Ohio Revised Code Search

...Each member of the governing board of a family trust company shall take and subscribe an oath that the member will administer the affairs of the family trust company diligently and honestly and that the member will not knowingly or willfully permit noncompliance with or violation of any of the laws relating to family trust companies.

...tutions shall investigate the relevant facts concerning the applicant. If the application involves investigation outside this state, the division may require the applicant to advance sufficient funds to pay any of the actual expenses of that investigation. (C) In determining whether to approve or disapprove an application for a family trust company license, the superintendent shall consider all of the following: (1...

...tion, or the managers or family members acting in a managerial capacity for the limited liability company, as applicable: (a)¿Have a reputation for honesty, trustworthiness, and integrity and display competence to transact the business of a licensed family trust company; (b)¿Have not been convicted of, or pleaded guilty or nolo contendere to, a felony or any crime involving fraud, misrepresentation, or moral turpit...

...A family trust company's license to engage in trust business in this state is not transferable or assignable.

...Not more than one place of business shall be maintained under the same license issued under this chapter, but the superintendent of financial institutions may issue additional licenses to the same licensee. For every additional place of business in this state, the licensee shall submit an application in the form prescribed by the superintendent and pay a one-time nonrefundable fee of five hundred dollars. For every a...

..., a family trust company shall not transact any business as a licensed family trust company, other than the election of officers, the taking and approving of their official bonds, the receipts of payment upon stock subscriptions, and other business incidental to its organization.

...(A) Prior to transacting any business as a licensed family trust company, a family trust company shall pledge to the superintendent of financial institutions interest-bearing securities authorized in division (B) of this section, having a par value, not including unaccrued interest, of one hundred thousand dollars, and approved by the superintendent. The family trust company may pledge the securities either by delive...

...e amount of one million dollars, on any active officer, manager, family member acting in a managerial capacity, or employee, whether or not such persons receive a salary or other compensation from the family trust company, to indemnify it against loss because of any dishonest, fraudulent, or criminal act or omission by any of the persons bonded, acting alone or in combination with any other person. The bonds may be i...

...office space in this state for the transaction of trust business and for the storage of, and access to, family trust company records; (B) Hold in this state at least two governing board meetings per year at which a quorum of the board members are physically present; (C) Employ, engage, or contract with at least one individual, on a part-time basis, to provide services in this state for the family trust company; (D...

...The governing board of a licensed family trust company shall hold at least one regular meeting during each calendar quarter. At each of the quarterly meetings, the board, or an auditor selected by the board, shall thoroughly review the books, records, funds, and securities held by the family trust company. If the board selects an auditor, the auditor's findings shall be reported directly to the board. In lieu of the ...

...Except as otherwise provided in section 1112.04 of the Revised Code, a licensed family trust company has all the rights, privileges, and exemptions from licensing and regulation requirements that are granted by any law of this state to trust companies licensed under Chapter 1111. of the Revised Code, including, without limitation, the requirements for registration, licensing, and supervision set forth in Chapter 1707...

...(A) A family trust company licensed under this chapter may cease doing trust business and voluntarily surrender its license to engage in trust business in this state, and as a consequence be relieved of the necessity to comply with the requirements of this chapter, only with the consent of the superintendent of financial institutions. (B) A licensed family trust company proposing to cease doing trust business in thi...

... family trust company taking any of the actions authorized by division (E)(1) of this section.

...(A) A family trust company may, for any business purpose, retain a document, paper, or other instrument. A family trust company may record by use of a process to record, copy, photograph, or store a representation of the original document, paper, or other instrument or record if all of the following apply: (1) The process correctly and accurately copies or reproduces, or provides a means for correctly and accuratel...

...(A) Any licensed family trust company is subject to all powers of, and remedies and sanctions available to, the superintendent of financial institutions and the division of financial institutions under Chapters 1101. to 1127. of the Revised Code, in addition to the specific powers, remedies, and sanctions provided for in this chapter. (B)(1) With regard to a licensed family trust company, "regulated person," as us...

...Each family trust company licensed under this chapter shall file with the superintendent of financial institutions any report the superintendent may require, in the form and manner and containing the information prescribed by the superintendent.

...(A) Not later than eighteen months after a licensed family trust company receives its initial license under this chapter, and as often thereafter as the superintendent of financial institutions considers necessary, but at least once each thirty-six-month cycle, the superintendent, or any deputy or examiner appointed by the superintendent for that purpose, shall thoroughly examine the records and affairs of the licens...

...for the superintendent to take official action regarding the affairs of a family trust company; (2) To assist another state or a federal agency investigating activities regulated under this chapter; (3) When obtained by a law enforcement officer pursuant to a subpoena, court order, search warrant, or other lawful means. (E) The discovery of information pursuant to division (D) of this section shall be limited to i...

...tor of, or any manager or family member acting in a managerial capacity for, the licensed family trust company has failed to comply with any provision of this chapter. (2) The licensed family trust company, or any person authorized to act on its behalf, refuses to allow the superintendent or any deputy or examiner appointed by the superintendent to inspect all books, records, papers, and effects related to the famil...

...(A) If the superintendent of financial institutions revokes a family trust company's license to do trust business in this state pursuant to division (A) of section 1111.32 of the Revised Code, the superintendent may take possession of the family trust company's trust business in this state and may appoint a receiver for the liquidation of the trust business in this state. If the family trust company has its principal...

...The superintendent of financial institutions shall not have an ownership interest in a licensed family trust company.

...The superintendent of financial institutions may, in accordance with Chapter 119. of the Revised Code, adopt any rule necessary to carry out the purposes of this chapter.

...Whoever violates division (B) of section 1112.23 of the Revised Code is guilty of a felony of the fourth degree.

...Revised Code. (B) Any of the following actions by a regulated person may constitute a violation of section 1127.08 of the Revised Code or of a theft, fraud, falsification, or other similar offense set forth in Title XXIX of the Revised Code, or may constitute an attempt to commit or complicity to commit a violation of section 1127.08 of the Revised Code or of a theft, fraud, falsification, or other similar offense s...

...No regulated person shall receive, or permit to be received, money, checks, drafts, or other property as a deposit in a bank, when the regulated person knows the bank is insolvent.