As Passed by the House

126th General Assembly
Regular Session
2005-2006
Sub. H. B. No. 454


Representatives Coley, Wagoner, Hartnett, Harwood, Brown, Bubp, Allen, Aslanides, Boccieri, Collier, DeBose, Dolan, Domenick, Evans, C., Fende, Hughes, McGregor, J., Patton, T., Reidelbach, Schneider, Seitz, Setzer, Smith, G. 



A BILL
To amend sections 121.07, 1101.15, 1109.15, 1109.43, 1
1111.02, 1111.04, 1111.06, 1111.07, 1111.08, 2
1121.30, 1151.14, 1151.321, 1161.18, 1161.51, 3
1181.25, 1315.21, 1315.99, 1733.25, 4719.01, and 4
4973.17; to enact new sections 1151.348, 1315.01 5
to 1315.11, and 1315.16 to 1315.18; to enact 6
sections 1161.601, 1315.081, 1315.101, 1315.12, 7
1315.121, 1315.122, 1315.13, 1315.14, 1315.15, 8
1315.151, 1315.152, 1315.153, and 1315.161; to 9
repeal sections 1151.348, 1315.01, 1315.02, 10
1315.03, 1315.04, 1315.05, 1315.06, 1315.07, 11
1315.08, 1315.09, 1315.10, 1315.11, 1315.16, 12
1315.17, and 1315.18; and to repeal section 13
1125.28 of the Revised Code, as it results from 14
S.B. 293 of the 121st General Assembly, to 15
authorize financial institutions to enter into 16
debt suspension and cancellation contracts; to 17
authorize savings banks to engage in trust 18
business; to require savings and loan associations 19
only engage in trust business under the Trust 20
Company Law; to change the function, operations, 21
and investing authority of bankers' banks; to 22
change entities that may be financial institution 23
qualified trustees and entities that may transfer 24
trust company business; to authorize a savings and 25
loan association or a savings bank board of 26
directors to create committees to carry out 27
certain functions of the board; to modify the 28
Money Transmitter Law, to remove Ohio Peace 29
Officer Training Commission certification as a 30
criterion for serving as a financial institution 31
police officer, to exempt financial institution 32
police officers who are employed as police 33
officers before April 14, 2006, from peace officer 34
training, and to declare an emergency.35


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

       Section 1. That sections 121.07, 1101.15, 1109.15, 1109.43, 36
1111.02, 1111.04, 1111.06, 1111.07, 1111.08, 1121.30, 1151.14, 37
1151.321, 1161.18, 1161.51, 1181.25, 1315.21, 1315.99, 1733.25, 38
4719.01, and 4973.17 be amended and new sections 1151.348, 39
1315.01, 1315.02, 1315.03, 1315.04, 1315.05, 1315.06, 1315.07, 40
1315.08, 1315.09, 1315.10, 1315.11, 1315.16, 1315.17, and 1315.18 41
and sections 1161.601, 1315.081, 1315.101, 1315.12, 1315.121, 42
1315.122, 1315.13, 1315.14, 1315.15, 1315.151, 1315.152, 1315.153, 43
and 1315.161 of the Revised Code be enacted to read as follows:44

       Sec. 121.07.  (A) Except as otherwise provided in this45
division, the officers mentioned in sections 121.04 and 121.05 of 46
the Revised Code and the offices and divisions they administer47
shall be under the direction, supervision, and control of the48
directors of their respective departments, and shall perform such49
duties as the directors prescribe. In performing or exercising any 50
of the examination or regulatory functions, powers, or duties51
vested by Title XI, Chapters 1733. and 1761., and sections 1315.01 52
to 1315.111315.18 of the Revised Code in the superintendent of 53
financial institutions, the superintendent of financial 54
institutions and the division of financial institutions are 55
independent of and are not subject to the control of the 56
department or the director of commerce.57

       (B) With the approval of the governor, the director of each58
department shall establish divisions within the department, and 59
distribute the work of the department among such divisions. Each 60
officer created by section 121.04 of the Revised Code shall be the 61
head of such a division.62

       With the approval of the governor, the director of each63
department may consolidate any two or more of the offices created64
in the department by section 121.04 of the Revised Code, or reduce 65
the number of or create new divisions therein.66

       The director of each department may prescribe rules for the67
government of the department, the conduct of its employees, the 68
performance of its business, and the custody, use, and 69
preservation of the records, papers, books, documents, and70
property pertaining thereto.71

       Sec. 1101.15.  (A)(1) Except as provided in division (A)(2) 72
of this section, no person other than a bank doing business under 73
authority granted by the superintendent of financial institutions, 74
the bank chartering authority of another state, the office of the 75
comptroller of the currency, or the bank chartering authority of a 76
foreign country shall do either of the following:77

       (a) Use "bank," "banker," or "banking," or a word or words of78
similar meaning in any other language, in a designation or name, 79
or as any part of a designation or name, under which business is 80
or may be conducted in this state;81

       (b) Represent itself as a bank.82

       (2)(a) A corporation doing business under Chapter 1151. of 83
the Revised Code may use the word "bank," "banker," or "banking," 84
or a word or words of similar meaning in any other language, in or85
as part of a designation or name under which business is or may be 86
conducted in this state, as provided in section 1151.07 of the87
Revised Code.88

       (b) A corporation doing business under Chapter 1161. of the 89
Revised Code may use the word "bank," "banker," or "banking," or a 90
word or words of similar meaning in any other language, in or as 91
part of a designation or name under which business is or may be 92
conducted in this state, as provided in section 1161.09 of the93
Revised Code.94

       (c) A corporation doing business under authority granted by 95
the office of thrift supervision may use the word "bank,"96
"banker," or "banking," or a word or words of similar meaning in97
any other language, in or as part of a designation or name under 98
which business is or may be conducted in this state.99

       (d) A person, whether operating for profit or not, may use 100
the word "bank," "banker," or "banking," or a word or words of 101
similar meaning in any other language, in or as part of a102
designation or name under which business is or may be conducted if 103
the superintendent determines the name, on its face, is not likely 104
to mislead the public and authorizes the use of the name.105

       (B)(1) Except as provided in division (B)(2) of this section, 106
no person, other than a corporation licensed in accordance with107
authority granted in Chapter 1111. of the Revised Code as a trust 108
company, a savings and loan association licensed under section 109
1151.348 of the Revised Code to serve as a fiduciary, a national 110
bank with trust powers, or a federal savings association with 111
trust powers, shall do either of the following:112

       (a) Use the word "trust," or a word or words of similar 113
meaning in any other language, in a designation or name, or as any 114
part of a designation or name, under which business is or may be 115
conducted in this state;116

       (b) Otherwise represent itself as a fiduciary or trust 117
company.118

       (2)(a) A person that is not required to be licensed under119
Chapter 1111. of the Revised Code may serve as a fiduciary and, 120
when acting in that fiduciary capacity, otherwise represent such 121
person as a fiduciary.122

       (b) A person licensed by another state to serve as a 123
fiduciary and exempt from licensure under Chapter 1111. of the 124
Revised Code may serve as a fiduciary to the extent permitted by 125
the exemption.126

       (c) A savings and loan association may serve as a trustee to 127
the extent authorized by section 1151.191 of the Revised Code.128

       (d) A savings bank may serve as a trustee to the extent129
authorized by section 1161.24 of the Revised Code.130

       (e) A charitable trust, business trust, real estate 131
investment trust, personal trust, or other bona fide trust may use 132
the word "trust" or a word or words of similar meaning in any 133
other language, in a designation or name, or as part of a134
designation or name, under which business is or may be conducted.135

       (f) A person, whether operating for profit or not, may use136
"trust" or a word or words of similar meaning in any other 137
language, in a designation or name, or as part of a designation or 138
name, under which business is or may be conducted, if the139
superintendent determines the name, on its face, is not likely to 140
mislead the public and authorizes the use of the name.141

       (C) No bank shall use "state" as part of a designation or 142
name under which it transacts business in this state, unless the 143
bank is doing business under authority granted by the 144
superintendent or the bank chartering authority of another state.145

       Sec. 1109.15.  (A)(1) Subject to the restrictions and 146
limitations of the Revised Code, a bank may do any of the 147
following:148

       (a) Loan money, with or without security, and payable on 149
demand, at maturity, in installments, or by any combination of 150
these;151

       (b) Issue, advise, and confirm letters of credit authorizing 152
the beneficiaries of the letters to draw upon the bank or its 153
correspondents;154

       (c) Purchase open accounts, whether or not the accounts 155
represent an evidence of debt.156

       (2) Subject to the margin requirements the superintendent of 157
financial institutions may prescribe by rule, a bank may make 158
loans secured by stocks, bonds, or other securities.159

       (B) Subject to sections 1109.22, 1109.32, and 1109.47 of the 160
Revised Code and any rules the superintendent may adopt161
prescribes, a bank may purchase obligations of any kind with or 162
without recourse.163

       (C) A bank may acquire personal property for lease to others, 164
if the transaction, as a whole, has the character of an extension 165
of credit.166

       (D) Subject to any restrictions and limitations of the 167
Revised Code and to any restrictions or requirements established 168
by the superintendent, a bank may enter into a debt suspension or 169
debt cancellation contract with a borrower or borrowers in 170
connection with any loan or extension of credit.171

       (E) Unless otherwise expressly agreed in writing, the172
relationship between a bank and its obligor, with respect to any 173
extension of credit, is that of a creditor and debtor, and creates 174
no fiduciary or other relationship between the parties.175

       Sec. 1109.43.  (A) For purposes of this section:176

       (1) "Bankers' bank" means a bank organized to engage 177
exclusively in providing services to other depository institutions 178
and depository institution holding companies and their officers,179
directors, and employees.180

       (2) "Bankers' bank holding company" means a corporation that 181
owns or controls, directly or indirectly, a majority of the shares 182
of the capital stock of a bankers' bank, or controls in any manner 183
the election of a majority of the directors of a bankers' bank.184

       (3) "Depository institution" means a bank, savings and loan 185
association, savings bank, or credit union.186

       (B) A bank may invest, in the aggregate, up to ten per cent 187
of its stated capital and surplus in shares of a bankers' bank or 188
a bankers' bank holding company, or both.189

       (C)(1) The voting shares of a bankers' bank shall be owned by 190
twenty or more depository institutions or depository institution 191
holding companies, and no depository institution or depository 192
institution holding company shall own, directly or indirectly, 193
more than fifteen per cent of the voting shares of a bankers' 194
bank.195

       (2) The voting shares of a bankers' bank shall be owned, 196
directly or indirectly, exclusively by depository institutions, 197
depository institution holding companies, and persons who hold the198
shares under, or initially acquired them through, a plan for the 199
benefit of the bankers' bank's officers and employees.200

       (D) No bank or affiliate of a bank shall, directly, 201
indirectly, or acting through one or more other persons, own or 202
control or have the power to vote shares of any of the following:203

       (1) More than one bankers' bank;204

       (2) More than one bankers' bank holding company;205

       (3) Both a bankers' bank and a bankers' bank holding company, 206
unless the bankers' bank is an affiliate of that bankers' bank 207
holding company.208

       Sec. 1111.02.  (A) Except as provided in divisions (B) and 209
(C) of this section, no person shall solicit or engage in trust 210
business in this state except a corporation that is one of the 211
following:212

       (1) A corporation licensed under section 1111.06 of the 213
Revised Code that is one of the following:214

       (a) A bank doing business under authority granted by the215
superintendent of financial institutions;216

       (b) A savings and loan association doing business under 217
authority granted by the superintendent of financial institutions;218

       (c) A savings bank doing business under authority granted by 219
the superintendent of financial institutions;220

       (d) A bank authorized to accept and execute trusts and doing221
business under authority granted by the bank chartering authority 222
of another state or country;223

       (c)(e) A corporation organized under the laws of another 224
state or country and authorized to accept and execute trusts in 225
that state or country.226

       (2) A bank authorized to accept and execute trusts and doing 227
business under authority granted by the comptroller of the 228
currency;229

       (3) A savings association authorized to accept and execute 230
trusts and doing business under authority granted by the office of 231
thrift supervision;232

       (4) A savings and loan association licensed under section 233
1151.348 of the Revised Codedoing business under authority 234
granted by the superintendent of financial institutions;235

       (5) A savings bank doing business under authority granted by 236
the superintendent of financial institutions.237

       (B) This chapter shall not apply to any of the following:238

       (1) A savings and loan association serving as a trustee to 239
the extent authorized by section 1151.191 of the Revised Code;240

       (2) A savings bank serving as a trustee to the extent 241
authorized by section 1161.24 of the Revised Code;242

       (3) A corporation that is incorporated under the laws of 243
another state or the United States, has its principal place of 244
business in another state, is currently qualified to do and is 245
engaging in trust business in the state where the corporation has 246
its principal place of business, and is doing any of the 247
following:248

       (a) Serving as ancillary executor or administrator of 249
property in this state that is in the estate of a decedent, after 250
appointment as executor or administrator of the estate by the 251
courts of the decedent's state of residence;252

       (b) As trustee, acquiring, holding, or transferring a 253
security interest in lands or other property in this state, by 254
mortgage, deed of trust, or other instrument, to secure any 255
evidence of indebtedness;256

       (c) Certifying to any evidence of indebtedness.257

       (C) The following persons shall not be subject to this 258
chapter until July 1, 1997:259

       (1) Any person, other than a person described in division (A) 260
or (B) of this section, that is serving as a fiduciary under a 261
trust instrument, will, or other document executed before July 1, 262
1997;263

       (2) Any person, other than a person described in division (A) 264
or (B) of this section, that is named as a fiduciary in, or is265
nominated as a fiduciary under, a trust instrument, will, or other 266
document executed before July 1, 1997.267

       Sec. 1111.04.  (A) Prior to soliciting or engaging in trust268
business in this state, a trust company shall pledge to the 269
treasurer of state interest bearing securities authorized in 270
division (B) of this section, having a par value, not including 271
unaccrued interest, of one hundred thousand dollars, and approved 272
by the superintendent of financial institutions. The trust company 273
may pledge the securities either by delivery to the treasurer of 274
state or by placing the securities with a qualified trustee for 275
safekeeping to the account of the treasurer of state, the276
corporate fiduciary, and any other person having an interest in 277
the securities under Chapter 1109. of the Revised Code, as their 278
respective interests may appear and be asserted by written notice 279
to or demand upon the qualified trustee or by order of judgment of 280
a court.281

       (B) Securities pledged by a trust company to satisfy the282
requirements of division (A) of this section shall be one or more 283
of the following:284

       (1) Bonds, notes, or other obligations of or guaranteed by 285
the United States or for which the full faith and credit of the286
United States is pledged for the payment of principal and287
interest;288

       (2) Bonds, notes, debentures, or other obligations or 289
securities issued by any agency or instrumentality of the United 290
States;291

       (3) General obligations of this or any other state of the 292
United States or any subdivision of this or any other state of the293
United States.294

       (C) The treasurer of state shall accept delivery of 295
securities pursuant to this section when accompanied by the 296
superintendent's approval of the securities or the written receipt 297
of a qualified trustee describing the securities and showing the 298
superintendent's approval of the securities, and shall issue a 299
written acknowledgment of the delivery of the securities or the300
qualified trustee's receipt and the superintendent's approval to 301
the trust company.302

       (D) The superintendent shall approve securities to be pledged 303
by a trust company pursuant to this section if the securities are 304
all of the following:305

       (1) Interest bearing and of the value required by division 306
(A) of this section;307

       (2) Of one or more of the kinds authorized by division (B) of308
this section and not a derivative of or merely an interest in any 309
of those securities;310

       (3) Not in default.311

       (E) The treasurer of state shall, with the approval of the312
superintendent, permit a trust company to pledge securities in 313
substitution for securities pledged pursuant to this section and 314
the withdrawal of the securities substituted for so long as the 315
securities remaining pledged satisfy the requirements of division 316
(A) of this section. The treasurer of state shall permit a trust 317
company to collect interest paid on securities pledged pursuant to 318
this section so long as the trust company is solvent. The319
treasurer of state shall, with the approval of the superintendent, 320
permit a trust company to withdraw securities pledged pursuant to 321
this section when the trust company has ceased to solicit or 322
engage in trust business in this state.323

