Ohio Revised Code Chapter 1733 - Credit Unions

• Section 1733.01 - Credit Union Definitions.
  As used in this chapter, unless the context otherwise requires: (A) "Credit union" means a corporation organized and qualified as such under this chapter....
• Section 1733.02 - Purpose Of Chapter.
  It is hereby declared to be the purpose of the general assembly in enacting Chapter 1733. of the Revised Code: (A) To enable credit...
• Section 1733.03 - Purpose Of Credit Union.
  The purpose for which a credit union may be formed is to promote thrift among its members, and to that end to establish, on...
• Section 1733.04 - Authority Of Credit Union.
  (A) In addition to the authority conferred by section 1701.13 of the Revised Code, but subject to any limitations contained in sections 1733.01 to...
• Section 1733.041 - Insurance Protection For Members' Accounts.
  Each credit union operating under this chapter or otherwise authorized to do business in this state shall obtain insurance for the protection of their...
• Section 1733.042 - Posting Notice Of Insurance.
  (A) As a condition of doing business in this state, every credit union with members' accounts insured by a credit union share guaranty corporation...
• Section 1733.05 - Membership.
  (A) Persons otherwise qualifying for membership in a credit union under this section, the articles, and the regulations, and who are elected to membership...
• Section 1733.06 - Statutory Agent.
  Every credit union shall have and maintain a statutory agent upon whom any process, notice, or demand required or permitted by statute to be...
• Section 1733.07 - Forming A Credit Union.
  Seven or more persons who have a common bond of association, and a majority of whom are residents of the state, may form a...
• Section 1733.08 - Accepting Articles By Secretary Of State.
  (A) When the articles and other documents relating to the credit union have been submitted to the secretary of state, the secretary of state...
• Section 1733.09 - Meeting Of Incorporators.
  (A) When not less than twenty-five persons, five of whom shall be original incorporators, have met the requirements for membership set forth in section...
• Section 1733.10 - Initial Meeting Of Board Of Directors.
  (A) Within three business days following their election, the board of directors shall meet and elect or appoint officers and committees pursuant to the...
• Section 1733.11 - Action Taken Without Meeting.
  Unless the articles or regulations prohibit the authorization or taking of any action of the members or of the directors without a meeting, any...
• Section 1733.12 - Annual Meeting.
  (A) An annual meeting of members for the election of directors and the consideration of reports to be presented before such meeting shall be...
• Section 1733.13 - Voting.
  (A) Each voting member present in person, by proxy, or by mail ballot is entitled to cast one vote, irrespective of the number of...
• Section 1733.14 - Quorum At Member Meeting.
  Unless the articles or regulations otherwise provide: (A) Ten per cent of the voting members of a credit union, whether they are present in...
• Section 1733.15 - Board Of Directors.
  (A) Except as otherwise provided by law, the articles, or regulations, the corporate powers of a credit union shall be exercised, its business conducted,...
• Section 1733.151 - Plan For Educating Directors, Committee Members, And Senior Management Officials As To Duties And Responsibilities.
  (A) The board of directors of each credit union shall annually prepare a plan for educating each of its directors, committee members, and senior...
• Section 1733.16 - Board Meetings.
  Unless otherwise provided in the articles, regulations, or bylaws, and subject to the exceptions applicable during an emergency, as that term is defined in...
• Section 1733.17 - Quorum Of Board.
  Except for regulations applicable during an emergency, as that term is defined in section 1733.01 of the Revised Code, and except that the articles...
• Section 1733.18 - Vacancies On Board - Removal Of Director.
  (A) The office of a director becomes vacant if he dies or resigns. Any resignation takes effect immediately or at such other time as...
• Section 1733.181 - Removal From Office.
  (A) (1) Whenever, in the opinion of the superintendent of credit unions, any director, officer, committee member, employee, agent, or other person participating in...
• Section 1733.19 - Establishment Of Committees - Advisory Board.
  (A) The regulations may provide for the creation by the directors of an executive committee consisting of not less than three directors, and may...
• Section 1733.191 - Notice Of Outside Auditor.
  (A) A credit union shall notify the superintendent of credit unions, on a form prescribed by the superintendent, within ten days after the retainment,...
• Section 1733.20 - Officers - Duties.
  (A) The officers of the credit union shall consist of a president, a secretary, a treasurer, and, if desired, a chairman of the board,...
• Section 1733.21 - Binding Effect Of Acts Of Minor Officer.
