Ohio Revised Code Chapter 1151 - Savings And Loan Associations - Generally

• Section 1151.01 - Savings And Loan Associations - General Definitions.
  In sections of the Revised Code making reference to savings and loan associations and to the division of savings and loan associations or the...
• Section 1151.02 - Incorporation.
  A savings and loan association shall be organized, governed, and conducted under the general laws of this state relating to corporations, except as otherwise...
• Section 1151.03 - Examination And Certification By Superintendent.
  Upon receipt from the secretary of state of a copy of the articles of incorporation of a proposed building and loan association, the superintendent...
• Section 1151.04 - Recording Of Articles Of Incorporation By Secretary Of State.
  Upon receipt of the certificate provided for in section 1151.03 of the Revised Code from the superintendent of building and loan associations, the secretary...
• Section 1151.05 - Superintendent's Approval Required To Establish, Maintain Or Relocate Branch - Permissible Locations.
  (A) No savings and loan association organized under the laws of this state shall establish more than one banking office, or maintain branches other...
• Section 1151.051 - Temporary Quarters - Advance Notice To Superintendent.
  Any building and loan association which conducts the business of an office or branch at temporary quarters during construction or alteration of its regular...
• Section 1151.052 - Foreign Federal Association Branches.
  (A) Except as otherwise provided in this section and in section 1151.60 of the Revised Code, only a domestic association may establish and maintain...
• Section 1151.053 - Providing Services To Another Financial Institution's Customers.
  (A) With the written approval of the superintendent of savings and loan associations, a savings and loan association may contract with one or more...
• Section 1151.06 - Articles Void For Failure To Begin Business Within One Year.
  A building and loan association which fails to commence business within one year from the date of the issuance of its articles of incorporation...
• Section 1151.07 - Utilization Of Words Suggesting That Person Or Entity Is Engaged In Savings And Loan Association Business.
  (A) A savings and loan association, savings bank, or bank may use in its name, with other words not forbidden by law, any of...
• Section 1151.08 - Capital And Other Requirements For Commencement Of Business.
  (A) When capital stock is mentioned in the articles of incorporation of a savings and loan association, it shall mean the authorized capital. The...
• Section 1151.081 - Converting Building And Loan Association To Mutual Deposit Building And Loan Association.
  (A) A building and loan association organized under this chapter may convert itself into a building and loan association without stock, the capital of...
• Section 1151.09 - Certificate Of Authority To Commence Business.
  When a certificate, signed by the president, secretary, or treasurer of an incorporated savings and loan association, is transmitted to the superintendent of savings...
• Section 1151.091 - Interim Savings And Loan Association.
  Notwithstanding the definition of "savings and loan association" set forth in division (A) of section 1151.01 of the Revised Code, the superintendent of savings...
• Section 1151.10 - Stock Records - List Of Shareholders Exhibited.
  Every building and loan association shall keep books and records in which shall be entered the name and the last known address of each...
• Section 1151.11 - Notice Of Meeting Of Shareholders.
  Whenever shareholders of a building and loan association are required or authorized to elect directors or to take any other action at a meeting,...
• Section 1151.12 - Terms Of Office Of Directors.
  Directors of a building and loan association may be elected for any term not less than one nor longer than three years. If such...
• Section 1151.13 - Quorum Of Board Of Directors.
  A majority of all authorized directors of a building and loan association is necessary to constitute a quorum for the transaction of business by...
• Section 1151.14 - Meetings Of Board Of Directors - Committees.
  (A) (1) A savings and loan association's board of directors shall meet monthly unless the savings and loan association's constitution provides for a different...
• Section 1151.15 - Compensation Of Directors And Officers.
  (A) The compensation of the directors of a savings and loan association shall be fixed by the stockholders, or, in the case of an...
• Section 1151.151 - [Repealed].
  Effective Date: 07-14-1987
• Section 1151.16 - Directors, Officers, And Employees Shall Not Receive Fees.
  No director, officer, employee, or attorney of a building and loan association shall knowingly, directly or indirectly, stipulate for, assent to receive, or receive...
• Section 1151.17 - Oaths Required Of Directors And Officers.
  Each director, officer, and member of an appraisal committee of a building and loan association shall, when appointed or elected, take an oath that...
• Section 1151.18 - Removal Of Director Or Officer By Superintendent.
  (A) Every director and officer of a savings and loan association is subject to removal by the superintendent of savings and loan associations on...
• Section 1151.19 - Receiving Of Deposits.
  (A) A building and loan association may receive money on deposit or stock deposits from any persons, firms, corporations, and courts, or their agents,...
• Section 1151.191 - Building And Loan Association May Serve As Trustee.