       (F) For purposes of this section, a qualified trustee is a324
federal reserve bank located in this state, a branch of a federal 325
reserve bank located in this state regardless of where the branch 326
is located, a federal home loan bank, or a trust company as 327
defined in section 1101.01 of the Revised Code, a bank that has 328
pledged securities pursuant to this section, is authorized to 329
accept and execute trusts, and is doing business under authority 330
granted by the comptroller of currency, or a savings association 331
that has pledged securities pursuant to this section, is 332
authorized to accept and execute trusts, and is doing business 333
under authority granted by the office of thrift supervision except 334
that a bank doing business under authority granted by the 335
comptroller of the currency, a savings association doing business 336
under authority granted by the office of thrift supervision, or a337
trust company may not act as a qualified trustee for securities it 338
or any of its affiliates is pledging pursuant to this section.339

       (G) The superintendent, with the approval of the treasurer of340
state and the attorney general, shall prescribe the form of all 341
receipts and acknowledgments provided for by this section, and 342
upon request shall furnish a copy of each form, with the 343
superintendent's certification attached, to each qualified trustee 344
eligible to hold securities for safekeeping under this section.345

       Sec. 1111.06.  (A) Any person, other than a savings and loan346
association eligible to be licensed under section 1151.348 of the 347
Revised Code, a national bank with trust powers, or a federal 348
savings association with trust powers, proposing to solicit or 349
engage in trust business in this state shall apply to the 350
superintendent of financial institutions to be licensed as a trust351
company. The superintendent shall approve or disapprove the 352
application within sixty days after accepting it.353

       (B) In determining whether to approve or disapprove an354
application for a trust company license, the superintendent shall 355
consider all of the following:356

       (1) Whether the applicant is a corporation described in 357
division (A)(1) of section 1111.02 of the Revised Code;358

       (2) Whether the applicant's articles of incorporation or 359
association authorize the applicant to serve as a trustee;360

       (3) If the applicant is not a bank, savings and loan 361
association, or savings bank doing business under authority 362
granted by the superintendent, whether the applicant is currently 363
qualified to do and is engaging in trust business in the state or 364
country under the laws of which the applicant is organized;365

       (4) Whether the applicant satisfies the requirements of 366
section 1111.05 of the Revised Code;367

       (5) Whether it is reasonable to believe the applicant will 368
comply with applicable laws and observe sound fiduciary standards 369
in conducting trust business in this state;370

       (6) If the applicant is not a bank, savings and loan 371
association, or savings bank doing business under authority 372
granted by the superintendent, whether the applicant is subject to 373
comprehensive supervision and regulation of its fiduciary 374
activities by appropriate authorities of the state or country 375
under the laws of which the applicant is organized.376

       (C) In approving an application for a trust company license, 377
the superintendent may impose any condition the superintendent 378
determines to be appropriate.379

       (D) When an applicant has satisfied all prior conditions 380
imposed by the superintendent in approving the applicant's 381
application for a trust company license and has pledged securities 382
as required by section 1111.04 of the Revised Code, the 383
superintendent shall issue the applicant a trust company license. 384
A license issued pursuant to this section shall remain in force 385
and effect until surrendered by the licensee pursuant to section 386
1111.31 of the Revised Code or suspended or revoked by the387
superintendent pursuant to section 1111.32 of the Revised Code.388

       Sec. 1111.07.  (A) A trust company's license to solicit or389
engage in trust business in this state is not transferable or 390
assignable.391

       (B) Subject to section 2109.28 of the Revised Code, if any 392
trust company enters into a merger or consolidation in which the 393
trust company is not the surviving corporation, or transfers all 394
or substantially all of its assets and liabilities to another395
corporation, the resulting, surviving, or transferee corporation 396
shall succeed the trust company as fiduciary as a matter of law 397
and without necessity to do anything further, if the resulting, 398
surviving, or transferee corporation is a trust company, a 399
national bank authorized to accept and execute trusts and doing 400
business under authority granted by the comptroller of the 401
currency, or a federal savings association authorized to accept 402
and execute trusts and doing business under authority granted by 403
the office of thrift supervision, or a savings and loan 404
association licensed under section 1151.348 of the Revised Code. 405
If the trust company is not the surviving corporation of a merger, 406
enters a consolidation, or after transferring substantially all of 407
its assets and liabilities ceases to solicit or engage in trust 408
business in this state, the trust company shall surrender its 409
trust company license in accordance with section 1111.31 of the 410
Revised Code.411

       Sec. 1111.08.  (A) A trust company, a national bank 412
authorized to accept and execute trusts and doing business under 413
authority granted by the comptroller of the currency, or a federal 414
savings association authorized to accept and execute trusts and 415
doing business under authority granted by the office of thrift 416
supervision may transfer all or part of its trust business in this 417
state to another trust company, to a national bank authorized to 418
accept and execute trusts and doing business under authority419
granted by the comptroller of the currency, or to a federal420
savings association authorized to accept and execute trusts and421
doing business under authority granted by the office of thrift422
supervision, if all of the following have occurred:423

       (1) Not less than sixty days before consummation of the 424
transfer, either the transferor or transferee, or both, for each 425
fiduciary account or relationship to be transferred, has given 426
written notice, by regular mail to the most recent address shown 427
on the records of the transferor, to all of the following that 428
apply:429

       (a) Each court having jurisdiction over the fiduciary account 430
or relationship;431

       (b) Each cofiduciary of the fiduciary account or 432
relationship;433

       (c) Each surviving settlor of the trust;434

       (d) Each person that, alone or in conjunction with others, 435
has the power to remove the trust company as fiduciary or appoint 436
a successor fiduciary;437

       (e) Except in the case of a trust described in section 401(a) 438
of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 439
U.S.C.A. 401(a), as amended, each adult beneficiary currently 440
receiving or entitled as a matter of right to receive a 441
distribution of principal or income from the trust, estate, or 442
fund;443

       (f) In the case of a trust described in section 401(a) of the 444
"Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A.445
401(a), as amended, the employer or employee organization, or446
both, responsible for the maintenance of the trust.447

       (2) The transferor has filed a certified copy of the448
agreement for the sale with the superintendent of financial 449
institutions.450

       (B)(1) The transfer of a fiduciary account or relationship451
pursuant to division (A) of this section results in the transferee 452
being substituted for the transferor as fiduciary as a matter of 453
law and without necessity to do anything further.454

       (2) The transfer of a fiduciary account or relationship 455
pursuant to division (A) of this section does neither of the 456
following:457

       (a) Impair the right of any person that, alone or in 458
conjunction with others, has the power to remove a fiduciary or 459
appoint a successor fiduciary;460

       (b) Absolve or discharge a transferor from any liability 461
arising out of its breach of any fiduciary duty or obligation to 462
the account prior to the transfer.463

       Sec. 1121.30.  (A) All assessments, fees, charges, and464
forfeitures provided for in Chapters 1101. to 1127. and sections465
1315.02, 1315.10, and 1315.161315.01 to 1315.18 of the Revised 466
Code, except civil penalties assessed pursuant to section 1121.35 467
or 1315.152 of the Revised Code, shall be paid to the 468
superintendent of financial institutions, and the superintendent 469
shall deposit them into the state treasury to the credit of the 470
banks fund, which is hereby created.471

       (B) The superintendent may expend or obligate the banks fund 472
to defray the costs of the division of financial institutions in 473
administering Chapters 1101. to 1127. and sections 1315.01 to 474
1315.11 and 1315.16 to 1315.18 of the Revised Code. The475
superintendent shall pay from the fund all actual and necessary 476
expenses incurred by the superintendent, including for any 477
services rendered by the department of commerce for the division's 478
administration of Chapters 1101. to 1127. and sections 1315.01 to 479
1315.11 and 1315.16 to 1315.18 of the Revised Code. The fund 480
shall be assessed a proportionate share of the administrative 481
costs of the department and the division of financial 482
institutions. The proportionate share of the administration costs 483
of the division of financial institutions shall be determined in 484
accordance with procedures prescribed by the superintendent and 485
approved by the director of budget and management. The amount 486
assessed for the fund's proportional share of the department's 487
administrative costs and the division's administrative costs shall 488
be paid from the banks fund to the division of administration fund 489
and the division of financial institutions fund respectively.490

       (C) Any money deposited into the state treasury to the credit 491
of the banks fund, but not expended or encumbered by the 492
superintendent to defray the costs of administering Chapters 1101. 493
to 1127. and sections 1315.01 to 1315.11 and 1315.16 to 1315.18 of 494
the Revised Code, shall remain in the banks fund for expenditures 495
by the superintendent in subsequent years.496

       Sec. 1151.14. The board of directors of every(A)(1) A497
savings and loan association shall hold a regular meeting, at 498
least once in each month, at a day and hour fixed by resolution of 499
the board. Written notice of every special meeting of the board 500
shall be given to each director unless the notice is waived. When501
any regular or special meeting is adjourned, notice of the 502
adjourned meeting and of the business to be transacted at such 503
adjourned meeting shall be given. A complete record of the board's 504
proceedings shall be kept in a minute book. The vote of each 505
director upon each question shall be recorded in the 506
minutes.association's board of directors shall meet monthly unless 507
the savings and loan association's constitution provides for a 508
different frequency of meetings, which shall not be less than 509
quarterly.510

       (2) Division (A)(1) of this section does not prohibit either 511
of the following:512

       (a) More frequent meetings of a savings and loan 513
association's board of directors than required by division (A)(1) 514
of this section;515

       (b) The superintendent of financial institutions requiring a 516
savings and loan association's board of directors to meet more 517
frequently than required by division (A)(1) of this section if the 518
superintendent determines more frequent meetings are appropriate 519
because of circumstances regarding the savings and loan 520
association.521

       (B) A savings and loan association's constitution may 522
authorize the board of directors to do both of the following:523

       (1) Create an executive committee or any other committee of 524
the board of directors, each consisting of at least three 525
directors;526

       (2) Delegate to an executive committee or other committee of 527
the board of directors described in division (B)(1) of this 528
section, any authority of the board of directors, however 529
conferred, other than the authority to fill vacancies on the board 530
of directors or to fill vacancies on a committee of the board of 531
directors.532

       (C) All of the following apply to any executive committee or 533
other committee described in division (B) of this section:534

       (1) The board of directors may appoint one or more of the 535
directors as alternate members of a committee of the board of 536
directors to take the place of any absent member at any meeting of 537
the committee of the board of directors.538

       (2) Each committee of the board of directors serves at the 539
pleasure of the board of directors, acts only in intervals between 540
meetings of the board of directors, and is subject to the control 541
and direction of the board of directors.542

       (3) Unless otherwise provided in the constitution or ordered 543
by the board of directors, a committee of the board of directors 544
may act by a majority of its members at a meeting or by a writing 545
or writings signed by all of its members.546

       (4) An act or authorization of an act by a committee of the 547
board of directors that is within the authority delegated to the 548
committee is as effective for all purposes as an act or 549
authorization of an act done by the board of directors.550

       Sec. 1151.321. A building(A) Except as provided in division 551
(B) of this section, a savings and loan association may cancel 552
loans mentioned in sections 1151.29 to 1151.32, inclusive, of the 553
Revised Code, and release the securities for them on such terms as 554
its board of directors provides.555

       (B) Subject to any restrictions or requirements established 556
by the superintendent of financial institutions, in connection 557
with any loan or extension of credit, a savings and loan 558
association may enter into a debt suspension or debt cancellation 559
contract with the borrower or borrowers.560

       Sec. 1151.348. (A) A savings and loan association authorized 561
to do business by the division of financial institutions pursuant 562
to Chapters 1151. to 1157. of the Revised Code may engage in trust 563
business after obtaining a license under section 1111.06 of the 564
Revised Code.565

       (B) Except as provided in division (C) of this section, a 566
savings and loan association that is licensed under section 567
1111.06 of the Revised Code is a trust company as defined in 568
division (S) of section 1101.01 of the Revised Code for purposes 569
of Chapter 1111. of the Revised Code and of all laws applicable to 570
a trust company.571

       (C) The division shall supervise any savings and loan 572
association licensed as a trust company under Chapter 1111. of the 573
Revised Code pursuant to Chapters 1151. to 1157. of the Revised 574
Code, except that the division may apply provisions in Chapter 575
1111. of the Revised Code in the case of a voluntary or forced 576
liquidation of a savings and loan association's trust business.577

       Sec. 1161.18. The(A)(1) A savings bank's board of directors 578
of every savings bank shall hold a regular meeting, at least once 579
each month, at a day and hour fixed by resolution of the board. 580
Written notice of every special meeting of the board shall be 581
given to each director unless the notice is waived. When any 582
regular or special meeting is adjourned, notice of the adjourned 583
meeting and of the business to be transacted at the adjourned 584
meeting shall be given. A complete record of the board's 585
proceedings shall be kept in a minute book. The vote of each 586
director upon each question shall be recorded in the minutes.shall 587
meet monthly unless the savings bank's constitution provides for a 588
different frequency or meetings, which shall not be less than 589
quarterly.590

       (2) Division (A)(1) of this section does not prohibit either 591
of the following:592

       (a) More frequent meetings of a savings bank's board of 593
directors than required by division (A)(1) of this section;594

       (b) The superintendent of financial institutions requiring a 595
savings bank's board of directors to meet more frequently than 596
required by division (A)(1) of this section if the superintendent 597
determines more frequent meetings are appropriate because of 598
circumstances regarding the savings bank.599

       (B) A savings bank's constitution may authorize the board of 600
directors to do both of the following:601

       (1) Create an executive committee or any other committee of 602
the board of directors, each consisting of at least three 603
directors;604

       (2) Delegate to an executive committee or other committee of 605
the board of directors described in division (B)(1) of this 606
section, any authority of the board of directors, however 607
conferred, other than the authority to fill vacancies on the board 608
of directors or to fill vacancies on a committee of the board of 609
directors.610

       (C) All of the following apply to any executive committee or 611
other committee described in division (B) of this section:612

       (1) The board of directors may appoint one or more of the 613
directors as alternate members of a committee of the board of 614
directors to take the place of any absent member at any meeting of 615
the committee of the board of directors.616

       (2) Each committee of the board of directors serves at the 617
pleasure of the board of directors, acts only in intervals between 618
meetings of the board of directors, and is subject to the control 619
and direction of the board of directors.620

       (3) Unless otherwise provided in the constitution or ordered 621
by the board of directors, a committee of the board of directors 622
may act by a majority of its members at a meeting or by a writing 623
or writings signed by all of its members.624

       (4) An act or authorization of an act by a committee of the 625
board of directors that is within the authority delegated to the 626
committee is as effective for all purposes as an act or 627
authorization of an act done by the board of directors.628

       Sec. 1161.51. A(A) Except as provided in division (B) of 629
this section, a savings bank may cancel loans mentioned in 630
sections 1161.36 to 1161.50 of the Revised Code, and release the 631
securities for them on such terms as its board of directors 632
provides.633

       (B) Subject to any restrictions or requirements established 634
by the superintendent of financial institutions, in connection 635
with any loan or extension of credit, a savings bank may enter 636
into a debt suspension or debt cancellation contract with the 637
borrower or borrowers.638

       Sec. 1161.601. (A) A savings bank authorized to do business 639
by the division of financial institutions pursuant to Chapters 640
1161. to 1165. of the Revised Code may engage in trust business 641
after obtaining a license under section 1111.06 of the Revised 642
Code.643

       (B) Except as provided in division (C) of this section, a 644
savings bank that is licensed under section 1111.06 of the Revised 645
Code is a trust company as defined in division (S) of section 646
1101.01 of the Revised Code for purposes of Chapter 1111. of the 647
Revised Code and of all laws applicable to a trust company.648

       (C) The division shall supervise any savings bank licensed as 649
a trust company under Chapter 1111. of the Revised Code pursuant 650
to Chapters 1161. to 1165. of the Revised Code, except that the 651
division may apply provisions in Chapter 1111. of the Revised Code 652
in the case of a voluntary or forced liquidation of a savings 653
bank's trust business.654

       Sec. 1181.25. The superintendent of financial institutions655
may introduce into evidence or disclose, or authorize to be656
introduced into evidence or disclosed, information that, under657
sections 1121.18, 1155.16, 1163.20, 1315.122, 1321.09, 1321.55, 658
1321.76, 1322.06, 1322.061, 1733.32, 1733.327, and 4727.18 of the 659
Revised Code, is privileged, confidential, or otherwise not public660
information or a public record, provided that the superintendent661
acts only as provided in those sections or in the following662
circumstances:663