  The act of any individual as a duly elected or appointed officer, director, or committeeman shall be binding upon the credit union although such...
• Section 1733.22 - Compensation.
  (A) No officer, director, or employee of any credit union shall receive any commission, salary, or other emolument for services arising out of the...
• Section 1733.23 - Fidelity Bond.
  The treasurer and all employees of every credit union who are responsible for administering and safekeeping the funds of the credit union, before entering...
• Section 1733.24 - Deposits -Shares And Accounts - Withdrawals.
  (A) A credit union is authorized to receive funds for deposit in share accounts, share draft accounts, and share certificates from its members, from...
• Section 1733.241 - Payment On Joint Account - Contract For Payment On Death.
  (A) When a share, share account, or deposit is made in the name of two or more persons, payable to either or the survivor,...
• Section 1733.242 - Acceptance Of Property For Safekeeping - Transactions With Minors.
  (A) On the terms and conditions the credit union prescribes, a credit union may do all of the following: (1) Provide safes, vaults, safe...
• Section 1733.243 - Claims To Property In Safekeeping - Bond Of Claimant.
  If any claim is made to any share, share account, deposit, safe deposit box, property held in safekeeping, security, obligation, or other property in...
• Section 1733.25 - Loans - Interest.
  (A) A credit union may make loans or other extensions of credit to members for provident and productive purposes as authorized by law, including...
• Section 1733.251 - Alternative Interest Rate.
  (A) As an alternative to the interest permitted in division (C) of section 1733.25 of the Revised Code, a credit union may contract for...
• Section 1733.252 - Compliance With Secure And Fair Enforcement For Mortgage Licensing Act.
  (A) As used in this section, "nationwide mortgage licensing system and registry" has the same meaning as in section 1322.01 of the Revised Code....
• Section 1733.253 - Permissible Charges Under A Revolving Credit Agreement.
  (A) As used in this section: (1) "Revolving credit agreement" means an agreement pursuant to which a credit union contemplates repeated transactions and the...
• Section 1733.26 - Loan Officers.
  (A) The credit committee may be delegated the authority to appoint one or more loan officers, and delegate to them power to approve loans...
• Section 1733.27 - Fiscal Year.
  The accounting of all credit unions shall be on a calendar year basis unless otherwise authorized by the superintendent of credit unions. Effective Date:
• Section 1733.28 - Financial Statement.
  (A) At the annual meeting of members, or the meeting held in lieu thereof, every credit union shall present to its members a financial...
• Section 1733.29 - Permanent Records.
  (A) A credit union shall keep a permanent record including: (1) The original articles and regulations and amendments thereto and any amended articles or...
• Section 1733.291 - Preservation Of Records - Retention Period - Disposal.
  (A) Every credit union shall retain or preserve the following credit union records and supporting documents for only the following periods of time: (1)...
• Section 1733.292 - Process For Retention Of Documents - Approval - Use As Evidence.
  (A) A credit union may, for any business purpose, retain a document, paper, or other instrument or record by use of a process to...
• Section 1733.30 - Investments.
  (A) A credit union may make any investment of any funds not required for the purpose of loans, in state or national banks or...
• Section 1733.31 - Reserve Accounts - Liquidity Fund.
  For purposes of this section, "gross income" means all income, before expenses, earned on risk assets. "Risk assets" shall be defined by rule adopted...
• Section 1733.32 - Powers Of Superintendent Of Financial Institutions.
  (A) (1) The superintendent of financial institutions shall see that the laws relating to credit unions are executed and enforced. (2) The deputy superintendent...
• Section 1733.321 - Credit Unions Fund.
  All fees, charges, and forfeitures collected under this chapter shall be paid to the superintendent of financial institutions, who shall deposit them into the...
• Section 1733.322 - Requesting Outside Auditor To Review Results Of Examination.
  The superintendent of credit unions may request any outside auditor retained by a credit union that has been examined under section 1733.32 of the...
• Section 1733.323 - Issuing Administrative Guidelines.
  (A) The superintendent of credit unions may issue administrative guidelines which interpret the requirements of this chapter or which define specific acts, practices, or...
• Section 1733.324 - Issuing Cease-and-desist Order.
  (A) (1) If, in the opinion of the superintendent of credit unions, a credit union or a regulated individual is engaged in any unsafe...
• Section 1733.325 - Setting Supervisory Conference.
  (A) If, at any time, the superintendent of credit unions has cause to believe that the actions or business practices of a credit union,...
