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Can you summarize OHRC Section 1109.09?
State Banks - Powers > Accounts and safe deposit box rentals for minors.
Short Summary
This legal document, as per the Ohio Revised Code, grants banks the authority to accept deposits made by or on behalf of minors and open accounts in their name. The bank can also enter into agreements to rent safe deposit boxes to minors. Additionally, a minor can be appointed as an agent or deputy on any deposit or safe deposit box. When a bank enters into a deposit contract or safe deposit box rental agreement with a minor, the terms and conditions of the agreement are binding on the minor, and the relationship between the bank and the minor is the same as if the minor were of legal age. The bank incurs no liability solely because of doing business with a minor. This document does not specify any exemptions or penalties.
Whom does it apply to?
Banks
What does it govern?
Accounts and safe deposit box rentals for minors
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Ohio