       (A) When in the opinion of the superintendent, it is664
appropriate with regard to any enforcement actions taken and665
decisions made by the superintendent under Chapters 1315., 1321.,666
1322., 1733., 4712., 4727., and 4728. of the Revised Code or Title667
XI of the Revised Code;668

       (B) When litigation has been initiated by the superintendent669
in furtherance of the powers, duties, and obligations imposed upon670
the superintendent by Chapters 1315., 1321., 1322., 1733., 4712.,671
4727., and 4728. of the Revised Code or Title XI of the Revised672
Code;673

       (C) When in the opinion of the superintendent, it is674
appropriate with regard to enforcement actions taken or decisions675
made by other financial institution regulatory authorities to whom676
the superintendent has provided the information pursuant to677
authority in Chapters 1315., 1321., 1322., 1733., 4712., 4727.,678
and 4728. of the Revised Code or Title XI of the Revised Code.679

       Sec. 1315.01.  Except when the context otherwise requires, as 680
used in sections 1315.01 to 1315.18 of the Revised Code:681

       (A) "Authorized delegate" means a person designated by a 682
licensee under section 1315.11 of the Revised Code to receive, 683
directly or indirectly, money or its equivalent for transmission 684
by the licensee.685

       (B) "Control" means the power, directly or indirectly, to 686
direct the management and policies of a licensee or the ownership, 687
control of, or power to vote twenty-five per cent or more of any 688
class of the outstanding voting securities of a controlling 689
person. For purposes of determining the percentage of a licensee 690
controlled by any person, the person's interest shall be 691
aggregated with the interest of any other person controlled by the 692
person or by any spouse, parent, or child of the person.693

       (C) "Controlling person" means any person that controls a 694
licensee.695

       (D) "Executive officer" means the licensee's president, 696
treasurer, secretary, each senior officer responsible for the 697
licensee's business, and any other person that performs similar 698
functions.699

       (E) "Licensee" means a person licensed under sections 1315.01 700
to 1315.18 of the Revised Code to receive, directly or indirectly, 701
for transmission, money or its equivalent from persons located in 702
this state.703

       (F) "Outstandings" means the total of all moneys received for 704
transmission that are not yet delivered, paid, or accessed.705

       (G) "Transmit money" means to receive, directly or indirectly 706
and by any means, money or its equivalent from a person and to 707
deliver, pay, or make accessible, by any means, method, manner, or 708
device, whether or not a payment instrument is used, the money 709
received or its equivalent to the same or another person, at the 710
same or another time, and at the same or another place, but does 711
not include transactions in which the recipient of the money or 712
its equivalent is the principal or authorized representative of 713
the principal in a transaction for which the money or its 714
equivalent is received, other than the transmission of money or 715
its equivalent. "Transmit money" also includes the sale of checks 716
and other payment instruments.717

       Sec. 1315.02.  (A) No person, regardless of the location of 718
that person, its facilities, or its agents, shall receive, 719
directly or indirectly and by any means, money or its equivalent 720
for transmission from a person located in this state, unless that 721
person receiving the money or its equivalent for transmission is a 722
licensee, an authorized delegate of a licensee that is not itself 723
required to be licensed under division (B) of this section, or is 724
one of the following:725

       (1) The United States or any department, agency, or 726
instrumentality of the United States;727

       (2) The United States postal service;728

       (3) A state of the United States or any political subdivision 729
of a state of the United States;730

       (4) A bank, credit union, savings and loan association, 731
savings association, or savings bank organized under the laws of 732
the United States or any state of the United States or doing 733
business under a license granted under Chapter 1119. of the 734
Revised Code, a subsidiary or affiliate of a bank, savings and 735
loan association, or savings bank or credit union service 736
organization or an authorized representative of any of these;737

       (5) A contractor providing electronic transfer of government 738
benefits on behalf of the United States or any department, agency, 739
or instrumentality of the United States or on behalf of any state 740
or any political subdivision of the United States;741

       (6) A person the only money transmitter activity of which is 742
to deliver payroll money on behalf of employers to employees by 743
check or deposit in a checking or savings account at a bank, 744
savings bank, savings and loan association, savings association, 745
or credit union;746

       (7) A person the only money transmitter activity of which is 747
to accept prepayment for future purchases of that person's goods 748
or services that are other than money transmitter services;749

       (8) A licensed securities, insurance, mortgage, or real 750
estate broker or agent acting within the scope of its license;751

       (9) A person the only money transmitter activity of which is 752
receiving money or its equivalent as an intermediary facilitating 753
the closing of a sale of property or a loan;754

       (10) A retail seller of goods and services the only money 755
transmitter activities of which are receipt of money or its 756
equivalent from and to be delivered at the direction of an obligor 757
on a credit card account for a credit card to be used solely for 758
purchases from that retail seller or branded with the name of that 759
retail seller or an affiliate of that retail seller;760

        (11) A person, the regulation of money transmitter activities 761
under sections 1315.01 to 1315.18 of the Revised Code of which, 762
the superintendent of financial institutions determines would not 763
serve the intended purposes of the regulation.764

       (B) No authorized delegate of a licensee also shall do 765
accounting, verification, or reconciliation of transmissions 766
completed or bank statements for a licensee, unless the authorized 767
delegate also is a licensee.768

       Sec. 1315.03. (A) Each application for a money transmitter 769
license shall be in the form prescribed by the superintendent of 770
financial institutions and accompanied by an application fee 771
established in section 1315.13 of the Revised Code.772

       (B)(1) The superintendent shall approve or deny every 773
application for a license under this section within one hundred 774
eighty days after the date that the superintendent accepts the 775
application as complete, unless the applicant has, by written 776
consent, agreed to a longer time for the superintendent to make a 777
determination on the application.778

       (2) Subject to division (D) of this section, an application 779
is not complete and the superintendent shall not accept it for 780
processing until the applicant pays the application fee described 781
in division (A) of this section. The time described in division 782
(B)(1) of this section in which the superintendent must make a 783
determination on an application does not begin until the 784
superintendent has determined that the application is complete and 785
has accepted it for processing.786

       (3) A determination by the superintendent that an application 787
is complete and is accepted for processing means only that the 788
application, on its face, appears to include all of the items and 789
to address all of the matters that are required, and is not an 790
assessment of the substance of the application or of the 791
sufficiency of the information provided.792

       (C)(1) The superintendent may grant confidential treatment 793
for information in or related to an application described in 794
division (A) of this section, if confidential treatment is 795
requested by the applicant in compliance with division (C)(2) of 796
this section and any of the following applies:797

       (a) The information is of a commercial or financial nature, 798
disclosure of which likely would result in substantial harm to the 799
competitive position of the applicant or its affiliates or to any 800
party to the transaction or its affiliates.801

       (b) The information is of a personal, medical, financial, or 802
similar nature, disclosure of which would result in a clearly 803
unwarranted invasion of personal privacy.804

       (c) The information is contained in, related to, or derived 805
from examinations, operating or condition reports, agreements, 806
orders, or actions prepared by, on behalf of, or for the use of a 807
governmental agency or authority.808

       (d) The information has been filed with a governmental agency 809
or authority and has not been approved for disclosure by that 810
agency or authority.811

       (e) The information specifically is excepted from disclosure 812
by statute.813

       (2)(a) An applicant requesting confidential treatment under 814
division (C) of this section shall do so in writing at the time 815
that the application containing the information, or additional 816
information related to an application, is submitted.817

       (b) The request described in division (C)(2)(a) of this 818
section separately shall address each item of information for 819
which confidential treatment is requested, explaining the 820
applicability of the asserted justification for confidential 821
treatment and either specifically demonstrating the harm that 822
would result from public disclosure of the item of information or 823
setting forth the reason that the applicant cannot authorize 824
public disclosure of the item of information.825

       (c) The applicant separately shall bind and identify all 826
items of information for which confidential treatment is requested 827
under division (C) of this section and shall make specific 828
reference to those items in the remainder of the application or 829
additional information related to the application.830

       (3)(a) The superintendent shall review a request for 831
confidential treatment under division (C) of this section and 832
provide the applicant with written notice of the superintendent's 833
decision on granting confidential treatment for each item of 834
information for which it is requested.835

       (b) If the superintendent's decision provided pursuant to 836
division (C)(3)(a) of this section is not to grant confidential 837
treatment to an item of information, the applicant may withdraw 838
the item of information by written notice within ten days after 839
the applicant's receipt of the superintendent's decision. If the 840
applicant fails to withdraw the item of information within the 841
ten-day period, the applicant is deemed to have waived the right 842
to withdraw, and the item of information is a part of the 843
application available to the public.844

       (4)(a) An item of information submitted with a request for 845
confidential treatment under division (C) of this section is not 846
deemed filed with the superintendent until the superintendent 847
grants confidential treatment or the applicant is deemed to have 848
waived the right to withdraw the item of information.849

       (b) Until the item of information submitted with a request 850
for confidential treatment is filed in accordance with division 851
(C)(4)(a) of this section, no person shall copy or inspect the 852
item of information or anything derived from the item of 853
information, except as necessary to assist the superintendent in 854
deciding whether to grant confidential treatment to the item of 855
information in accordance with division (C) of this section.856

       (5) When an item of information is filed following the 857
superintendent's decision to grant it confidential treatment 858
pursuant to division (C)(3)(a) of this section, the item of 859
information is not a public record as defined in section 149.43 of 860
the Revised Code and only the superintendent shall use it in 861
connection with the performance of the duties and exercise of the 862
powers of the superintendent. Without prior notice to the 863
applicant, the superintendent may disclose or comment on any of 864
the contents of the application in an order, statement, or opinion 865
issued by the superintendent in connection with a decision on the 866
application.867

        (D) Division (B)(2) of this section does not prohibit either 868
of the following:869

       (1) The superintendent denying an application described in 870
division (A) of this section prior to the superintendent's 871
acceptance of the application for processing, on the basis that 872
the applicant failed to include all of the items and address all 873
of the issues required for the application, if both of the 874
following apply:875

       (a) The superintendent advised the applicant that the 876
application was incomplete.877

       (b) After being advised by the superintendent pursuant to 878
division (D)(1)(a) of this section that the application was 879
incomplete, the applicant did not, within a reasonable period of 880
time, complete the application.881

       (2) The superintendent denying an application described in 882
division (A) of this section on the basis that the applicant 883
failed to provide the information necessary for the superintendent 884
to consider the application adequately after the superintendent's 885
acceptance of the application for processing, if both of the 886
following apply:887

       (a) After beginning to process the application, the 888
superintendent determined and advised the applicant additional 889
information was necessary to consider the application adequately.890

       (b) After the superintendent advised the applicant pursuant 891
to division (D)(2)(a) of this section that additional information 892
was necessary to consider the application adequately, the 893
applicant did not, within a reasonable period of time, provide 894
that information.895

       Sec. 1315.04.  (A)(1) After accepting an application for a 896
money transmitter license described in section 1315.03 of the 897
Revised Code, the superintendent of financial institutions shall 898
examine all the facts and circumstances relating to the 899
application.900

       (2) At the applicant's expense, the superintendent may 901
conduct an on-site examination of the applicant's books, records, 902
and operations. If the superintendent requests, the applicant 903
shall advance to the superintendent the superintendent's estimate 904
of the cost of the on-site examination, with any unconsumed 905
portion to be returned to the applicant.906

       (3) The applicant shall pay the cost of its examination 907
described in division (A) of this section, or any balance of the 908
cost of its examination in the case of an applicant that advanced 909
the estimated cost of its examination, within fourteen days after 910
receiving an invoice for payment.911

       (B) In making a determination on an application described in 912
division (A)(1) of this section, the superintendent shall consider 913
all of the following:914

       (1) The applicant's financial condition;915

       (2) The applicant's business practices;916

       (3) The applicant's and its directors', executive officers', 917
and controlling persons' experience, competence, character, and 918
history of compliance with applicable laws.919

       (C) The superintendent shall not approve an application 920
described in division (A)(1) of this section if the applicant does 921
not meet both of the following requirements:922

       (1) The applicant is a legally established business entity 923
that is capitalized separately and distinctly from every other 924
legal entity and is qualified to do business in this state.925

       (2) The applicant has a minimum net worth of not less than 926
five hundred thousand dollars, calculated according to generally 927
accepted accounting principles, but excluding any assets that the 928
superintendent disqualifies and including any off-balance sheet 929
liabilities that the superintendent requires.930

       (D)(1) In approving an application for a money transmitter 931
license, the superintendent may impose any condition the 932
superintendent determines to be appropriate.933

       (2) When an applicant has satisfied all prior conditions 934
imposed by the superintendent in approving the applicant's 935
application for a money transmitter license and has provided a 936
security device as required by section 1315.07 of the Revised 937
Code, the superintendent shall issue the applicant a money 938
transmitter license. A license issued pursuant to this section 939
remains in force and effect until surrendered by the licensee 940
pursuant to section 1315.18 of the Revised Code or suspended or 941
revoked by the superintendent pursuant to section 1315.151 of the 942
Revised Code.943

       (E) On or before the first day of July of each year, each 944
licensee shall pay to the superintendent an annual fee for 945
carrying on the business as a money transmitter, which fee is 946
established by the superintendent pursuant to division (B) of 947
section 1315.13 of the Revised Code.948

       Sec. 1315.05. Each licensee, at all times, shall meet both of 949
the following requirements:950

       (A) Be a legally established business entity that is 951
capitalized separately and distinctly from every other legal 952
entity and qualified to do business in this state;953

       (B) Have a minimum net worth of not less than five hundred 954
thousand dollars, calculated according to generally accepted 955
accounting principles, but excluding any assets that the 956
superintendent of financial institutions disqualifies and 957
including any off-balance sheet liabilities that the 958
superintendent requires.959

       (C) No licensee shall fail to comply with this section.960

       Sec. 1315.06. (A)(1)(a) Subject to division (A)(2) of this 961
section, each licensee shall maintain permissible investments 962
described in division (B) of this section having an aggregate 963
market value of not less than the aggregate amount of all of the 964
licensee's outstandings received from persons in the United 965
States, directly and through authorized delegates, to the extent 966
reported to the licensee.967

       (b) For purposes of division (A)(1)(a) of this section, a 968
licensee's permissible investments, even if commingled with other 969
assets of the licensee, and a licensee's other assets to the 970
extent necessary to equal the licensee's outstandings, are, by 971
operation of law, impressed with a trust and held for the benefit 972
of persons the money of which the licensee holds for transmission, 973
and these permissible investments are not available to satisfy any 974
other of the licensee's creditors.975

       (2) The superintendent of financial institutions may waive 976
the requirement described in division (A)(1)(a) of this section if 977
the volume of a licensee's outstandings does not exceed the 978
licensee's security device provided pursuant to section 1315.07 of 979
the Revised Code.980

       (B) All of the following are permissible investments by a 981
licensee:982

       (1) Cash;983

       (2) Certificates of deposit or other debt obligations of a 984
depository institution, either domestic or foreign;985

       (3) Bills of exchange or time drafts drawn on and accepted by 986
a commercial bank, otherwise known as bankers' acceptances, that 987
are eligible for purchase by member banks of the federal reserve 988
system;989

       (4) Any investment bearing a rating of one of the three 990
highest grades as defined by a nationally recognized organization 991
that rates securities;992

       (5) Investment securities that are obligations of the United 993
States or its agencies or instrumentalities; obligations that are 994
guaranteed fully as to principal and interest by the United 995
States; or any obligations of any state, municipality, or 996
political subdivision of a state;997

       (6) Shares in a money market mutual fund; interest-bearing 998
bills, notes, bonds, debentures, or preferred stock traded on any 999
national securities exchange or on a national over-the-counter 1000
market; or mutual funds primarily composed of such securities or a 1001
fund composed of one or more permissible investments described in 1002
division (B) of this section;1003

       (7) Any demand borrowing agreement or agreements made to a 1004
corporation or a subsidiary of a corporation the capital stock of 1005
which is listed on a national exchange, provided that the total 1006
borrowing agreements with any one borrower do not exceed ten per 1007
cent of the licensee's outstandings;1008

       (8) To the extent permitted by the superintendent, 1009
receivables that are due to a licensee from its authorized 1010
delegates and are not past due or doubtful of collection;1011