• Section 1733.326 - Forfeiture And Civil Penalty For Noncompliance With Order Or Agreement.
  If a credit union or regulated individual fails to comply with any agreement concluded, or final or summary cease-and-desist order issued, under section 1733.324...
• Section 1733.327 - Confidentiality.
  (A) All conferences and administrative proceedings under sections 1733.324 and 1733.325 of the Revised Code, the fact of their actual or anticipated occurrence, and...
• Section 1733.328 - [Repealed].
  Effective Date: 09-29-1994
• Section 1733.329 - Credit Union Council.
  (A) There is hereby created in the division of financial institutions the credit union council, which shall consist of seven members. The deputy superintendent...
• Section 1733.3210 - Duties Of Council.
  (A) The credit union council shall do all of the following: (1) Consult with, advise, and make recommendations to the superintendent of financial institutions...
• Section 1733.33 - Amendments To Articles Or Regulations.
  (A) The voting members may adopt amendments to the articles or regulations or amended articles or regulations in a writing as provided in section...
• Section 1733.34 - Merger Of Credit Unions.
  (A) Any credit union may, with the approval of the superintendent of credit unions, merge with any other credit union under the existing charter...
• Section 1733.341 - Conversions.
  Any credit union operating under this chapter may convert to a federally chartered credit union and any federally chartered credit union operating in this...
• Section 1733.35 - Dissolution.
  A majority of the entire membership may vote to dissolve the credit union at a regular or special meeting called for that expressly stated...
• Section 1733.36 - [Repealed].
  Effective Date: 09-29-1994
• Section 1733.361 - Appointment And Removal Of Conservator - Duties Of Conservator.
  (A) (1) The superintendent of credit unions may issue an order appointing a conservator for any credit union whenever he considers it necessary in...
• Section 1733.37 - Liquidation.
  (A) If it appears that any credit union is bankrupt or insolvent, that its shares are impaired, that it has violated this chapter or...
• Section 1733.38 - Qualification Of Foreign Credit Union.
  A credit union organized and duly qualified as a credit union in another state or territory may qualify to do business as a credit...
• Section 1733.39 - Requirements For Doing Business.
  No credit union which is not organized under sections 1733.01 to 1733.45 of the Revised Code, or the "Federal Credit Union Act," 84 Stat....
• Section 1733.40 - Annual Report.
  Each credit union qualified to do business in this state pursuant to section 1733.38 of the Revised Code shall: (A) Annually file with the...
• Section 1733.41 - Additional Rules And Regulations.
  In addition to the specific authority given the superintendent of credit unions by other sections of this chapter, the superintendent may from time to...
• Section 1733.411 - Adoption Of Administrative Rules.
  The superintendent of credit unions, in accordance with Chapter 119. of the Revised Code and subject to section 1733.41 of the Revised Code, shall...
• Section 1733.412 - Powers Of Federal Credit Unions Granted To State Chartered Credit Unions.
  (A) Notwithstanding any provision in Chapter 1733. of the Revised Code, if a credit union operating in this state that is organized or chartered...
• Section 1733.42 - Computing Time For Giving Notice.
  In computing the period of time for the giving of a notice required or permitted under sections 1733.01 to 1733.45, inclusive, of the Revised...
• Section 1733.43 - Exemption From Franchise Tax And Report.
  A credit union shall not be required to pay the annual tax imposed on domestic corporations for the privilege of exercising the corporate franchise,...
• Section 1733.44 - Prohibition Against Use Of Words Credit Union.
  (A) No person, partnership, association, or corporation, other than credit unions and associations of such credit unions, to which all credit unions in their...
• Section 1733.45 - Applicability Of General Corporation Laws.
  A credit union shall be created, organized, governed, and conducted and its directors and officers shall be chosen, in all respects in the same...
• Section 1733.47 - Criminal Records Check To Be Requested By Superintendent.
  Whenever the approval of the superintendent of credit unions is required under this chapter, or under an order or supervisory action issued or taken...
• Section 1733.51 - Deposit Of Moneys For Preneed Funeral Or Cemetery Merchandise And Services Contract.
  A credit union may, subject to sections 1721.211 and 4717.31 to 4717.38 of the Revised Code, receive and hold on deposit moneys under a...
• Section 1733.99 - Penalty.
  (A) Whoever violates section 1733.44 of the Revised Code, or any order of the superintendent issued pursuant to this chapter, shall be guilty of...

Last modified: October 10, 2016