a holder's business, and all income or increments therefrom. The term "intangible property" includes, but not by way of limita...

...(A) The director may, at reasonable times and upon reasonable notice, examine or cause to be examined by auditors of supervisory departments or examiners of the divisions of the state, the records of any holder or person which could be the holder of unclaimed funds, to determine compliance with Chapter 169. of the Revised Code. The director may enter into contracts, pursuant to procedures prescrib...