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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 1109.021 | Election to operate as a savings and loan association.

Ohio Revised Code
/
Title 11 Banks-Savings and Loan Associations
/
Chapter 1109 State Banks - Powers
 
Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
PDF:
Download Authenticated PDF
 

(A) As used in this section, "portfolio assets" and "qualified thrift investments" have the same meanings as in 12 U.S.C. 1467a, as amended.

(B) A state bank may elect to operate as a savings and loan association by filing a written notice of that election with the superintendent of financial institutions.

(C) Upon filing an election notice, a state bank shall be considered a savings and loan association if both of the following conditions are met:

(1) Its qualified thrift investments equal or exceed sixty-five per cent of its portfolio assets.

(2) Its qualified thrift investments continue to equal or exceed sixty-five per cent of its assets on a monthly average basis in nine out of every twelve months.

(D) A state bank may revoke its election notice at any time by submitting a written notice thereof to the superintendent.

Available Versions of this Section