Ohio Revised Code Chapter 1109 - Banks - Powers

• Section 1109.01 - Bank Powers, Rights And Privileges Generally.
  (A) A bank may use, exercise, and enjoy all of the powers, rights, and privileges of a corporation as set forth in section 1701.13...
• Section 1109.02 - Additional And Incidental Powers.
  (A) In addition to exercising the powers and performing the acts authorized under Chapters 1101. to 1127. of the Revised Code, a bank has...
• Section 1109.021 - [Repealed].
  Effective Date: 09-27-1996
• Section 1109.03 - Federal Deposit Insurance Corporation And Federal Reserve Requirements.
  (A) No bank shall transact business in this state unless its deposit accounts are insured by the federal deposit insurance corporation, except a bank...
• Section 1109.04 - [Repealed].
  Effective Date: 01-01-1997
• Section 1109.05 - Deposit Contracts.
  (A) A bank may receive money on deposit and may establish the terms and conditions of each deposit contract. A bank may receive demand...
• Section 1109.051 - [Repealed].
  Effective Date: 01-01-1968
• Section 1109.06 - Designating On Signature Card Deposit Is In Trust For Another.
  (A) Whenever a depositor opens or modifies the ownership of a deposit account by designating on the signature card the deposit is in trust...
• Section 1109.07 - Deposits Payable To Survivor - Deposits Payable On Death.
  (A) When a deposit is made in the name of two or more persons, payable to either or the survivor, the bank may pay...
• Section 1109.08 - Safes, Vaults, Safe Deposit Boxes, Night Depositories.
  (A) A bank may provide safes, vaults, safe deposit boxes, night depositories, and other secure receptacles for the uses, purposes, and benefits of its...
• Section 1109.09 - Accounts And Safe Deposit Box Rentals For Minors.
  (A) A bank may do any of the following: (1) Accept deposits made by or on behalf of any minor and open an account...
• Section 1109.10 - Claims Adverse To Deposits Or Property.
  If any claim not clearly consistent with the terms of any applicable authority on file with a bank is made to any deposit, safe...
• Section 1109.11 - Deposits Entered As U. S. Money.
  All deposits of money, or its equivalent, made with a bank shall be entered on its books only in terms of money of the...
• Section 1109.12 To 1109.14 - [Repealed].
  Effective Date: 01-01-1997
• Section 1109.15 - Permitted Transactions.
  (A) (1) Subject to the restrictions and limitations of the Revised Code, a bank may do any of the following: (a) Loan money, with...
• Section 1109.16 - Standards For Extensions Of Credit.
  (A) The superintendent of financial institutions shall adopt rules prescribing standards for extensions of credit that are either of the following: (1) Secured by...
• Section 1109.17 - Accepting Drafts Or Bills Of Exchange.
  (A) (1) A bank may accept drafts or bills of exchange drawn on it and may purchase acceptances of drafts or bills of exchange...
• Section 1109.18 - Extending Credit Pursuant To Revolving Credit Agreement.
  (A) A bank may extend credit to a customer pursuant to a revolving credit agreement allowing the customer to access the credit from time...
• Section 1109.181 - Charges Under Revolving Credit Agreement.
  (A) As used in this section: (1) "Revolving credit agreement" means an agreement pursuant to which a bank contemplates repeated transactions and the amount...
• Section 1109.19 - [Repealed].
  Effective Date: 01-01-1997
• Section 1109.20 - Interest And Finance Charge Rates.
  (A) A bank may contract for and receive interest or finance charges at any rate or rates agreed upon or consented to by the...
• Section 1109.21 - [Repealed].
  Effective Date: 01-01-1997
• Section 1109.22 - Total Loans And Extensions Of Credit To Person Outstanding At Any One Time.
  (A) As used in this section: (1) "Derivative transaction" includes any transaction that is a contract, agreement, swap, warrant, note, or option that is...
• Section 1109.23 - Extending Credit To Executive Officers, Directors, Principal Shareholders Or To Related Interests.
  (A) No bank may extend credit to any of its executive officers, directors, or principal shareholders, or to any of their related interests, except...
• Section 1109.24 - Extending Credit To Executive Officer - Reports.
  (A) Except as authorized by this section, no bank may extend credit in any manner to any of its own executive officers. No executive...
• Section 1109.25 - Bank's Own Stock As Security Or Payment.
  (A) No bank shall lend money on the security of shares of its own stock or accept shares of its own stock in satisfaction...
• Section 1109.26 - Owning Or Holding Real Estate Or Stock Acquired In Satisfaction Of Debt.
  (A) (1) A bank may own or hold for not more than five years any real estate it acquires by foreclosure, conveyance in lieu...
• Section 1109.27 To 1109.30 - [Repealed].
  Effective Date: 01-01-1997
• Section 1109.31 - Real Estate Investments.
  (A) A bank may purchase, acquire by lease, or otherwise invest in the real estate and interests in real estate the board of directors...
• Section 1109.32 - Bonds, Notes And Other Debt Securities As Investments.
  (A) A bank may invest in any of the following: (1) Bonds, bills, notes, or other debt securities of the United States or for...