       (9) Any other investments approved by the superintendent.1012

       (C) No licensee shall fail to comply with this section.1013

       Sec. 1315.07. (A)(1) In a form satisfactory to the 1014
superintendent of financial institutions, each licensee shall 1015
provide and maintain a security device of one or more of the types 1016
described in division (B) of this section of not less than three 1017
hundred thousand dollars or such greater amount as the 1018
superintendent finds appropriate but, except pursuant to a 1019
supervisory action, not exceeding two million dollars.1020

       (2) By control agreement or terms of the bond, the security 1021
device described in division (A)(1) of this section shall run to 1022
the superintendent for the benefit of any claimants against the 1023
licensee, to secure the faithful performance of the obligations of 1024
the licensee with respect to its receipt of money from persons in 1025
this state for transmission. In the case of a bond, the 1026
superintendent may bring suit on behalf of claimants, either in 1027
one action or in successive actions, or may authorize claimants to 1028
bring their own actions on the bond.1029

       (B) The security device required by division (A) of this 1030
section shall be one or more of the following:1031

       (1) A pledge, with a holder acceptable to the superintendent 1032
and subject to a control agreement with the superintendent, of any 1033
of the following:1034

       (a) Cash;1035

       (b) Interest-bearing stocks, bonds, notes, debentures, or 1036
other obligations of the United States or any agency or 1037
instrumentality of the United States, or guaranteed by the United 1038
States;1039

       (c) Interest bearing stocks, bonds, notes, debentures, or 1040
other obligations of this state, or of a city, county, town, 1041
village, school district, or instrumentality of this state, or 1042
guaranteed by this state.1043

       (2) A surety bond;1044

       (3) Any other security device approved by the superintendent.1045

       (C)(1)(a) In the case of a security device provided in the 1046
form of a pledge of securities, the securities pledged shall be 1047
valued at the lower of principal amount or market value.1048

       (b) The licensee is entitled to receive all interest and 1049
dividends on cash or securities pledged and, with the approval of 1050
the superintendent, may substitute pledged securities, which 1051
substitution also may be ordered by the superintendent pursuant to 1052
a written order.1053

       (2) In the case of a security device provided in the form of 1054
a surety bond, both of the following apply:1055

       (a) The surety bond shall remain in effect until canceled, 1056
which may occur only after thirty days' written notice to the 1057
superintendent.1058

       (b) Cancellation of a surety bond does not affect any 1059
liability incurred or accrued during the bond's effective period.1060

       (D) A licensee shall maintain the security device required by 1061
division (A) of this section after the licensee ceases money 1062
transmission operations in this state, until the licensee's 1063
outstandings in this state all have been satisfied or properly 1064
reported to the division of unclaimed funds. However, the 1065
superintendent may permit the security device to be reduced to the 1066
extent that the amount of the licensee's outstandings in this 1067
state are reduced.1068

       (E) No licensee shall fail to comply with this section.1069

       Sec. 1315.08.  (A) Within forty-five days after the end of 1070
each calendar quarter, each licensee shall submit to the 1071
superintendent of financial institutions all of the following in 1072
the form prescribed by the superintendent:1073

       (1) The licensee's unaudited, unconsolidated financial 1074
statements as of the end of the calendar quarter, including a 1075
balance sheet, income statement, statement of changes in 1076
shareholder's equity, and statement of cash flows;1077

       (2) A statement for the calendar quarter of the number of 1078
money transmission transactions undertaken by the licensee in this 1079
state and in the United States in total, the dollar amount of 1080
transactions, and the number and dollar amount of those 1081
transactions currently outstanding;1082

       (3) A schedule of the licensee's permissible investments and 1083
their market values as of the end of the calendar quarter;1084

       (4) A schedule of the locations, if any, within this state at 1085
which the licensee is conducting business directly or through its 1086
authorized delegates;1087

       (5) Any other information that the superintendent requires.1088

       (B) Annually, not more than one hundred twenty days after the 1089
end of its fiscal year, each licensee shall submit to the 1090
superintendent its audited unconsolidated financial statements for 1091
the fiscal year, including a balance sheet, income statement, 1092
statement of changes in shareholder equity, and statement of cash 1093
flows. If the licensee is a subsidiary of another company, the 1094
licensee also shall submit the audited consolidated financial 1095
statements of its parent company.1096

       (C) No licensee shall fail to comply with this section.1097

       Sec. 1315.081. (A) Within fifteen business days after the 1098
occurrence of any of the events listed below, a licensee shall 1099
file a written report with the superintendent describing the event 1100
and its expected impact on the licensee's activities in the state:1101

       (1) Any material changes in information provided in a 1102
licensee's application or any report submitted to the 1103
superintendent under sections 1315.01 to 1315.18 of the Revised 1104
Code;1105

       (2) The licensee's filing for bankruptcy or reorganization;1106

       (3) The institution of revocation or suspension proceedings 1107
against the licensee by any state or governmental authority with 1108
regard to the licensee's money transmission activities;1109

       (4) Any felony indictment of the licensee, or any of its 1110
controlling persons, directors, officers, or employees, related to 1111
money transmission activities;1112

       (5) Any felony conviction of the licensee, or any of its 1113
controlling persons, directors, officers, or employees, related to 1114
money transmission activities;1115

       (6) Any proposed change of control of the licensee;1116

       (7) The licensee's decision to voluntarily surrender or not 1117
to renew a money transmitter license it holds in another 1118
jurisdiction.1119

       (B)(1) No person shall make a false statement, 1120
misrepresentation, or false certification to the division of 1121
financial institutions or in a record filed or required to be 1122
maintained under sections 1315.01 to 1315.18 of the Revised Code 1123
or make a false entry or omit a material entry in a record filed 1124
or required to be maintained under sections 1315.01 to 1315.18 of 1125
the Revised Code or made available to the division.1126

       (2) No licensee shall fail to comply with this section.1127

       Sec. 1315.09. (A) Each licensee shall make, keep, and 1128
preserve with respect to the licensee the following books, 1129
accounts, and other records for a period of five years to be open 1130
to inspection by the superintendent of financial institutions:1131

       (1) A record or records of each money transmission 1132
transaction;1133

       (2) A general ledger containing all assets, liabilities, 1134
capital, income, and expense accounts, posted at least monthly;1135

       (3) All bank statements and bank reconciliation records;1136

       (4) A record of all outstandings;1137

       (5) A record of all payments made;1138

       (6) The names and addresses of all authorized delegates of 1139
the licensee;1140

       (7) Any other records that the superintendent requires.1141

       (B) For purposes of this section, a licensee may retain a 1142
document, paper, or other instrument or record by use of a process 1143
to record, copy, photograph, or store a representation of the 1144
original document, paper, or other instrument or record, if all of 1145
the following apply:1146

       (1) The process correctly and accurately copies or 1147
reproduces, or provides a means for correctly and accurately 1148
copying or reproducing, the original document, paper, or other 1149
instrument or record with regard to both its substance and 1150
appearance, except that the copy or reproduction need not reflect 1151
the original paper or other medium, size, or color, unless the 1152
medium, size, or color is necessary to establish the authenticity 1153
of the original.1154

       (2) The process does not permit the recording, copy, 1155
photographic image, or stored representation of the original 1156
document, paper, or other instrument or record to be altered or 1157
manipulated.1158

       (3) The medium the process uses to record, copy, photograph, 1159
or store a representation of an original document, paper, or other 1160
instrument or record is a durable medium for retaining and 1161
reproducing records.1162

       (C) A licensee may maintain its records described in division 1163
(A) of this section at a location other than within this state, so 1164
long as the licensee makes its records accessible to the 1165
superintendent on seven business days written notice.1166

       (D) No licensee shall fail to comply with this section.1167

       Sec. 1315.10. (A) Subject to division (F) of this section, no 1168
person, alone or acting in concert with other persons, shall, 1169
directly or indirectly, acquire control of a licensee without the 1170
prior approval of the superintendent of financial institutions.1171

       (B) A person or group of persons proposing to acquire control 1172
of a licensee shall submit an application for the superintendent's 1173
approval in the form prescribed by the superintendent.1174

       (C)(1) The superintendent may grant confidential treatment 1175
for information in or related to an application described in 1176
division (B) of this section, if confidential treatment is 1177
requested by the applicant in compliance with division (C)(2) of 1178
this section and any of the following applies:1179

       (a) The information is of a commercial or financial nature, 1180
disclosure of which likely would result in substantial harm to the 1181
competitive position of the applicant or its affiliates or to any 1182
party to the transaction or its affiliates.1183

       (b) The information is of a personal, medical, financial, or 1184
similar nature, disclosure of which would result in a clearly 1185
unwarranted invasion of personal privacy.1186

       (c) The information is contained in, related to, or derived 1187
from examinations, operating or condition reports, agreements, 1188
orders, or actions prepared by, on behalf of, or for the use of a 1189
governmental agency or authority.1190

       (d) The information has been filed with a governmental agency 1191
or authority and has not been approved for disclosure by that 1192
agency or authority.1193

       (e) The information specifically is excepted from disclosure 1194
by statute.1195

       (2)(a) An applicant requesting confidential treatment under 1196
division (C) of this section shall do so in writing at the time 1197
the application containing the information, or additional 1198
information related to an application, is submitted.1199

       (b) The request described in division (C)(2)(a) of this 1200
section separately shall address each item of information for 1201
which confidential treatment is requested, explaining the 1202
applicability of the asserted justification for confidential 1203
treatment and either specifically demonstrating the harm that 1204
would result from public disclosure of the item of information or 1205
setting forth the reason that the applicant cannot authorize 1206
public disclosure of the item of information.1207

       (c) The applicant separately shall bind and identify all 1208
items of information for which confidential treatment is requested 1209
under division (C) of this section and make specific reference to 1210
those items in the remainder of the application or additional 1211
information related to the application.1212

       (3)(a) The superintendent shall review a request for 1213
confidential treatment under division (C) of this section and 1214
provide the applicant with written notice of the superintendent's 1215
decision on granting confidential treatment for each item of 1216
information for which it is requested.1217

       (b) If the superintendent's decision provided pursuant to 1218
division (C)(3)(a) of this section is not to grant confidential 1219
treatment to an item of information, the applicant may withdraw 1220
the item of information by written notice within ten days after 1221
the applicant's receipt of the superintendent's decision. If the 1222
applicant fails to withdraw the item of information within the 1223
ten-day period, the applicant is deemed to have waived the right 1224
to withdraw, and the item of information is deemed a part of the 1225
application available to the public.1226

       (4)(a) An item of information submitted with a request for 1227
confidential treatment under division (C) of this section is not 1228
deemed filed with the superintendent until the superintendent 1229
grants confidential treatment, or the applicant is deemed to have 1230
waived the right to withdraw the item of information.1231

       (b) Until the item of information submitted with a request 1232
for confidential treatment is filed in accordance with division 1233
(C)(4)(a) of this section, no person shall copy or inspect the 1234
item of information or anything derived from the item of 1235
information, except as is necessary to assist the superintendent 1236
in deciding whether to grant confidential treatment to the item of 1237
information in accordance with division (C) of this section.1238

       (5) When an item of information is filed following the 1239
superintendent's decision to grant it confidential treatment 1240
pursuant to division (C)(3)(a) of this section, the item of 1241
information is not a public record as defined in section 149.43 of 1242
the Revised Code and only the superintendent shall use it in 1243
connection with the performance of the duties and exercise of the 1244
powers of the superintendent. Without prior notice to the 1245
applicant, the superintendent may disclose or comment on any of 1246
the contents of the application in an order, statement, or opinion 1247
issued by the superintendent in connection with a decision on the 1248
application.1249

       (D)(1) If the superintendent requests, the applicant shall 1250
bear the expense of the examination conducted in accordance with 1251
section 1315.101 of the Revised Code, and upon the 1252
superintendent's request, shall advance to the superintendent the 1253
superintendent's estimate of the cost of the examination, with any 1254
unconsumed portion to be returned to the applicant.1255

       (2) If the superintendent requests payment pursuant to 1256
division (D)(1) of this section, the applicant shall pay the cost 1257
of its examination described in section 1315.101 of the Revised 1258
Code, or any balance of the cost of its examination in the case of 1259
an applicant that advanced the estimated cost of its examination, 1260
within fourteen days after receiving an invoice for payment.1261

       (E) The superintendent may do either of the following:1262

       (1) Deny an application described in division (B) of this 1263
section prior to the superintendent's acceptance of the 1264
application for processing, on the basis that the applicant failed 1265
to include all of the items and address all of the issues required 1266
for the application, if both of the following apply:1267

       (a) The superintendent advised the person that the 1268
application was incomplete.1269

       (b) After being advised by the superintendent pursuant to 1270
division (E)(1)(a) of this section that the application was 1271
incomplete, the person, within a reasonable period of time, did 1272
not complete the application.1273

       (2) Deny an application described in division (B) of this 1274
section on the basis that the applicant failed to provide the 1275
information necessary for the superintendent to consider the 1276
application adequately after the superintendent's acceptance of 1277
the application for processing, if both of the following apply:1278

       (a) After beginning to process the application, the 1279
superintendent determined and advised the applicant that 1280
additional information was necessary to consider the application 1281
adequately.1282

       (b) After being advised by the superintendent pursuant to 1283
division (E)(2)(a) of this section that additional information was 1284
necessary to consider the application adequately, the applicant, 1285
within a reasonable period of time, did not provide that 1286
information.1287

       (F)(1) Division (A) of this section requiring prior approval 1288
to obtain control, directly or indirectly, of a licensee does not 1289
apply to any of the following persons, but these persons shall 1290
notify the superintendent of a change of control:1291

       (a) A person that acts as a proxy for the sole purpose of 1292
voting at a designated meeting of the shareholders or holders of 1293
voting interests of a licensee or person in control of a licensee;1294

       (b) A person that acquires control of a licensee by devise or 1295
descent;1296

       (c) A person that acquires control as a personal 1297
representative, custodian, guardian, conservator, or trustee, or 1298
as an officer appointed by a court of competent jurisdiction or by 1299
operation of law;1300

       (d) A person that the superintendent by rule or order 1301
determines is not subject to division (A) of this section based on 1302
the public interest.1303

       (2) Division (A) of this section does not apply to public 1304
offerings of securities.1305

       (3) Before filing an application described in division (A) of 1306
this section, a person may request in writing a determination from 1307
the superintendent of whether the person would be considered a 1308
person in control of a licensee upon consummation of a proposed 1309
transaction. If the superintendent determines that the person 1310
would not be a person in control of a licensee, the person and the 1311
proposed transaction are not subject to the requirements of 1312
division (A) of this section.1313

       (G) No person shall fail to comply with this section.1314

       Sec. 1315.101.  (A) After accepting an application to acquire 1315
control of a licensee described in section 1315.10 of the Revised 1316
Code, the superintendent of financial institutions shall examine 1317
all of the facts and circumstances relating to the application.1318

       (B) The superintendent shall approve the application 1319
described in division (A) of this section if the superintendent 1320
determines both of the following:1321

       (1) The competence, experience, and character of the 1322
applicant or applicants seeking to acquire control of a licensee 1323
and the applicant's or applicants' general fitness to operate the 1324
licensee or person in control of the licensee in a lawful and 1325
proper manner are acceptable.1326

       (2) The interests of the public are not jeopardized by the 1327
change of control.1328

       Sec. 1315.11.  (A) A licensee that chooses to conduct money 1329
transmission activities in this state through an authorized 1330
delegate shall execute an express written contract with the 1331
authorized delegate that, at a minimum, sets forth all of the 1332
following:1333

       (1) The duties and responsibilities of the authorized 1334
delegate regarding money or its equivalent received from persons 1335
located in this state for transmission by the licensee;1336

       (2) The duties and responsibilities of the authorized 1337
delegate regarding instruments, devices, or processes used by the 1338
licensee to transmit money;1339

       (3) The duties and responsibilities of the authorized 1340
delegate with regard to compliance with laws regulating money 1341
transmission activities.1342

       (B) A licensee shall monitor the activities of its authorized 1343
delegate with regard to money or its equivalent received from 1344
persons in this state for transmission by the licensee and for 1345
compliance with all of the following:1346

       (1) The written contract between the licensee and the 1347
authorized delegate;1348

       (2) Sections 1315.01 to 1315.18 of the Revised Code;1349

       (3) Other laws applicable to the business of transmitting 1350
money.1351

       (C) As part of the examination of a licensee authorized by 1352
section 1315.12 of the Revised Code, the superintendent of 1353
financial institutions may examine the books and records and 1354
policies and procedures of the licensee's authorized delegate.1355