  (A) A building and loan association may serve as trustee of any trust which qualifies, at the time the association becomes trustee, for tax...
• Section 1151.192 - Recognizing Adverse Claims.
  (A) A building and loan association shall not be required, in the absence of a court order or indemnity required by this section, to...
• Section 1151.20 - Issuance Of Stock, Capital Notes, And Debentures.
  A building and loan association may issue stock to members, upon certificates or upon written subscription, on such terms consistent with sections 1151.02 to...
• Section 1151.201 - Building And Loan Association May Purchase Its Own Shares Of Permanent Stock.
  A building and loan association may purchase its own shares of permanent stock, if the purchase is not inconsistent with its articles, constitution, or...
• Section 1151.21 - Assessments.
  A building and loan association may assess and collect from members and others, such dues, fines, interest and premium on loans made, or other...
• Section 1151.22 - Repurchase Of Stock Credits.
  A building and loan association may permit its members to have their stock credits repurchased by the association in part or in full, at...
• Section 1151.23 - Withdrawal Of Deposits.
  (A) A savings and loan association may permit withdrawal of deposits upon such terms as it provides. (B) A savings and loan association may...
• Section 1151.231 - Permitting Withdrawal Of Deposits Through Another Domestic Association Or Foreign Association.
  Without prejudice to the generality of the powers conferred by section 1151.23 of the Revised Code, a building and loan association may permit withdrawal...
• Section 1151.24 - Transfer Of Credit.
  A borrower from a building and loan association may tender, in discharge of any of his obligations to the association, credit to a deposit...
• Section 1151.25 - Cancellation Of Shares.
  A building and loan association may cancel shares and parts of shares of stock upon which the credits have been repurchased by it, or...
• Section 1151.26 - Dealings With Minors.
  A building and loan association may issue stock to minors; receive deposits thereon; permit both stock and deposits to be withdrawn, transferred, pledged, and...
• Section 1151.27 - Investing In Real Estate.
  (A) Without prejudice to the generality of the powers conferred by section 1151.47 of the Revised Code, a savings and loan association may invest...
• Section 1151.28 - Borrowing Power.
  (A) A savings and loan association may borrow money without limitation and may pledge and otherwise encumber any of its assets to secure its...
• Section 1151.29 - Authority To Loan.
  A savings and loan association may make, invest in, sell, purchase, participate, or otherwise deal in loans to members and others on such terms...
• Section 1151.291 - Limitation On Loans.
  Subject to the procedures of this section and section 1151.292 of the Revised Code, a building and loan association may make, invest in, sell,...
• Section 1151.2911 - Charges Under Revolving Credit Agreement.
  (A) As used in this section: (1) "Revolving credit agreement" means an agreement pursuant to which a savings and loan association contemplates repeated transactions...
• Section 1151.292 - Procedures For Real Estate Loans.
  A savings and loan association shall observe the following procedures in making real estate loans: (A) The association may make loans upon obligations secured...
• Section 1151.293 - Procedures For Loans For Acquisition And Development Of Undeveloped Or Partially Developed Land For Primarily Residential Use.
  A building and loan association may make, invest in, sell, purchase, participate, or otherwise deal in loans to members and others upon obligations secured...
• Section 1151.294 - Investment In Mobile Home Chattel Paper.
  (A) As used in this section: (1) "Mobile home" means a movable dwelling for occupancy on land made of one or more units, and...
• Section 1151.295 - Home Improvement Loans.
  A building and loan association may make, invest in, sell, purchase, participate, or otherwise deal in loans, on such terms as are provided by...
• Section 1151.296 - Loans On Securities.
  Building and loan companies that have been making loans primarily on other securities than those named in this chapter continuously since January 1, 1913,...
• Section 1151.297 - Student Loans.
  (A) A building and loan association may lend, or purchase loans that have been made, on such terms as are provided by the association...
• Section 1151.298 - Consumer Loans, Commercial Paper, And Corporate Debt Securities.
  An association may invest in consumer loans, commercial paper, and corporate debt securities subject to the limitations of this section; however, at any one...
• Section 1151.299 - Credit Card Operations.
  A building and loan association may issue credit cards, extend credit in connection therewith, and otherwise engage in or participate in credit card operations....
• Section 1151.2910 - Commercial And Standby Letters Of Credit.
  (A) A savings and loan association may issue commercial and standby letters of credit and may pledge collateral to secure its obligations thereunder, subject...
• Section 1151.30 - Loans For Commercial, Corporate, Business, Or Agricultural Purposes.
  A savings and loan association may make, invest in, sell, purchase, and participate, or otherwise deal in secured or unsecured loans for commercial, corporate,...