• Section 1109.33 - Investing In Stock Of Federally Chartered Banks.
  A bank may apply to the superintendent of financial institutions for permission to invest, subject to the conditions and requirements prescribed by the superintendent,...
• Section 1109.34 - Investing In Securities Of Domestic Insurance Company.
  (A) A bank may invest in the securities of a domestic insurance company organized under Chapter 3907. or 3925. of the Revised Code, regulated...
• Section 1109.35 - Investing In Venture Capital Firms, Small Businesses And Economic Development Corporations.
  (A) (1) As used in this division: (a) "Venture capital firm" means any corporation, partnership, proprietorship, limited liability company, or other entity, the principal...
• Section 1109.36 - Underwriting And Dealing In Guaranteed And Acceptable Debt Securities.
  To the extent permitted by and subject to any limitations and restrictions the superintendent of financial institutions may impose, a bank may underwrite and...
• Section 1109.37, 1109.38 - [Repealed].
  Effective Date: 01-01-1997
• Section 1109.39 - Additional Stock Investments.
  In addition to the specific investments authorized in this chapter, a bank may also invest, in the aggregate, no more than ten per cent...
• Section 1109.40 - Additional Authority For Loans And Investments.
  (A) In addition to the other loan and investment authority provided for banks in Chapter 1109. of the Revised Code, but subject to all...
• Section 1109.41, 1109.42 - [Repealed].
  Effective Date: 01-01-1997
• Section 1109.43 - Investing In Bankers' Bank Or Holding Company.
  (A) For purposes of this section: (1) "Bankers' bank" means a bank organized to engage exclusively in providing services to other depository institutions and...
• Section 1109.44 - Investing In Bank Subsidiary Corporations And Bank Service Corporations.
  (A) A bank may invest, in the aggregate, twenty-five per cent of its assets in the stock, obligations, and other securities of bank subsidiary...
• Section 1109.45 - Investing In Clearing Corporation.
  A bank may invest in the shares of a clearing corporation as defined by section 1308.01 of the Revised Code. Effective Date: 01-01-1997
• Section 1109.47 - Limiting Investing In One Issuer.
  (A) Except as provided in division (B) of this section, a bank shall not invest more than fifteen per cent of its capital in...
• Section 1109.48 - Investing In Firms Owned And Controlled By Minorities Or Women.
  In exercising its investment authority, a bank shall give equal consideration to investments that involve firms owned and controlled by minorities and firms owned...
• Section 1109.49 - Furnishing Financial Information To Superintendent.
  A bank investing in the securities of a bank or corporation pursuant to this chapter shall furnish information concerning the financial condition of the...
• Section 1109.53 - Transactions With Affiliates Definitions.
  For purposes of this section and sections 1109.54, 1109.55, and 1109.56 of the Revised Code: (A) (1) "Affiliate" means any of the following: (a)...
• Section 1109.54 - Conditions For Engage In Covered Transaction With Affiliate.
  (A) A bank and its subsidiaries may engage in a covered transaction with an affiliate only if both of the following apply: (1) The...
• Section 1109.55 - Permitted Transactions With Affiliate.
  (A) A bank and its subsidiaries may engage in any of the transactions described in division (B) of this section only if one of...
• Section 1109.56 - Rules For Transactions With Affiliates.
  Pursuant to the authority of section 1121.03 of the Revised Code, the superintendent of financial institutions may adopt rules to administer and carry out...
• Section 1109.59 - Authority To Borrow.
  A bank may borrow money in any sum consistent with safety and soundness. Borrowing by means of the issuance of debt securities is subject...
• Section 1109.60 - Authority To Transmit Money.
  (A) A bank shall have the power, directly or through its agents or as an agent of another authorized money transmitter, to transmit money...
• Section 1109.61 - Paying Management And Consulting Fees.
  No bank shall contract to pay, or pay to any person, any fees for management or consulting services, including fees for legal, accounting, brokerage,...
• Section 1109.62 - [Repealed].
  Effective Date: 12-02-1996
• Section 1109.63 - Coin And Bullion.
  A bank may buy, sell, and exchange coin and bullion. Effective Date: 01-01-1997
• Section 1109.64 - Travel Services.
  Subject to the limitations and restrictions of Chapters 1101. to 1127. of the Revised Code, a bank shall have the power to do both...
• Section 1109.65 - Tax Certificate Purchase.
  In order to protect its interest in a property, a bank may purchase a tax certificate under section 5721.32 or 5721.33 of the Revised...
• Section 1109.68 - Using Copying Or Reproduction Processes.
  (A) A bank may, for any business purpose, retain a document, paper, or other instrument or record by use of a process to record,...
• Section 1109.69 - Record Retention.
  (A) Every bank shall retain or preserve the following bank records and supporting documents for only the following periods of time: (1) For one...
• Section 1109.73 - Proceeding For Partition.
  The interests of any tenants in common, survivorship tenants, or coparceners of any tangible or intangible personal property may be partitioned under this section...
• Section 1109.75 - Securitization.
  (A) Notwithstanding any other provision of law, to the extent set forth in the transaction documents relating to a securitization: (1) Any property, assets,...

Last modified: October 10, 2016