       (D)(1) An authorized delegate or other person that receives 1356
money or its equivalent for transmission by a licensee shall keep 1357
it separate and shall not commingle it with other money or 1358
receipts. All money or its equivalent, less fees, that is received 1359
by an authorized delegate or by any other person for transmission 1360
by a licensee, from the time received until remitted to the 1361
licensee, shall constitute funds owned by and belonging to the 1362
licensee and shall be impressed with a trust for the benefit of 1363
the person from which the money or its equivalent is received.1364

       (2) If an authorized delegate or other person fails to comply 1365
with division (D)(1) of this section and commingles any money or 1366
its equivalent received for transmission by a licensee with any 1367
other funds or property owned or controlled by the authorized 1368
delegate or other person, all commingled proceeds and other 1369
property shall be impressed with a trust in favor of the licensee 1370
in an amount equal to the amount due the licensee.1371

       (E) No licensee shall fail to comply with division (A) or (B) 1372
of this section, and no authorized delegate or other person that 1373
receives money or its equivalent for transmission by a licensee 1374
shall fail to comply with division (D) of this section.1375

       Sec. 1315.12. (A) As often as the superintendent of financial 1376
institutions considers necessary, the superintendent, or any 1377
deputy or examiner appointed or any contractor engaged by the 1378
superintendent for that purpose, thoroughly shall examine the 1379
records and affairs of each licensee. The examination shall 1380
include a review of all of the following:1381

       (1) Compliance with law;1382

       (2) Safety and soundness;1383

       (3) Other matters that the superintendent determines.1384

       (B) The superintendent may conduct all aspects of an 1385
examination described in division (A) of this section concurrently 1386
or may divide the examination into constituent parts and conduct 1387
them at various times.1388

       (C)(1) The licensee shall bear the expense of the 1389
examination. If the superintendent requests, the licensee shall 1390
advance to the superintendent the superintendent's estimate of the 1391
cost of the examination, with any unconsumed portion to be 1392
returned to the licensee.1393

       (2) A licensee shall pay the cost of its examination 1394
conducted pursuant to this section, or any balance of the cost of 1395
its examination in the case of a licensee that advanced the 1396
estimated cost of its examination, within fourteen days of 1397
receiving an invoice for payment.1398

       (D) The superintendent shall preserve the report of each 1399
examination conducted pursuant to this section, including related 1400
correspondence received and copies of related correspondence sent, 1401
for twenty years after the examination date.1402

       Sec. 1315.121.  (A) In administering sections 1315.01 to 1403
1315.18 of the Revised Code and fulfilling the duties imposed by 1404
those sections, including the duty imposed by section 1315.12 of 1405
the Revised Code, the superintendent of financial institutions may 1406
do any of the following:1407

       (1) Participate with financial institution regulatory1408
authorities of this and other states, the United States, and other1409
countries in any of the following:1410

       (a) Programs for alternate examinations of the records and1411
affairs of licensees and other money transmitters over which they 1412
have concurrent jurisdiction;1413

       (b) Joint or concurrent examinations of the records and1414
affairs of licensees and other money transmitters over which they 1415
have concurrent jurisdiction;1416

       (c) Coordinated examinations of the records and affairs of1417
licensees and other money transmitters over which they have 1418
collective jurisdiction.1419

       (2) Conduct, participate in, or coordinate independent,1420
concurrent, joint, or coordinated examinations of the records and1421
affairs of licensees and other money transmitters and otherwise 1422
act on behalf of financial institution regulatory authorities of1423
this and other states, the United States, and other countries 1424
having jurisdiction over the licensees and other money 1425
transmitters;1426

       (3) Rely on information leading to, arising from, or obtained 1427
in the course of examinations conducted by financial institution 1428
regulatory authorities of this and other states, the United 1429
States, and other countries when both of the following apply:1430

       (a) Pursuant to agreement and applicable law, the1431
superintendent may receive and use the information leading to,1432
arising from, or obtained in the course of the other regulatory1433
authorities' examinations in administering sections 1315.01 to 1434
1315.18 of the Revised Code and acting under the authority of1435
those sections;1436

       (b) In the superintendent's judgment the other regulatory1437
authorities' personnel, practices, and authority warrant the1438
superintendent's reliance.1439

       (4) Authorize financial institution regulatory authorities of1440
this and other states, the United States, and other countries to 1441
receive and use information leading to, arising from, or obtained 1442
in the course of examinations conducted by the division of 1443
financial institutions in the same manner and for the purposes1444
they could use information leading to, arising from, or obtained1445
in the course of their own examinations when both of the following1446
apply:1447

       (a) Pursuant to applicable law, information leading to,1448
arising from, or obtained in the course of examinations the other1449
regulatory authorities conduct is protected from general1450
disclosure and may only be disclosed for purposes similar to those1451
provided in section 1315.122 of the Revised Code, which are1452
principally regulatory in nature, for disclosure of information1453
leading to, arising from, or obtained in the course of1454
examinations conducted by the division;1455

       (b) Pursuant to agreement and applicable law, information1456
leading to, arising from, or obtained in the course of1457
examinations conducted by the division will, in the other1458
regulatory authorities' possession or the possession of any1459
persons to whom the other regulatory authorities disclosed the1460
information as a part of examinations of those persons, be1461
protected from disclosure to the same extent as information1462
leading to, arising from, or obtained in the course of those1463
regulatory authorities' examinations.1464

       (5) Rely on the actions of financial institution regulatory1465
authorities of this and other states, the United States, or other1466
countries, or participate with them jointly, in responding to1467
violations of law, unsafe or unsound practices, breaches of1468
fiduciary duty, or other regulatory concerns affecting licensees 1469
and other money transmitters over which they have concurrent1470
jurisdiction when the other regulatory authorities have adequate 1471
personnel, practices, and authority to warrant the reliance;1472

       (6) Implement other cooperative arrangements with financial1473
institution regulatory authorities of this and other states, the1474
United States, and other countries consistent with safety and1475
soundness.1476

       (B) No person shall use any reliance by the superintendent,1477
in whole or in part, on financial institution regulatory1478
authorities of this or other states, the United States, or other1479
countries in accordance with division (A) of this section to1480
support any assertion of either of the following:1481

       (1) Failure of the superintendent or division to properly1482
administer sections 1315.01 to 1315.18 of the Revised Code or 1483
fulfill the duties imposed by those sections;1484

       (2) Disagreement by the superintendent or division with any1485
action taken by financial institution regulatory authorities of1486
this or other states, the United States, or other countries.1487

       (C) In conducting, participating in, or coordinating1488
independent, concurrent, joint, or coordinated examinations of the1489
records and affairs of licensees and other money transmitters, the1490
superintendent may purchase services from financial institution1491
regulatory authorities of this and other states, the United1492
States, and other countries, including services provided by1493
employees of other financial institution regulatory authorities in1494
their capacities as employees of other financial institution1495
regulatory authorities. The purchase of services from one or more1496
financial institution regulatory authorities of this and other1497
states, the United States, or other countries is the purchase of1498
services from a sole source provider and is not the employment of1499
any financial institution regulatory authority or any of its1500
employees.1501

       The authority to purchase services pursuant to this division1502
does not impair the superintendent's authority to purchase1503
services from any other source.1504

       Sec. 1315.122.  (A) Information leading to, arising from, or1505
obtained in the course of the examination of a licensee or other 1506
person conducted pursuant to the authority of sections 1315.01 to 1507
1315.18 of the Revised Code is privileged and confidential. No1508
person, including any person to whom the information is disclosed1509
under the authority of this section, shall disclose information1510
leading to, arising from, or obtained in the course of an1511
examination, except as specifically provided in this section.1512

       (B) The superintendent of financial institutions and the1513
superintendent's agents and employees may disclose information1514
leading to, arising from, or obtained in the course of an1515
examination conducted pursuant to section 1315.12 or 1315.121 of1516
the Revised Code as follows:1517

       (1) To the governor, director of commerce, or deputy director 1518
of commerce to enable them to act in the interests of the public;1519

       (2) To the banking commission, created pursuant to section 1520
1123.01 of the Revised Code, to enable the commission to1521
effectively advise the superintendent and take action on any1522
matter the superintendent presents to the commission;1523

       (3) To financial institution regulatory authorities of this1524
and other states, the United States, and other countries to assist1525
them in their regulatory duties;1526

       (4) To the directors, officers, agents, and parent company of 1527
the licensee or other money transmitter examined to assist them in 1528
conducting the business of the licensee or other money transmitter 1529
examined in a safe and sound manner and in compliance with law;1530

       (5) To law enforcement authorities conducting criminal1531
investigations.1532

       (C) Information leading to, arising from, or obtained in the1533
course of an examination of a licensee or other person pursuant to1534
sections 1315.01 to 1315.18 of the Revised Code shall not be1535
discoverable from any source. The information shall not be1536
introduced into evidence, except in the following circumstances:1537

       (1) In connection with criminal proceedings;1538

       (2) When, in the opinion of the superintendent, it is1539
appropriate with regard to enforcement actions taken and decisions1540
made by the superintendent under the authority of sections 1315.01 1541
to 1315.18 of the Revised Code regarding a licensee or other 1542
person;1543

       (3) When litigation has been initiated by the superintendent1544
in furtherance of the powers, duties, and obligations imposed upon1545
the superintendent by sections 1315.01 to 1315.18 of the Revised 1546
Code;1547

       (4) When authorized by agreements between the superintendent1548
and financial institution regulatory authorities of this and other1549
states, the United States, and other countries authorized by1550
section 1315.121 of the Revised Code;1551

       (5) When and in the manner authorized in section 1181.25 of1552
the Revised Code.1553

       (D) A report of an examination conducted pursuant to section1554
1315.12 or 1315.121 of the Revised Code is the property of the1555
division of financial institutions. Under no circumstances may the 1556
licensee or other money transmitter examined, its directors, 1557
officers, employees, agents, regulated persons, or contractors, or 1558
any person having knowledge or possession of a report of 1559
examination, or any of its contents, disclose or make public in 1560
any manner the report of examination or its contents. The 1561
authority provided in division (B)(4) of this section for use of 1562
examination information to assist in conducting the business of 1563
the licensee or other money transmitter examined in a safe and1564
sound manner and in compliance with law shall not be construed to 1565
authorize disclosure of a report of examination or any of its 1566
contents in conducting business with the examined licensee's or 1567
other money transmitter's customers, creditors, or shareholders,1568
or with other persons.1569

       (E) Whoever violates this section shall be removed from1570
office, shall be liable, with the violator's bonder in damages to1571
the person injured by the disclosure of information, and is guilty1572
of a felony of the fourth degree.1573

       Sec. 1315.13. Annually, the superintendent shall establish 1574
both of the following:1575

       (A) The application fee for an application for a license to 1576
transmit money under section 1315.03 of the Revised Code;1577

       (B) An annual fee described in division (E) of section 1578
1315.04 of the Revised Code for each licensee to carry on the 1579
business of a money transmitter. When establishing the annual fee 1580
for each licensee, the superintendent may consider the number of 1581
offices and authorized delegates the licensee has and the volume 1582
of business the licensee does in this state.1583

       Sec. 1315.14.  The superintendent of financial institutions 1584
may adopt rules that, in the superintendent's judgment, are 1585
necessary or appropriate to carry out the purposes of sections 1586
1315.01 to 1315.18 of the Revised Code.1587

       Sec. 1315.15.  (A) The superintendent of financial 1588
institutions may issue and serve a notice of charges and intent to 1589
issue a cease and desist order upon a licensee or other person if, 1590
in the opinion of the superintendent, either of the following 1591
applies to the licensee or other person:1592

       (1) The licensee or other person is engaging, has engaged,1593
or, the superintendent has reasonable cause to believe, is about 1594
to engage in an unsafe or unsound practice in conducting the 1595
business of transmitting money.1596

       (2) The licensee or other person is violating, has violated, 1597
or, the superintendent has reasonable cause to believe, is about 1598
to violate any of the following:1599

       (a) A law or rule;1600

       (b) A condition imposed in writing by the superintendent in1601
connection with granting an application or other request by the 1602
licensee or other person;1603

       (c) A written agreement entered into with the superintendent.1604

       (B) The notice of charges and intent to issue a cease and 1605
desist order described in division (A) of this section shall 1606
include all of the following:1607

       (1) A statement of the violation or violations or unsafe or 1608
unsound practice or practices alleged;1609

       (2) A statement of the facts constituting the violation or 1610
violations or unsafe or unsound practice or practices alleged;1611

       (3) Notice that the licensee or other person is entitled to a 1612
hearing, in accordance with section 1315.17 of the Revised Code, 1613
to determine whether a cease and desist order should be issued 1614
against the licensee or other person, if the licensee or other 1615
person requests the hearing within thirty days of service of the 1616
notice;1617

       (4) Notice that, if the licensee or other person makes a1618
timely request for a hearing, the licensee or other person may1619
appear at the hearing in person or by attorney or by presenting 1620
positions, arguments, and contentions in writing, and at the 1621
hearing may present evidence and examine witnesses for and against 1622
the licensee or other person.1623

       (5) Notice that failure of the licensee or other person to1624
make a timely request for a hearing to determine whether a cease 1625
and desist order should be issued or to appear at the hearing, in 1626
person, by attorney, or by writing, is consent by the licensee or 1627
other person to the issuance of the cease and desist order.1628

       (C) The superintendent may issue a cease and desist order 1629
against the licensee or other person if any of the following 1630
applies:1631

       (1) The licensee or other person consents to the issuance of 1632
the cease and desist order.1633

       (2) Upon the record of the hearing described in division (B) 1634
of this section, the superintendent finds that a violation or1635
unsafe or unsound practice has been established.1636

       (3) The superintendent determines that the licensee's or 1637
other person's books and records are too incomplete or inaccurate 1638
to permit the superintendent, through the normal supervisory 1639
process, to determine the financial condition of the licensee or 1640
other person or the details or purpose of one or more transactions1641
that may have a material effect on the financial condition of the 1642
licensee or other person.1643

       (4) The superintendent finds that the violation or unsafe or 1644
unsound practice alleged in division (B) of this section is 1645
likely, prior to completion of the hearing described in that 1646
division, to cause any of the following:1647

       (a) The licensee's or other person's insolvency;1648

       (b) Significant dissipation of the licensee's or other 1649
person's earnings or assets;1650

       (c) Weakening of the licensee's or other person's condition 1651
or other prejudice to the interests of the licensee's or other 1652
person's customers.1653

       (D) A cease and desist order may require the licensee or 1654
other person to cease and desist from each violation or unsafe or1655
unsound practice, to correct or remedy the conditions resulting 1656
from each violation or unsafe or unsound practice, and to take 1657
affirmative action, including any of the following:1658

       (1) Make restitution or provide reimbursement, 1659
indemnification, or guarantee against loss, if either of the 1660
following applies:1661

       (a) The licensee or other person was or will be unjustly 1662
enriched in connection with the violation or practice.1663

       (b) The violation or practice involved a reckless disregard 1664
for the law or any applicable rule or prior order of the 1665
superintendent.1666

       (2) Restrict the licensee's or other person's growth;1667

       (3) Dispose of any loan or asset involved;1668

       (4) Rescind agreements or contracts;1669

       (5) Employ qualified officers or employees, who may be 1670
subject to approval by the superintendent;1671

       (6) Take any other action that the superintendent determines 1672
appropriate.1673

       (E) A cease and desist order issued by the superintendent 1674
pursuant to division (C) of this section is effective at the time 1675
specified in the order, which shall be as follows:1676

       (1) In the case of a cease and desist order issued pursuant 1677
to division (C)(2) of this section, not less than thirty days 1678
after service of the order upon the licensee or other person;1679

       (2) In the case of a cease and desist order issued pursuant 1680
to division (C)(1), (3), or (4) of this section, immediately upon 1681
service of the order on the licensee or other person.1682

       (F) A cease and desist order shall remain effective and1683
enforceable as provided in the order except to the extent it is 1684
stayed, modified, terminated, or set aside by action of the 1685
superintendent or a reviewing court. If, upon the record of a 1686
hearing, the superintendent determines not to issue a cease and 1687
desist order, any cease and desist order issued pursuant to 1688
division (C)(3) or (4) of this section is terminated.1689

