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Can you summarize OHRC Section 1109.05?
State Banks - Powers > Deposit contracts.
Short Summary
This legal document governs deposit contracts for banks. It allows banks to receive money on deposit and establish the terms and conditions of each deposit contract. Banks can receive demand deposits subject to withdrawal or payment upon the depositor’s check, order, or other authorization. When opening a deposit account, banks must provide a statement containing the existing terms and conditions of the deposit contract. Banks are required to provide notice of any changes in the terms and conditions to depositors. Depositors and other owners of interests in deposit accounts are bound by all changes made by banks. Banks must periodically make available a report of deposit account activity or issue a passbook for recording deposits, interest, payments, and withdrawals. Banks may secure deposits as provided by law or court orders. Additionally, banks may serve as depositories for public funds and provide security for such funds if required by law. Depositors of public funds collateralized by securities pledged by a bank have a first and best lien and security interest in those securities and their proceeds.
Whom does it apply to?
Banks
What does it govern?
Deposit contracts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Ohio