REPRESENTATIVES Womer Benjamin, Blasdel, Salerno, Allen, Schmidt, Seitz, Carey, Evans

To enact section 1111.15 of the Revised Code to allow

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a trust company, under certain circumstances, to

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purchase products or services through or from the

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trust company or an affiliate or from a syndicate

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or selling group that includes the trust company or

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an affiliate.

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BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:

Section 1. That section 1111.15 of the Revised Code be	7
enacted to read as follows:	8

Sec. 1111.15. (A) A trust company acting in any fiduciary	9
capacity, including, but not limited to, the capacities described	10
in section 1111.11 of the Revised Code, may purchase any service	11
or product, including, but not limited to, insurance or securities	12
underwritten or otherwise distributed by the trust company or by	13
an affiliate, through or directly from the trust company or an	14
affiliate or from a syndicate or selling group that includes the	15
trust company or an affiliate, provided that the purchase is	16
otherwise prudent under sections 1339.52 to 1339.61 of the Revised	17
Code and the compensation for the service or product is reasonable	18
and is not prohibited by the instrument governing the fiduciary	19
relationship. The compensation for the service or product may be	20
in addition to the compensation that the trust company is	21
otherwise entitled to receive from the fiduciary account.	22

(B) A trust company shall disclose at least annually any	23
purchase authorized by this section that was made by the trust	24
company during that reporting period. The disclosure shall be	25
given, in writing or electronically, to all persons entitled to	26
receive statements of account activity, and shall include any	27
capacities in which the trust company or an affiliate acts for the	28
issuer of the securities or the provider of the products or	29
services and the fact that the trust company or an affiliate may	30
have an interest in the products or services.	31

(C) This section shall apply to the purchase of securities	32
made at the time of the initial offering of the securities or at	33
any time thereafter.	34