       (G) Within ten days after being served a cease and desist 1690
order issued pursuant to division (C)(3) or (4) of this section, a 1691
licensee or other person may apply to the court of common pleas of1692
the county in which the principal place of business of the 1693
licensee or other person is located, or to the court of common 1694
pleas of Franklin county, for an injunction setting aside, 1695
limiting, or suspending the enforcement, operation, or 1696
effectiveness of the cease and desist order pending completion of 1697
the hearing to determine whether a cease and desist order should 1698
be issued against the licensee or other person pursuant to 1699
division (C)(2) of this section, and the court has jurisdiction to 1700
issue the injunction.1701

       Sec. 1315.151.  (A) The superintendent of financial 1702
institutions may issue and serve a notice of charges and intent to 1703
suspend or revoke a licensee's license, if the superintendent 1704
finds that any of the following applies:1705

       (1) Any fact or condition exists that, if it had existed at 1706
the time when the licensee applied for its license, would have 1707
been grounds for denying the application.1708

       (2) The licensee's net worth becomes inadequate and the 1709
licensee, after ten days' written notice from the superintendent, 1710
fails to take steps that the superintendent considers necessary to 1711
remedy the deficiency.1712

       (3) The licensee knowingly violates any material provision of 1713
sections 1315.01 to 1315.18 of the Revised Code or any rule or 1714
order adopted by the superintendent.1715

       (4) The licensee is conducting its business in an unsafe or 1716
unsound manner.1717

       (5) The licensee is insolvent.1718

       (6) The licensee has suspended payment of its obligations, 1719
has made an assignment for the benefit of its creditors, or has 1720
admitted in writing its inability to pay its debts as they become 1721
due.1722

       (7) The licensee has applied for an adjudication of 1723
bankruptcy, reorganization, arrangement, or other relief relating 1724
to bankruptcy.1725

       (8) The licensee refuses to permit the superintendent to make 1726
any examination authorized by sections 1315.01 to 1315.18 of the 1727
Revised Code.1728

       (9) The licensee willfully fails to make any report required 1729
by sections 1315.01 to 1315.18 of the Revised Code.1730

       (10) The competence, experience, character, or general 1731
fitness of the licensee indicates that it is not in the public 1732
interest to permit the licensee to continue to transmit money in 1733
this state.1734

       (B) The notice of charges and intent to suspend or revoke a 1735
license described in division (A) of this section shall include 1736
all of the following:1737

       (1) A statement of the grounds alleged;1738

       (2) A statement of the facts constituting the grounds 1739
alleged;1740

       (3) Notice that the licensee is entitled to a hearing, in 1741
accordance with section 1315.17 of the Revised Code, to determine 1742
whether a license should be suspended or revoked, if the licensee 1743
requests the hearing within thirty days of service of the notice;1744

       (4) Notice that, if the licensee makes a timely request for a 1745
hearing, the licensee may appear at the hearing in person or by 1746
attorney or by presenting positions, arguments, and contentions in 1747
writing, and at the hearing may present evidence and examine 1748
witnesses for and against the licensee.1749

       (5) Notice that failure of the licensee to make a timely 1750
request for a hearing to determine whether the license should be 1751
suspended or revoked or to appear at the hearing, in person, by 1752
attorney, or by writing, is consent by the licensee to the1753
suspension or revocation of the license.1754

       (C) The superintendent may order a license suspended or 1755
revoked, if any of the following applies:1756

       (1) The licensee consents to the suspension or revocation.1757

       (2) Upon the record of the hearing described in division (B) 1758
of this section, the superintendent finds that one or more grounds 1759
alleged pursuant to that division have been established.1760

       (3) The superintendent determines that the licensee's books 1761
and records are too incomplete or inaccurate to permit the 1762
superintendent, through the normal supervisory process, to 1763
determine the financial condition of the licensee or the details 1764
or purpose of one or more transactions that may have a material 1765
effect on the financial condition of the licensee.1766

       (4) The superintendent finds that one or more of the grounds1767
alleged pursuant to division (B) of this section are likely, prior 1768
to completion of the hearing described in that division, to cause 1769
any of the following:1770

       (a) The licensee's insolvency;1771

       (b) Significant dissipation of the licensee's earnings or 1772
assets;1773

       (c) Weakening of the licensee's condition or other prejudice 1774
to the interests of the licensee's customers.1775

       (D) A suspension or revocation of a license order issued by 1776
the superintendent pursuant to division (C) of this section is1777
effective at the time specified in the order, which shall be as 1778
follows:1779

       (1) In the case of a suspension or revocation order issued 1780
pursuant to division (C)(2) of this section, not less than thirty 1781
days after service of the order upon the licensee;1782

       (2) In the case of a suspension or revocation order issued 1783
pursuant to division (C)(1), (3), or (4) of this section, 1784
immediately upon service of the order on the licensee.1785

       (E) A suspension or revocation of a license order shall 1786
remain effective and enforceable as provided in the order except 1787
to the extent it is stayed, modified, terminated, or set aside by 1788
action of the superintendent or a reviewing court. If, upon the 1789
record of a hearing, the superintendent determines not to suspend 1790
or revoke a license, any suspension or revocation order issued 1791
pursuant to division (C)(3) or (4) of this section is terminated.1792

       (F) Within ten days after being served a suspension or 1793
revocation of a license order issued pursuant to division (C)(3) 1794
or (4) of this section, a licensee may apply to the court of 1795
common pleas of the county in which the principal place of 1796
business of the licensee is located, or to the court of common 1797
pleas of Franklin county, for an injunction setting aside, 1798
limiting, or suspending the enforcement, operation, or 1799
effectiveness of the suspension or revocation order pending 1800
completion of the hearing to determine whether a suspension or 1801
revocation order should be issued against the licensee pursuant to 1802
division (C)(2) of this section, and the court has jurisdiction to 1803
issue the injunction.1804

       Sec. 1315.152.  (A) The superintendent of financial 1805
institutions may assess civil penalties against a licensee or 1806
other person for each day a violation, unsafe or unsound practice, 1807
or breach continues as follows:1808

       (1) The superintendent may assess a civil penalty of not more 1809
than five hundred dollars per day if the licensee or other person1810
violates any of the following:1811

       (a) Any law or rule;1812

       (b) Any order issued pursuant to section 1315.15 or 1315.151 1813
of the Revised Code;1814

       (c) Any condition imposed in writing by the superintendent in1815
connection with granting any application by the licensee or other 1816
person;1817

       (d) A written agreement between the licensee or other person 1818
and the superintendent.1819

       (2) The superintendent may assess a civil penalty of not more 1820
than one thousand dollars per day if both of the following apply:1821

       (a) The licensee or other person does any of the following:1822

       (i) Commits any violation listed in division (A)(1) of this 1823
section;1824

       (ii) Recklessly engages in an unsafe or unsound practice;1825

       (iii) Breaches any fiduciary duty.1826

       (b) The violation, unsafe or unsound practice, or breach is 1827
part of a pattern of misconduct or causes or is likely to cause 1828
more than a minimal loss to the licensee or other person.1829

       (B) A notice of assessment of a civil penalty shall include 1830
all of the following:1831

       (1) A statement of the violation or violations or unsafe or 1832
unsound practice or practices or breach or breaches alleged;1833

       (2) A statement of the facts supporting the assessment of the 1834
civil penalty;1835

       (3) Notice that the licensee or other person is entitled to a 1836
hearing, in accordance with section 1315.17 of the Revised Code to 1837
determine whether a civil penalty should be assessed against the 1838
licensee or other person, if the licensee or other person requests 1839
the hearing within thirty days of service of the notice of 1840
assessment of a civil penalty;1841

       (4) Notice that, if the licensee or other person makes a1842
timely request for a hearing, the licensee or other person may1843
appear at the hearing in person, by attorney, or by presenting 1844
positions, arguments, and contentions in writing, and at the 1845
hearing may present evidence and examine witnesses for and against 1846
the licensee or other person;1847

       (5) Notice that failure of the licensee or other person to1848
make a timely request for a hearing to determine whether a civil 1849
penalty should be assessed against the licensee or other person, 1850
or to appear at the hearing, in person, by attorney, or by 1851
writing, is consent by the licensee or other person to the 1852
assessment of the civil penalty.1853

       (C) The superintendent may assess a civil penalty if either 1854
of the following applies:1855

       (1) The licensee or other person consents to the assessment 1856
of the civil penalty.1857

       (2) Upon the record of the hearing described in division (B) 1858
of this section the superintendent finds a violation, unsafe or 1859
unsound practice, or breach has been established.1860

       (D) In determining the amount of the civil penalty to be1861
assessed pursuant to this section, the superintendent shall 1862
consider all of the following:1863

       (1) The seriousness of and the risk posed by the violation, 1864
unsafe or unsound practice, or breach;1865

       (2) The licensee's or other person's good faith efforts to 1866
prevent the violation, unsafe or unsound practice, or breach;1867

       (3) The licensee's or other person's history regarding1868
violations, unsafe or unsound practices, and breaches;1869

       (4) The licensee's or other person's financial resources;1870

       (5) Any other matters justice may require.1871

       (E) Any licensee's or other person assessed a civil penalty 1872
pursuant to this section shall pay the civil penalty to the1873
superintendent, and the superintendent shall deposit any civil 1874
penalty paid into the state treasury to the credit of the general 1875
revenue fund.1876

       Sec. 1315.153.  If the superintendent of financial 1877
institutions has reason to believe that a person has violated or 1878
is violating section 1315.02 of the Revised Code, the 1879
superintendent may petition the court of common pleas of the 1880
county where the person's principal place of business or residence 1881
is located or, if the person's principal place of business or 1882
residence is not in this state, the court of common pleas of 1883
Franklin county for the issuance of a temporary restraining order 1884
or an injunction.1885

       Sec. 1315.16.  (A) The superintendent of financial 1886
institutions may do both of the following:1887

       (1) Summon and compel, by order or subpoena, witnesses to 1888
appear before the superintendent, deputy superintendent, examiner, 1889
or attorney examiner, and testify under oath regarding the affairs 1890
of a licensee or other person;1891

       (2) Compel, by order or subpoena, the production of any 1892
record, book, paper, document, item, or other thing pertaining to 1893
a licensee or other person.1894

       (B) The superintendent shall serve an order or subpoena 1895
issued pursuant to division (A) of this section in any manner 1896
provided by section 1315.161 of the Revised Code.1897

       (C) If a person fails to comply with an order or subpoena of 1898
the superintendent or refuses to testify to any matter regarding 1899
which the person is lawfully interrogated before the 1900
superintendent, on application of the superintendent, the court of 1901
common pleas of the county in which the person resides or in which 1902
the principal place of business of the person is located, or a 1903
judge of the court, shall compel compliance by attachment 1904
proceedings as for contempt in the case of noncompliance with a1905
subpoena issued from the court or refusal to testify in the court.1906

       Sec. 1315.161.  (A) The superintendent of financial 1907
institutions may serve any notice that the superintendent is 1908
required or authorized to give and any subpoena or order that the 1909
superintendent is required or authorized to issue pursuant to 1910
sections 1315.01 to 1315.18 of the Revised Code, at the sole 1911
discretion of the superintendent, by any of the following means:1912

       (1) In person by the superintendent or an employee or agent 1913
of the division of financial institutions;1914

       (2) By regular mail;1915

       (3) By registered or certified mail;1916

       (4) By private carrier;1917

       (5) By any other means permitted by the Rules of Civil1918
Procedure for service of process;1919

       (6) By any other manner the superintendent provides, by rule 1920
or otherwise, that is reasonably calculated to give notice, 1921
including by publication.1922

       (B) A notice, subpoena, or order served by the superintendent 1923
in accordance with this section is effective upon delivery with 1924
respect to divisions (A)(1) and (4) of this section, upon placing 1925
in the regular mail with respect to divisions (A)(2) and (3) of 1926
this section, and upon publication or completion of the act 1927
reasonably calculated to give notice with respect to division 1928
(A)(6) of this section.1929

       (C) Fees for service of a notice, subpoena, or order 1930
described in division (A) of this section shall be paid from 1931
amounts appropriated to the division of financial institutions for 1932
that purpose.1933

       Sec. 1315.17.  (A)(1) Upon a licensee's or other person's 1934
request for an administrative hearing authorized in section 1935
1315.15, 1315.151, or 1315.152 of the Revised Code, the division 1936
of financial institutions shall set a reasonable time, date, and 1937
place in this state for the hearing and notify the licensee or 1938
other person requesting the hearing. Within ninety days after the 1939
hearing, the superintendent of financial institutions shall render 1940
a decision, which shall include findings of fact upon which the1941
decision is predicated, and shall issue and serve on the licensee1942
or other person the decision and an order consistent with the 1943
decision. Judicial review of the order exclusively is as provided 1944
in division (B) of this section. Unless a notice of appeal is 1945
filed within thirty days after service of the superintendent's 1946
order as provided in division (B) of this section, and until the 1947
record of the administrative hearing has been filed, the 1948
superintendent may, at anytime, upon the notice and in the manner 1949
that the superintendent considers proper, modify, terminate, or 1950
set aside the superintendent's order. After filing the record, the 1951
superintendent may modify, terminate, or set aside the 1952
superintendent's order with permission of the court.1953

       (2) In the course of, or in connection with, an 1954
administrative hearing governed by this section, the 1955
superintendent, or a person designated by the superintendent to 1956
conduct the hearing, may administer oaths and affirmations; take 1957
or cause depositions to be taken; and issue, revoke, quash, or 1958
modify subpoenas and subpoenas duces tecum. The superintendent may 1959
adopt rules regarding these hearings. The attendance of witnesses 1960
and the production of documents provided for in this section may 1961
be required from any place within or outside the state. A party to 1962
a hearing governed by this section may apply to the court of 1963
common pleas of Franklin county, or the court of common pleas of 1964
the county in which the hearing is being conducted or the witness 1965
resides or carries on business, for enforcement of a subpoena or1966
subpoena duces tecum issued pursuant to this section, and the 1967
courts have jurisdiction and power to order and require compliance 1968
with the subpoena. Witnesses subpoenaed under this section shall 1969
be paid the same fees and mileage that are paid witnesses in the 1970
courts of common pleas in civil cases.1971

       (B)(1) A licensee or other person against whom the 1972
superintendent issues an order upon the record of a hearing under 1973
the authority of section 1315.15, 1315.151, or 1315.152 of the 1974
Revised Code may obtain a review of the order by filing a notice 1975
of appeal in the court of common pleas in the county in which the 1976
principal place of business of the licensee or other person, or 1977
the residence of the other person, is located, or in the court of 1978
common pleas of Franklin county, within thirty days after the date 1979
of service of the superintendent's order. The clerk of the court 1980
promptly shall transmit a copy of the notice of appeal to the 1981
superintendent, and the superintendent shall file the record of 1982
the administrative hearing. Upon the filing of the notice of 1983
appeal, the court has jurisdiction, which upon the filing of the 1984
record of the administrative hearing is exclusive, to affirm, 1985
modify, terminate, or set aside, in whole or in part, the 1986
superintendent's order.1987

       (2) The commencement of proceedings for judicial review 1988
pursuant to division (B) of this section does not, unless 1989
specifically ordered by the court, operate as a stay of any order 1990
issued by the superintendent. If it appears to the court an 1991
unusual hardship to the appellant will result from the execution 1992
of the superintendent's order pending determination of the appeal, 1993
and the interests of the public will not be threatened by a stay 1994
of the order, the court may grant a stay and fix its terms.1995

       (C) The superintendent may, in the sole discretion of the1996
superintendent, apply to the court of common pleas of the county 1997
in which the principal place of business of the licensee or other 1998
person, or the residence of the other person, is located, or the 1999
court of common pleas of Franklin county, for the enforcement of 2000
an effective and outstanding superintendent's order issued under 2001
section 1315.15, 1315.151, or 1315.152 of the Revised Code, and 2002
the court has jurisdiction and power to order and require 2003
compliance with the superintendent's order. In an action by the 2004
superintendent pursuant to this division to enforce an order 2005
assessing a civil penalty issued under section 1315.152 of the 2006
Revised Code, the validity and appropriateness of the civil 2007
penalty is not subject to review.2008

