Ask Reggi Your Question Now
Can you summarize OHAC 1301:9?
Ohio Administrative Code > Department of Commerce | Division of Financial Institutions: Credit Unions
Short Summary
The provided legal document content covers various aspects related to credit unions and their operations. It includes the appraisal requirements for credit unions when making first mortgage purchase money real estate loans on one-to-four family dwellings, as well as the appraisal requirements for home equity loans and second mortgage loans provided by credit unions. The document also governs the activities and requirements of the Credit Union Share Guaranty Corporation, including criteria for obtaining reinsurance or a line of credit, notification requirements for aiding participating credit unions in liquidation or financial difficulty, submission of quarterly reports, actuarial study of capital adequacy, disclosure of examination reports, audit of participating credit unions’ books and records, filing requirements, confidentiality of financial statements and examination reports, capital contribution by participating credit unions, representation and licensing restrictions, investment and deposit activities, deficiency notification, issuance and renewal of a certificate of compliance, termination or lapse of reinsurance or line of credit, and communication with regulatory authorities. Additionally, the documents cover a wide range of topics related to credit unions, such as powers and duties of liquidating agents, compensation of individuals associated with credit unions, reporting of suspicious activities, interest rebates on loan accounts, independent audits of credit unions, liquidity requirements, loan limits, shares and share drafts, credit card lending programs, conditions of impairment, service facilities, preservation of corporate records, merging credit unions, member business loans, member account statements, charter conversion, dissolution of credit unions, charter approval for credit unions, trustee or custodian services, Credit Union Service Organizations (CUSOs), sale and leaseback arrangements, fidelity bond requirements, derivatives transactions, reporting of other real estate owned, assessment of fees or service charges, charge-off of uncollectible loans, payment of dividends, disaffiliation or dual membership, investments made by credit unions, reimbursement for assembling or providing financial records, purchase of fixed assets or real estate, construction loans, voting process by credit union members, and field of membership for credit unions. These documents apply to credit unions, individuals associated with credit unions, credit union members, and individuals or entities involved in transactions with credit unions. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Credit unions, individuals associated with credit unions, credit union members, individuals or entities involved in transactions with credit unions
What does it govern?
Appraisal requirements for credit unions when making first mortgage purchase money real estate loans on one-to-four family dwellings, appraisal requirements for home equity loans and second mortgage loans provided by credit unions, activities and requirements of the Credit Union Share Guaranty Corporation, powers and duties of liquidating agents, compensation of individuals associated with credit unions, reporting of suspicious activities, interest rebates on loan accounts, independent audits of credit unions, liquidity requirements, loan limits, shares and share drafts, credit card lending programs, doing business in other states, conditions of impairment, service facilities, depreciation, credit union service organizations, preservation of corporate records, merging credit unions, member business loans, member account statements, charter conversion, dissolution of credit unions, charter approval for credit unions, trustee or custodian services, Credit Union Service Organizations (CUSOs), sale and leaseback arrangements, fidelity bond requirements, derivatives transactions, reporting of other real estate owned, assessment of fees or service charges, charge-off of uncollectible loans, payment of dividends, disaffiliation or dual membership, investments made by credit unions, reimbursement for assembling or providing financial records, purchase of fixed assets or real estate, construction loans, voting process by credit union members, and field of membership for credit unions
What are exemptions?
No specific exemptions are mentioned in these documents
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
Ohio