• Section 1151.301 - [Repealed].
  Effective Date: 12-09-1982
• Section 1151.31 - Loans Guaranteed By Federal Administrator Of Veterans' Affairs And Other Federal Agencies.
  Notwithstanding sections 1151.29 to 1151.296, inclusive, and 1151.42 of the Revised Code and the constitution and bylaws of the building and loan association, the...
• Section 1151.311 - Participating Interests In Real Estate Loans.
  (A) For the purposes of this section, "lender" or "lenders" means any building and loan association, savings and loan association, bank, or insurance company,...
• Section 1151.312 - Issuing And Selling Mortgage-backed Securities.
  A building and loan association may, singly or in joint venture with other eligible issuers, issue and sell trust certificates or other securities based...
• Section 1151.32 - Blanket Mortgage Loans Authorized - Limitation.
  A building and loan association may make loans to members and others evidenced by a note or notes secured by one mortgage on two...
• Section 1151.321 - Canceling Loans - Debt Suspension Or Cancellation Agreement.
  (A) Except as provided in division (B) of this section, a savings and loan association may cancel loans mentioned in sections 1151.29 to 1151.32...
• Section 1151.323 - Loans For Housing Suitable Primarily For Occupancy For Persons Over Fifty-five.
  A building and loan association may make, purchase, or participate in loans secured by real estate subject to the procedures of section 1151.292 of...
• Section 1151.33 - Reserve Funds.
  A building and loan association shall establish and maintain such reserve and net worth accounts as the superintendent shall require by rule. The superintendent...
• Section 1151.34 - Investment And Deposit Of Idle Funds.
  (A) A savings and loan association may invest any of its funds in bonds or interest-bearing obligations of the United States, or for which...
• Section 1151.341 - Federal National Mortgage Association Stock.
  A building and loan association may subscribe to, buy, own and hold stock of a federal national mortgage association as required by Title 3,...
• Section 1151.342 - Community Improvement Corporations Loans.
  A building and loan association may invest in the bonds, debentures, notes, or other evidences of indebtedness of community improvement corporations organized under Chapter...
• Section 1151.343 - Loans And Investments Not Exceeding Percentage Of Assets.
  A building and loan association may make additional loans and investments under divisions (A) and (B) of this section provided that the aggregate balance...
• Section 1151.344 - Loans To And Investments In Capital Stock, Obligations, And Other Securities Of Service Corporations.
  A savings and loan association may invest a total of fifteen per cent of the association's assets in the capital stock, obligations, and other...
• Section 1151.345 - Preneed Cemetery Merchandise And Services Contracts.
  A savings and loan association, in accordance with sections 1721.211 and 4717.31 to 4717.38 of the Revised Code, may receive and hold on deposit...
• Section 1151.346 - Other Loans And Investments.
  (A) In addition to the other loans and investments provided for in Chapter 1151. of the Revised Code, but subject to all other provisions...
• Section 1151.347 - Reporting Investments In Venture Capital Firms.
  (A) By the fifteenth day of January of every year, each savings and loan association shall report in writing to the superintendent of savings...
• Section 1151.348 - License Required To Engage In Trust Business.
  (A) A savings and loan association authorized to do business by the division of financial institutions pursuant to Chapters 1151. to 1157. of the...
• Section 1151.349 - Leasing Activities.
  (A) As used in this section: (1) A "net lease" is a lease under which a savings and loan association, directly or indirectly, will...
• Section 1151.35 - Membership In Federal Home Loan Bank.
  (A) A building and loan association may become a member of, acquire stock in, and deposit money with a federal home loan bank created...
• Section 1151.36 - Conversion Into Federal Savings And Loan Association.
  A building and loan association may convert itself into a federal savings and loan association as authorized by the acts of congress described in...
• Section 1151.361 - Federal Savings And Loan Associations Have Equal Rights.
  Federal savings and loan associations, the home office of which is located within this state, shall possess all the rights, powers, privileges, benefits, immunities,...
• Section 1151.37 - Purchase Of Shares In Federal Savings And Loan Association - Joint Occupancy Of Offices.
  With the written consent of the superintendent of building and loan associations, but not otherwise, and upon compliance with such conditions as the superintendent...
• Section 1151.38 - Conversion Of Federal Association Into State Association.
  As used in this section, "federal association" means a federal savings and loan association, and "state association" means a state savings and loan association....
• Section 1151.39 - Filing And Recording Of Papers Concerning Federal Association.
  Any federal savings and loan association having its home office in this state may file in the office of the secretary of state a...
• Section 1151.40 - Powers Of Association When In Dissolution Or Receivership.
