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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 135.624 | Loan rates.

Ohio Revised Code
/
Title 1 State Government
/
Chapter 135 Uniform Depository Act
 
Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
PDF:
Download Authenticated PDF
 

(A) Upon the treasurer of state placing, purchasing, or designating a linked deposit, the eligible lending institution shall lend the corresponding funds to each approved eligible borrower listed in the accepted linked deposit loan package, and in accordance with the deposit agreement required by section 135.623 of the Revised Code. Unless otherwise specified in the deposit agreement, the interest rates on the loans to such eligible borrowers shall be at a rate equal to or greater than the present borrowing rate applicable to each specific eligible borrower in the accepted linked deposit loan package minus the difference between the prevailing interest rate and the discount interest rate at which the linked deposits were placed, made, or designated.

(B) The eligible lending institution shall provide to the treasurer of state a certificate of compliance with division (A) of this section, in the form and manner prescribed by the treasurer of state.

(C) Upon the conclusion of the maturity period, the treasurer of state may allow for the renewal of an application for a linked deposit program with the same terms for one or more additional maturity periods if certain requirements are met, as determined by the treasurer of state. In the event the treasurer of state does not allow for renewal, the requirements are not met, or the eligible borrower is not eligible for a renewal, an eligible borrower may submit a new application to participate in a linked deposit program.

(D) At the time of maturity or upon the repayment of a loan in its entirety, whichever is earlier, the eligible lending institution shall return the amount of the corresponding linked deposit to the treasurer of state in a timely manner, as prescribed by the treasurer of state.

(E) The treasurer of state shall take any and all steps necessary to implement and administer the linked deposit programs, including the development of guidelines as necessary.

Last updated September 11, 2023 at 3:57 PM

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