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Can you summarize OHRC Chapter 1109?
Banks-Savings and Loan Associations > State Banks - Powers
Short Summary
The legal document content provided pertains to the additional and incidental powers of state banks in Ohio. State banks in Ohio have the authority to exercise all powers, perform all acts, and provide all services that are incidental to the business of banking. They are also permitted to exercise powers, perform acts, and provide services that are allowed for national banks and federal savings associations, except those dealing with interest rates. The document also covers the ability of state banks to operate as savings and loan associations, the requirements and conditions for such operation, and the revocation of election notice. Additionally, the document addresses the deposit contracts for banks, including the terms and conditions, notice requirements, and security for deposits. It also covers the designation of deposit accounts in trust, the rights and obligations of the parties involved, and the payment of account balances upon the death of the depositor-trustee. The document further discusses the payment of deposits made in the name of two or more persons, the proceeds of deposits payable on the death of a person, and the provision of safes, vaults, safe deposit boxes, and night depositories by banks to their customers. It also allows banks to accept deposits made by or on behalf of minors and open accounts in their name. The document addresses claims made to deposits, safe deposit boxes, property held in safekeeping, security, obligation, or other property in a bank’s possession or control, and the obligations of the bank in recognizing such claims. It also covers the requirement for banks to enter deposits on their books in terms of money of the United States. The document further discusses the permitted transactions that state banks are allowed to engage in, including loans, letters of credit, purchase of open accounts, loans secured by securities, and debt suspension agreements or debt cancellation contracts. It also addresses the relationship between a bank and its customers, the provision of electronic statements and notices, and the provision of notices by bank customers to the bank. The document covers the provision of safes, vaults, safe deposit boxes, and night depositories by banks to their customers, the ownership and operation of such facilities, and the acceptance of drafts or bills of exchange by banks. It also addresses the extension of credit by state banks to their executive officers, directors, principal shareholders, or related interests, and the conditions and limitations for such extensions. The document further discusses the extension of credit by state banks to their own executive officers, the conditions and requirements for such extensions, and the restrictions on loans to partnerships in which executive officers have a majority interest. It also covers the restrictions on state banks lending money on the security of their own stock or accepting shares of their own stock in satisfaction of a debt. The document addresses the ability of state banks to own or hold real estate or stock acquired in satisfaction of a debt previously contracted, the conditions and limitations for such ownership or holding, and the authority of the superintendent of financial institutions in determining the functional equivalent of stock of a person that controls a state bank. It also covers the investment activities of state banks, including the investment in various types of debt securities, the investment in shares of venture capital firms and small businesses, and the investment in securities of domestic insurance companies. The document addresses the investment limitations for state banks, the equal consideration of investments involving firms owned and controlled by minorities and women, and the furnishing of information concerning the financial condition of banks or corporations. It also covers the transactions with affiliates of state banks, the conditions and requirements for covered transactions, and the prohibition of certain transactions. The document addresses the authority of the superintendent of financial institutions to adopt rules, the borrowing of money by state banks, and the prohibition of paying fees for management or consulting services that do not have a direct relationship to the value of the services rendered. It also covers the ability of state banks to sell insurance through subsidiary insurance agencies, the buying, selling, and exchange of coin and bullion, and the operation of travel agencies and sale of tickets for passage on common carriers. The document addresses the purchase of tax certificates by state banks, the retention and reproduction of documents by banks, and the record retention requirements for banks. It also covers the partition of interests in tangible or intangible personal property and the treatment of securitization transactions involving the transfer of financial assets by FDIC-insured financial institutions to special purpose entities.
Whom does it apply to?
State banks in Ohio
What does it govern?
Additional and incidental powers of state banks in Ohio
What are exemptions?
No specific exemptions or penalties are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Ohio