       (D) No court has jurisdiction to affect, by injunction or2009
otherwise, the issuance or enforcement of an order issued under 2010
section 1315.15, 1315.151, or 1315.152 of the Revised Code or to 2011
review, modify, suspend, terminate, or set aside an order issued 2012
under section 1315.15, 1315.151, or 1315.152 of the Revised Code, 2013
except as provided in this section, in division (G) of section 2014
1315.15 of the Revised Code for an order issued pursuant to 2015
division (C)(3) or (4) of section 1315.15 of the Revised Code, or2016
in division (F) of section 1315.151 of the Revised Code for an 2017
order issued pursuant to division (C)(3) or (4) of section 2018
1315.151 of the Revised Code.2019

       (E) Nothing in this section or in any other section of the 2020
Revised Code or rules implementing this or any other section of 2021
the Revised Code shall prohibit or limit the superintendent from 2022
doing any of the following:2023

       (1) Issuing orders pursuant to section 1315.15, 1315.151, or 2024
1315.152 of the Revised Code;2025

       (2) Individually or contemporaneously taking any other action 2026
provided by law or rule with respect to a licensee or other 2027
person;2028

       (3) Taking any action provided by law or rule, whether alone 2029
or in conjunction with another regulatory agency or authority, 2030
with respect to a licensee or other person.2031

       Sec. 1315.18.  (A) A licensee that ceases to do business in 2032
this state shall do so in accordance with a plan approved by the 2033
superintendent of financial institutions or pursuant to directions 2034
issued by the superintendent in connection with the revocation or 2035
suspension of the licensee's license pursuant to section 1315.151 2036
of the Revised Code.2037

       (B) When a licensee ceases to do business in this state, if 2038
the superintendent considers it necessary to protect the interests 2039
of the licensee's customers, the superintendent may do either of 2040
the following:2041

       (1) Take control of permissible investments or other assets 2042
owned by the licensee equal in value to the licensee's 2043
outstandings in this state;2044

       (2) Require the sale of the licensee's contracts for 2045
continuing services or require the licensee's termination of those 2046
contracts with compensation to the customers for loss of the 2047
services.2048

       (C) No licensee shall fail to comply with this section.2049

       Sec. 1315.21.  As used in sections 1315.21 to 1315.30 of the 2050
Revised Code:2051

       (A) "Check" means any check, draft, money order, or other2052
instrument for the transmission or payment of money. "Check" does 2053
not include a travelers check.2054

       (B) "Check-cashing business" means any person whothat2055
engages in the business of cashing checks for a fee. 2056
"Check-cashing business" does not include any of the following:2057

       (1) A licensee as defined in section 1321.01 of the Revised 2058
Code;2059

       (2) A registrant as defined in section 1321.51 of the Revised 2060
Code;2061

       (3) A financial institution;2062

       (4) A person whothat is primarily engaged in the business of2063
selling tangible personal property or services at retail and does2064
not derive more than five per cent of histhe person's gross2065
income from the cashing of checks;2066

       (5) A person licensed under sections 1315.01 to 1315.112067
1315.18 of the Revised Code, or any agent of that person, to the 2068
extent that the person or the agent is engaged in cashing checks 2069
or travelers checks issued by the licensed person.2070

       (C) "Financial institution" means any bank, trust company,2071
savings bank, savings and loan association, or credit union, which2072
that is incorporated or organized under the laws of the United2073
States or of any state thereof, or of Canada or any province2074
thereof, and subject to regulation or supervision by such country, 2075
state, or province.2076

       (D) "Superintendent of financial institutions" includes the 2077
deputy superintendent for consumer finance as provided in section 2078
1181.21 of the Revised Code.2079

       Sec. 1315.99.  (A) Whoever violates section 1315.11, section 2080
1315.17, division (A) or (B) of section 1315.28, section 1315.41, 2081
or division (E)(2) of section 1315.53 of the Revised Code is 2082
guilty of a misdemeanor of the first degree.2083

       (B) Whoever violates division (F)(1) of section 1315.53 or 2084
division (B) of section 1315.54 of the Revised Code is guilty of a 2085
felony of the fourth degree.2086

       (C) Whoever violates division (A) of section 1315.55 of the 2087
Revised Code is guilty of money laundering. A violation of 2088
division (A)(1), (2), (3), (4), or (5) of that section is a felony 2089
of the third degree, and, in addition, the court may impose a fine 2090
of seven thousand five hundred dollars or twice the value of the 2091
property involved, whichever is greater.2092

       (D) Whoever knowingly violates division (A) of section 2093
1315.02, or intentionally violates division (B)(1) of section 2094
1315.081, of the Revised Code is guilty of a felony of the fourth 2095
degree.2096

       Sec. 1733.25.  (A) A credit union may make loans to members 2097
for provident and productive purposes as authorized by law, the 2098
articles, and regulations, and subject to policies adopted by the 2099
credit committee and approved by the board of directors.2100

       (B) Upon the approval of the board of directors, a credit2101
union may make loans to other credit unions, provided that loans2102
made to other credit unions need not have the approval of the2103
board of directors on a per case basis. The total of all such2104
loans, including the aggregate of all money paid into any trust2105
established by one or more credit unions for the purpose of making 2106
loans to other credit unions, shall not exceed twenty-five per 2107
cent of the shares and undivided earnings of the lending credit 2108
union, except that this percentage limitation does not apply to 2109
corporate credit unions.2110

       (C) The interest on any loan made by a credit union shall not 2111
exceed one and one-half per cent per month on unpaid balances. 2112
Such interest may accrue and be chargeable upon a monthly basis, 2113
and may be computed upon the unpaid balance of the loan as of the 2114
end of the previous calendar month.2115

       Such interest may be accrued and charged by any technique2116
approved by the superintendent of credit unions so long as the2117
effective interest rate on any loan does not exceed the amount2118
permitted to be charged by the computation authorized in this2119
division.2120

       (D) A credit union may accept security in such form and under 2121
such rules as shall be set forth in the articles, the regulations, 2122
or established by the credit committee and approved by the board 2123
of directors.2124

       (E) The total loans to association members shall not exceed 2125
ten per cent of the shares and undivided earnings or the total 2126
value of shares pledged by association members as security for 2127
loans, whichever is greater.2128

       (F) Subject to any restrictions or requirements established 2129
by the superintendent, in connection with any loan or extension of 2130
credit, a credit union may enter into a debt suspension or debt 2131
cancellation contract with the borrower or borrowers.2132

       Sec. 4719.01.  (A) As used in sections 4719.01 to 4719.18 of2133
the Revised Code:2134

       (1) "Affiliate" means a business entity that is owned by,2135
operated by, controlled by, or under common control with another2136
business entity.2137

       (2) "Communication" means a written or oral notification or2138
advertisement that meets both of the following criteria, as2139
applicable:2140

       (a) The notification or advertisement is transmitted by or on 2141
behalf of the seller of goods or services and by or through any2142
printed, audio, video, cinematic, telephonic, or electronic means.2143

       (b) In the case of a notification or advertisement other than 2144
by telephone, either of the following conditions is met:2145

       (i) The notification or advertisement is followed by a2146
telephone call from a telephone solicitor or salesperson.2147

       (ii) The notification or advertisement invites a response by2148
telephone, and, during the course of that response, a telephone2149
solicitor or salesperson attempts to make or makes a sale of goods2150
or services. As used in division (A)(2)(b)(ii) of this section,2151
"invites a response by telephone" excludes the mere listing or2152
inclusion of a telephone number in a notification or2153
advertisement.2154

       (3) "Gift, award, or prize" means anything of value that is2155
offered or purportedly offered, or given or purportedly given by2156
chance, at no cost to the receiver and with no obligation to2157
purchase goods or services. As used in this division, "chance"2158
includes a situation in which a person is guaranteed to receive an2159
item and, at the time of the offer or purported offer, the2160
telephone solicitor does not identify the specific item that the2161
person will receive.2162

       (4) "Goods or services" means any real property or any2163
tangible or intangible personal property, or services of any kind2164
provided or offered to a person. "Goods or services" includes, but2165
is not limited to, advertising; labor performed for the benefit of2166
a person; personal property intended to be attached to or2167
installed in any real property, regardless of whether it is so2168
attached or installed; timeshare estates or licenses; and extended2169
service contracts.2170

       (5) "Purchaser" means a person that is solicited to become or2171
does become financially obligated as a result of a telephone2172
solicitation.2173

       (6) "Salesperson" means an individual who is employed,2174
appointed, or authorized by a telephone solicitor to make2175
telephone solicitations but does not mean any of the following:2176

       (a) An individual who comes within one of the exemptions in2177
division (B) of this section;2178

       (b) An individual employed, appointed, or authorized by a2179
person who comes within one of the exemptions in division (B) of2180
this section;2181

       (c) An individual under a written contract with a person who2182
comes within one of the exemptions in division (B) of this2183
section, if liability for all transactions with purchasers is2184
assumed by the person so exempted.2185

       (7) "Telephone solicitation" means a communication to a2186
person that meets both of the following criteria:2187

       (a) The communication is initiated by or on behalf of a2188
telephone solicitor or by a salesperson.2189

       (b) The communication either represents a price or the2190
quality or availability of goods or services or is used to induce2191
the person to purchase goods or services, including, but not2192
limited to, inducement through the offering of a gift, award, or2193
prize.2194

       (8) "Telephone solicitor" means a person that engages in2195
telephone solicitation directly or through one or more2196
salespersons either from a location in this state, or from a2197
location outside this state to persons in this state. "Telephone2198
solicitor" includes, but is not limited to, any such person that2199
is an owner, operator, officer, or director of, partner in, or2200
other individual engaged in the management activities of, a2201
business.2202

       (B) A telephone solicitor is exempt from the provisions of2203
sections 4719.02 to 4719.18 and section 4719.99 of the Revised2204
Code if the telephone solicitor is any one of the following:2205

       (1) A person engaging in a telephone solicitation that is a2206
one-time or infrequent transaction not done in the course of a2207
pattern of repeated transactions of a like nature;2208

       (2) A person engaged in telephone solicitation solely for2209
religious or political purposes; a charitable organization,2210
fund-raising counsel, or professional solicitor in compliance with2211
the registration and reporting requirements of Chapter 1716. of2212
the Revised Code; or any person or other entity exempt under2213
section 1716.03 of the Revised Code from filing a registration2214
statement under section 1716.02 of the Revised Code;2215

       (3) A person, making a telephone solicitation involving a2216
home solicitation sale as defined in section 1345.21 of the2217
Revised Code, that makes the sales presentation and completes the2218
sale at a later, face-to-face meeting between the seller and the2219
purchaser rather than during the telephone solicitation. However,2220
if the person, following the telephone solicitation, causes2221
another person to collect the payment of any money, this exemption2222
does not apply.2223

       (4) A licensed securities, commodities, or investment broker, 2224
dealer, investment advisor, or associated person when making a 2225
telephone solicitation within the scope of the person's license. 2226
As used in division (B)(4) of this section, "licensed securities,2227
commodities, or investment broker, dealer, investment advisor, or 2228
associated person" means a person subject to licensure or 2229
registration as such by the securities and exchange commission;2230
the National Association of Securities Dealers or other2231
self-regulatory organization, as defined by 15 U.S.C.A. 78c; by2232
the division of securities under Chapter 1707. of the Revised2233
Code; or by an official or agency of any other state of the United2234
States.2235

       (5)(a) A person primarily engaged in soliciting the sale of a2236
newspaper of general circulation;2237

       (b) As used in division (B)(5)(a) of this section, "newspaper 2238
of general circulation" includes, but is not limited to, both of 2239
the following:2240

       (i) A newspaper that is a daily law journal designated as an2241
official publisher of court calendars pursuant to section 2701.092242
of the Revised Code;2243

       (ii) A newspaper or publication that has at least twenty-five 2244
per cent editorial, non-advertising content, exclusive of inserts, 2245
measured relative to total publication space, and an audited 2246
circulation to at least fifty per cent of the households in the 2247
newspaper's retail trade zone as defined by the audit.2248

       (6)(a) An issuer, or its subsidiary, that has a class of2249
securities to which all of the following apply:2250

       (i) The class of securities is subject to section 12 of the2251
"Securities Exchange Act of 1934," 15 U.S.C.A. 78l, and is2252
registered or is exempt from registration under 15 U.S.C.A.2253
78l(g)(2)(A), (B), (C), (E), (F), (G), or (H);2254

       (ii) The class of securities is listed on the New York stock2255
exchange, the American stock exchange, or the NASDAQ national2256
market system;2257

       (iii) The class of securities is a reported security as2258
defined in 17 C.F.R. 240.11Aa3-1(a)(4).2259

       (b) An issuer, or its subsidiary, that formerly had a class2260
of securities that met the criteria set forth in division2261
(B)(6)(a) of this section if the issuer, or its subsidiary, has a2262
net worth in excess of one hundred million dollars, files or its2263
parent files with the securities and exchange commission an S.E.C.2264
form 10-K, and has continued in substantially the same business2265
since it had a class of securities that met the criteria in2266
division (B)(6)(a) of this section. As used in division (B)(6)(b)2267
of this section, "issuer" and "subsidiary" include the successor2268
to an issuer or subsidiary.2269

       (7) A person soliciting a transaction regulated by the2270
commodity futures trading commission, if the person is registered2271
or temporarily registered for that activity with the commission2272
under 7 U.S.C.A. 1 et. seq. and the registration or temporary2273
registration has not expired or been suspended or revoked;2274

       (8) A person soliciting the sale of any book, record, audio2275
tape, compact disc, or video, if the person allows the purchaser2276
to review the merchandise for at least seven days and provides a2277
full refund within thirty days to a purchaser who returns the2278
merchandise or if the person solicits the sale on behalf of a2279
membership club operating in compliance with regulations adopted2280
by the federal trade commission in 16 C.F.R. 425;2281

       (9) A supervised financial institution or its subsidiary. As2282
used in division (B)(9) of this section, "supervised financial2283
institution" means a bank, trust company, savings and loan2284
association, savings bank, credit union, industrial loan company,2285
consumer finance lender, commercial finance lender, or institution2286
described in section 2(c)(2)(F) of the "Bank Holding Company Act2287
of 1956," 12 U.S.C.A. 1841(c)(2)(F), as amended, supervised by an2288
official or agency of the United States, this state, or any other2289
state of the United States; or a licensee or registrant under2290
sections 1321.01 to 1321.19, 1321.51 to 1321.60, or 1321.71 to2291
1321.83 of the Revised Code.2292

       (10)(a) An insurance company, association, or other2293
organization that is licensed or authorized to conduct business in2294
this state by the superintendent of insurance pursuant to Title2295
XXXIX of the Revised Code or Chapter 1751. of the Revised Code,2296
when soliciting within the scope of its license or authorization.2297

       (b) A licensed insurance broker, agent, or solicitor when2298
soliciting within the scope of the person's license. As used in2299
division (B)(10)(b) of this section, "licensed insurance broker,2300
agent, or solicitor" means any person licensed as an insurance2301
broker, agent, or solicitor by the superintendent of insurance2302
pursuant to Title XXXIX of the Revised Code.2303

       (11) A person soliciting the sale of services provided by a2304
cable television system operating under authority of a2305
governmental franchise or permit;2306

       (12) A person soliciting a business-to-business sale under2307
which any of the following conditions are met:2308

       (a) The telephone solicitor has been operating continuously2309
for at least three years under the same business name under which2310
it solicits purchasers, and at least fifty-one per cent of its2311
gross dollar volume of sales consists of repeat sales to existing2312
customers to whom it has made sales under the same business name.2313

       (b) The purchaser business intends to resell the goods2314
purchased.2315

       (c) The purchaser business intends to use the goods or2316
services purchased in a recycling, reuse, manufacturing, or2317
remanufacturing process.2318

       (d) The telephone solicitor is a publisher of a periodical or 2319
of magazines distributed as controlled circulation publications as2320
defined in division (CC) of section 5739.01 of the Revised Code2321
and is soliciting sales of advertising, subscriptions, reprints,2322
lists, information databases, conference participation or2323
sponsorships, trade shows or media products related to the2324
periodical or magazine, or other publishing services provided by2325
the controlled circulation publication.2326

       (13) A person that, not less often than once each year,2327
publishes and delivers to potential purchasers a catalog that2328
complies with both of the following:2329

       (a) It includes all of the following:2330

       (i) The business address of the seller;2331

       (ii) A written description or illustration of each good or2332
service offered for sale;2333

       (iii) A clear and conspicuous disclosure of the sale price of2334
each good or service; shipping, handling, and other charges; and 2335
return policy;2336