  The powers granted and limited in sections 1151.36 and 1151.37 of the Revised Code may be exercised, with the approval of the court which...
• Section 1151.41 - Insurance Of Stock And Deposits.
  (A) A savings and loan association may do all things necessary or proper to obtain the insurance of its stock, shares, certificates of deposit,...
• Section 1151.411 - Notice Of Noninsured Status.
  (A) Every state-chartered savings and loan association that, on the effective date of this section, is doing business in this state but whose accounts...
• Section 1151.42 - Purchase And Sale Of Loans.
  A building and loan association may buy obligations representing loans which would be legal loans if originated by the association. Such investments may be...
• Section 1151.43 - [Repealed].
  Effective Date: 09-25-1969
• Section 1151.44 - Change Of Name, Authorized Capital, Or Par Value Of Shares.
  A building and loan association may change its name by a majority vote of its board of directors. Associations, other than those described in...
• Section 1151.45 - Dissolution.
  A building and loan association may dissolve by a majority vote of the stock entitled to be voted under its constitution. Such vote shall...
• Section 1151.46 - Amendment Of Articles And Constitution.
  A building and loan association may amend its articles of incorporation and its constitution, and may increase or decrease the number of its directors...
• Section 1151.47 - Constitution And Bylaws - Amendments.
  A building and loan association may provide, by a constitution adopted by its members and bylaws adopted by its board of directors, for the...
• Section 1151.471 - Borrowers May Be Members.
  The constitution of a building and loan association may provide that all borrowers from the association are members and provide for voting rights for...
• Section 1151.48 - Deposit Of Funds In Banks.
  The board of directors of a building and loan association shall designate the banks in which it shall deposit the funds of the association...
• Section 1151.49 - Bond Of Officers And Employees.
  All officers and employees of a building and loan association, before entering upon the discharge of their duties, shall be covered by an individual,...
• Section 1151.50 - [Repealed].
  Effective Date: 11-22-1973
• Section 1151.51 - Accounting Procedure In Certain Transactions.
  All expenses of a building and loan association shall be paid out of its gross earnings only, and so much of such earnings as...
• Section 1151.52 - Dividend Or Interest Payments.
  After provision for payment of expenses, interest, and the maintenance of the loss reserve and other net worth accounts as required by section 1151.33...
• Section 1151.521 - [Repealed].
  Effective Date: 04-10-1967
• Section 1151.53 - Losses.
  All losses of a building and loan association shall be met by the application thereto of the following, in the order listed: (A) The...
• Section 1151.54 - Appraisal Of Real Estate And Delinquent Mortgages.
  At least once in every three years the appraisal committee of each building and loan association or a qualified appraiser appointed by the board...
• Section 1151.55 - Impairment Of Capital Or Overvaluation Of Assets.
  Whenever, from an examination or otherwise, it appears to the superintendent of building and loan associations that the capital of any building and loan...
• Section 1151.60 - Acquisitions And Mergers.
  (A) (1) A savings and loan association organized under the laws of this state may acquire or merge with a domestic association, a foreign...
• Section 1151.61 - Reorganization.
  A savings and loan association may be reorganized, with the written consent of the deputy superintendent of savings and loan associations, in the following...
• Section 1151.62 - Sale Or Transfer Of Substandard Or Unacceptable Assets.
  With the written consent of the superintendent of building and loan associations, but not otherwise, the board of directors of a building and loan...
• Section 1151.63 - Dissolution Or Consolidation.
  (A) A savings and loan association may provide in its constitution and bylaws for the time and terms of its dissolution and for its...
• Section 1151.64 - Conversion Of Bank Or Savings Bank Into Savings And Loan Association.
  (A) A bank organized under the laws of this state or a savings bank with permanent stock and organized under Chapter 1161. of the...
• Section 1151.66 - Prior Written Approval Of Acquisition Of Controlling Interest.
  Except as provided in section 1151.60 of the Revised Code, no person or entity shall, directly or indirectly, acquire a controlling interest in a...
• Section 1151.71 - Foreign Savings And Loan Chartering Or Acquiring Ohio Savings And Loan.
  (A) Notwithstanding any other provision of the Revised Code, no savings and loan association incorporated under the laws of any other state or having...
• Section 1151.72 - Examining Acquiring Institution.
  (A) When the superintendent of savings and loan associations considers it necessary or appropriate, he may examine any savings and loan association or savings...
• Section 1151.80 To 1151.92 - [Repealed].
  Effective Date: 05-19-1985
• Section 1151.99 - Penalty.
  (A) Whoever violates section 1151.16 of the Revised Code shall be fined not more than one thousand dollars. (B) Whoever violates section 1151.07 of...

Last modified: October 10, 2016