       (b) One of the following applies:2337

       (i) The catalog includes at least twenty-four pages of2338
written material and illustrations, is distributed in more than2339
one state, and has an annual postage-paid mail circulation of not2340
less than two hundred fifty thousand households;2341

       (ii) The catalog includes at least ten pages of written2342
material or an equivalent amount of material in electronic form on2343
the internet or an on-line computer service, the person does not2344
solicit customers by telephone but solely receives telephone calls2345
made in response to the catalog, and during the calls the person2346
takes orders but does not engage in further solicitation of the2347
purchaser. As used in division (B)(13)(b)(ii) of this section,2348
"further solicitation" does not include providing the purchaser2349
with information about, or attempting to sell, any other item in2350
the catalog that prompted the purchaser's call or in a2351
substantially similar catalog issued by the seller.2352

       (14) A political subdivision or instrumentality of the United 2353
States, this state, or any state of the United States;2354

       (15) A college or university or any other public or private2355
institution of higher education in this state;2356

       (16) A public utility as defined in section 4905.02 of the2357
Revised Code or a retail natural gas supplier as defined in2358
section 4929.01 of the Revised Code, if the utility or supplier is 2359
subject to regulation by the public utilities commission, or the 2360
affiliate of the utility or supplier;2361

       (17) A person that solicits sales through a television2362
program or advertisement that is presented in the same market area2363
no fewer than twenty days per month or offers for sale no fewer2364
than ten distinct items of goods or services; and offers to the2365
purchaser an unconditional right to return any good or service2366
purchased within a period of at least seven days and to receive a2367
full refund within thirty days after the purchaser returns the2368
good or cancels the service;2369

       (18)(a) A person that, for at least one year, has been2370
operating a retail business under the same name as that used in2371
connection with telephone solicitation and both of the following2372
occur on a continuing basis:2373

       (i) The person either displays goods and offers them for2374
retail sale at the person's business premises or offers services2375
for sale and provides them at the person's business premises.2376

       (ii) At least fifty-one per cent of the person's gross dollar 2377
volume of retail sales involves purchases of goods or services at2378
the person's business premises.2379

       (b) An affiliate of a person that meets the requirements in2380
division (B)(18)(a) of this section if the affiliate meets all of2381
the following requirements:2382

       (i) The affiliate has operated a retail business for a period 2383
of less than one year;2384

       (ii) The affiliate either displays goods and offers them for2385
retail sale at the affiliate's business premises or offers2386
services for sale and provides them at the affiliate's business2387
premises;2388

       (iii) At least fifty-one per cent of the affiliate's gross2389
dollar volume of retail sales involves purchases of goods or2390
services at the affiliate's business premises.2391

       (c) A person that, for a period of less than one year, has2392
been operating a retail business in this state under the same name2393
as that used in connection with telephone solicitation, as long as2394
all of the following requirements are met:2395

       (i) The person either displays goods and offers them for2396
retail sale at the person's business premises or offers services2397
for sale and provides them at the person's business premises;2398

       (ii) The goods or services that are the subject of telephone2399
solicitation are sold at the person's business premises, and at2400
least sixty-five per cent of the person's gross dollar volume of2401
retail sales involves purchases of goods or services at the2402
person's business premises;2403

       (iii) The person conducts all telephone solicitation2404
activities according to sections 310.3, 310.4, and 310.5 of the2405
telemarketing sales rule adopted by the federal trade commission2406
in 16 C.F.R. part 310.2407

       (19) A person who performs telephone solicitation sales2408
services on behalf of other persons and to whom one of the2409
following applies:2410

       (a) The person has operated under the same ownership,2411
control, and business name for at least five years, and the person2412
receives at least seventy-five per cent of its gross revenues from2413
written telephone solicitation contracts with persons who come2414
within one of the exemptions in division (B) of this section.2415

       (b) The person is an affiliate of one or more exempt persons2416
and makes telephone solicitations on behalf of only the exempt2417
persons of which it is an affiliate.2418

       (c) The person makes telephone solicitations on behalf of2419
only exempt persons, the person and each exempt person on whose2420
behalf telephone solicitations are made have entered into a2421
written contract that specifies the manner in which the telephone2422
solicitations are to be conducted and that at a minimum requires2423
compliance with the telemarketing sales rule adopted by the2424
federal trade commission in 16 C.F.R. part 310, and the person2425
conducts the telephone solicitations in the manner specified in2426
the written contract.2427

       (d) The person performs telephone solicitation for religious2428
or political purposes, a charitable organization, a fund-raising2429
council, or a professional solicitor in compliance with the2430
registration and reporting requirements of Chapter 1716. of the2431
Revised Code; and meets all of the following requirements:2432

       (i) The person has operated under the same ownership,2433
control, and business name for at least five years, and the person2434
receives at least fifty-one per cent of its gross revenues from2435
written telephone solicitation contracts with persons who come2436
within the exemption in division (B)(2) of this section;2437

       (ii) The person does not conduct a prize promotion or offer2438
the sale of an investment opportunity; and2439

       (iii) The person conducts all telephone solicitation2440
activities according to sections 310.3, 310.4, and 310.5 of the2441
telemarketing sales rules adopted by the federal trade commission2442
in 16 C.F.R. part 310.2443

       (20) A person that is a licensed real estate salesperson or2444
broker under Chapter 4735. of the Revised Code when soliciting2445
within the scope of the person's license;2446

       (21)(a) Either of the following:2447

       (i) A publisher that solicits the sale of the publisher's2448
periodical or magazine of general, paid circulation, or a person2449
that solicits a sale of that nature on behalf of a publisher under2450
a written agreement directly between the publisher and the person.2451

       (ii) A publisher that solicits the sale of the publisher's2452
periodical or magazine of general, paid circulation, or a person2453
that solicits a sale of that nature as authorized by a publisher2454
under a written agreement directly with a publisher's2455
clearinghouse provided the person is a resident of Ohio for more2456
than three years and initiates all telephone solicitations from2457
Ohio and the person conducts the solicitation and sale in2458
compliance with 16 C.F.R. Partpart 310, as adopted by the federal2459
trade commission.2460

       (b) As used in division (B)(21) of this section, "periodical2461
or magazine of general, paid circulation" excludes a periodical or2462
magazine circulated only as part of a membership package or given2463
as a free gift or prize from the publisher or person.2464

       (22) A person that solicits the sale of food, as defined in2465
section 3715.01 of the Revised Code, or the sale of products of2466
horticulture, as defined in section 5739.01 of the Revised Code,2467
if the person does not intend the solicitation to result in, or2468
the solicitation actually does not result in, a sale that costs2469
the purchaser an amount greater than five hundred dollars.2470

       (23) A funeral director licensed pursuant to Chapter 4717. of 2471
the Revised Code when soliciting within the scope of that license, 2472
if both of the following apply:2473

       (a) The solicitation and sale are conducted in compliance2474
with 16 C.F.R. part 453, as adopted by the federal trade2475
commission, and with sections 1107.33 and 1345.21 to 1345.28 of2476
the Revised Code;2477

       (b) The person provides to the purchaser of any preneed2478
funeral contract a notice that clearly and conspicuously sets2479
forth the cancellation rights specified in division (G) of section2480
1107.33 of the Revised Code, and retains a copy of the notice2481
signed by the purchaser.2482

       (24) A person, or affiliate thereof, licensed to sell or2483
issue Ohio instruments designated as travelers checks pursuant to2484
sections 1315.01 to 1315.111315.18 of the Revised Code.2485

       (25) A person that solicits sales from its previous2486
purchasers and meets all of the following requirements:2487

       (a) The solicitation is made under the same business name2488
that was previously used to sell goods or services to the2489
purchaser;2490

       (b) The person has, for a period of not less than three2491
years, operated a business under the same business name as that2492
used in connection with telephone solicitation;2493

       (c) The person does not conduct a prize promotion or offer2494
the sale of an investment opportunity;2495

       (d) The person conducts all telephone solicitation activities2496
according to sections 310.3, 310.4, and 310.5 of the telemarketing 2497
sales rules adopted by the federal trade commission in 16 C.F.R. 2498
part 310;2499

       (e) Neither the person nor any of its principals has been2500
convicted of, pleaded guilty to, or has entered a plea of no2501
contest for a felony or a theft offense as defined in sections2502
2901.02 and 2913.01 of the Revised Code or similar law of another2503
state or of the United States;2504

       (f) Neither the person nor any of its principals has had2505
entered against them an injunction or a final judgment or order,2506
including an agreed judgment or order, an assurance of voluntary2507
compliance, or any similar instrument, in any civil or2508
administrative action involving engaging in a pattern of corrupt2509
practices, fraud, theft, embezzlement, fraudulent conversion, or2510
misappropriation of property; the use of any untrue, deceptive, or2511
misleading representation; or the use of any unfair, unlawful,2512
deceptive, or unconscionable trade act or practice.2513

       (26) An institution defined as a home health agency in2514
section 3701.881 of the Revised Code, that conducts all telephone2515
solicitation activities according to sections 310.3, 310.4, and2516
310.5 of the telemarketing sales rules adopted by the federal2517
trade commission in 16 C.F.R. part 310, and engages in telephone2518
solicitation only within the scope of the institution's2519
certification, accreditation, contract with the department of2520
aging, or status as a home health agency; and that meets one of2521
the following requirements:2522

       (a) The institution is certified as a provider of home health2523
services under Title XVIII of the Social Security Act, 49 Stat. 2524
620, 42 U.S.C. 301, as amended;2525

       (b) The institution is accredited by either the joint2526
commission on accreditation of health care organizations or the2527
community health accreditation program;2528

       (c) The institution is providing passport services under the2529
direction of the Ohio department of aging under section 173.40 of2530
the Revised Code;2531

       (d) An affiliate of an institution that meets the2532
requirements of division (B)(26)(a), (b), or (c) of this section2533
when offering for sale substantially the same goods and services2534
as those that are offered by the institution that meets the2535
requirements of division (B)(26)(a), (b), or (c) of this section.2536

       (27) A person licensed to provide a hospice care program by2537
the department of health pursuant to section 3712.04 of the2538
Revised Code when conducting telephone solicitations within the2539
scope of the person's license and according to sections 310.3,2540
310.4, and 310.5 of the telemarketing sales rules adopted by the2541
federal trade commission in 16 C.F.R. part 310.2542

       Sec. 4973.17.  (A) Upon the application of any bank; savings 2543
and loan association; savings bank; credit union; or association 2544
of banks, savings and loan associations, savings banks, or credit 2545
unions in this state, the secretary of state may appoint and 2546
commission any persons that the bank; savings and loan 2547
association; savings bank; credit union; or association of banks, 2548
savings and loan associations, savings banks, or credit unions 2549
designates, or as many of those persons as the secretary of state2550
considers proper, to act as police officers for and on the2551
premises of that bank; savings and loan association; savings bank; 2552
credit union; or association of banks, savings and loan 2553
associations, savings banks, or credit unions; or elsewhere, when 2554
directly in the discharge of their duties. Police officers so 2555
appointed shall be citizens of this state and of good character 2556
and. Police officers so appointed who start to perform their 2557
duties on or after April 14, 2006, shall have successfully 2558
completedcomplete a training program approved by the Ohio peace 2559
officer training commission described in section 109.71 of the 2560
Revised Code and be certified by the commissionwithin six months 2561
after starting to perform their duties. TheyPolice officers so 2562
appointed shall hold office for three years, unless, for good 2563
cause shown, their commission is revoked by the secretary of 2564
state, or by the bank; savings and loan association; savings bank; 2565
credit union; or association of banks, savings and loan 2566
associations, savings banks, or credit unions, as provided by law.2567

       (B) Upon the application of a company owning or using a2568
railroad in this state and subject to section 4973.171 of the 2569
Revised Code, the secretary of state may appoint and commission2570
any persons that the railroad company designates, or as many of2571
those persons as the secretary of state considers proper, to act 2572
as police officers for and on the premises of the railroad 2573
company, its affiliates or subsidiaries, or elsewhere, when 2574
directly in the discharge of their duties. Police officers so 2575
appointed, within the time set by the Ohio peace officer training 2576
commission, shall successfully complete a commission approved 2577
training program and be certified by the commission. They shall 2578
hold office for three years, unless, for good cause shown, their 2579
commission is revoked by the secretary of state, or railroad 2580
company, as provided by law.2581

       Any person holding a similar commission in another state may 2582
be commissioned and may hold office in this state without2583
completing the approved training program required by this division 2584
provided that the person has completed a substantially equivalent 2585
training program in the other state. The Ohio peace officer 2586
training commission shall determine whether a training program in 2587
another state meets the requirements of this division.2588

       (C) Upon the application of any company under contract with 2589
the United States atomic energy commission for the construction or 2590
operation of a plant at a site owned by the commission, the 2591
secretary of state may appoint and commission persons the company 2592
designates, not to exceed one hundred fifty, to act as police 2593
officers for the company at the plant or site owned by the 2594
commission. Police officers so appointed shall be citizens of this 2595
state and of good character. They shall hold office for three 2596
years, unless, for good cause shown, their commission is revoked 2597
by the secretary of state or by the company, as provided by law.2598

       (D)(1) Upon the application of any hospital that is operated 2599
by a public hospital agency or a nonprofit hospital agency and 2600
that employs and maintains its own proprietary police department 2601
or security department and subject to section 4973.171 of the2602
Revised Code, the secretary of state may appoint and commission 2603
any persons that the hospital designates, or as many of those 2604
persons as the secretary of state considers proper, to act as 2605
police officers for the hospital. No person who is appointed as a2606
police officer under this division shall engage in any duties or2607
activities as a police officer for the hospital or any affiliate2608
or subsidiary of the hospital unless all of the following apply:2609

       (a) The chief of police of the municipal corporation in which 2610
the hospital is located or, if the hospital is located in the 2611
unincorporated area of a county, the sheriff of that county has 2612
granted approval to the hospital to permit persons appointed as 2613
police officers under this division to engage in those duties and 2614
activities. The approval required by this division is general in 2615
nature and is intended to cover in the aggregate all persons 2616
appointed as police officers for the hospital under this division; 2617
a separate approval is not required for each appointee on an 2618
individual basis.2619

       (b) Subsequent to the grant of approval described in division 2620
(D)(1)(a) of this section, the hospital has entered into a written 2621
agreement with the chief of police of the municipal corporation in 2622
which the hospital is located or, if the hospital is located in 2623
the unincorporated area of a county, with the sheriff of that 2624
county, that sets forth the standards and criteria to govern the 2625
interaction and cooperation between persons appointed as police 2626
officers for the hospital under this division and law enforcement 2627
officers serving the agency represented by the chief of police or 2628
sheriff who signed the agreement in areas of their concurrent2629
jurisdiction. The written agreement shall be signed by the2630
appointing authority of the hospital and by the chief of police or 2631
sheriff. The standards and criteria may include, but are not2632
limited to, provisions governing the reporting of offenses2633
discovered by hospital police officers to the agency represented2634
by the chief of police or sheriff, provisions governing2635
investigatory responsibilities relative to offenses committed on2636
hospital property, and provisions governing the processing and2637
confinement of persons arrested for offenses committed on hospital 2638
property. The agreement required by this division is intended to 2639
apply in the aggregate to all persons appointed as police officers 2640
for the hospital under this division; a separate agreement is not 2641
required for each appointee on an individual basis.2642

       (c) The person has successfully completed a training program 2643
approved by the Ohio peace officer training commission and has 2644
been certified by the commission. A person appointed as a police 2645
officer under this division may attend a training program approved 2646
by the commission and be certified by the commission regardless of 2647
whether the appropriate chief of police or sheriff has granted the 2648
approval described in division (D)(1)(a) of this section and 2649
regardless of whether the hospital has entered into the written 2650
agreement described in division (D)(1)(b) of this section with the 2651
appropriate chief of police or sheriff.2652

       (2)(a) A person who is appointed as a police officer under2653
division (D)(1) of this section is entitled, upon the grant of2654
approval described in division (D)(1)(a) of this section and upon 2655
the person's and the hospital's compliance with the requirements2656
of divisions (D)(1)(b) and (c) of this section, to act as a police2657
officer for the hospital on the premises of the hospital and of2658
its affiliates and subsidiaries that are within the territory of2659
the municipal corporation served by the chief of police or the2660
unincorporated area of the county served by the sheriff who signed 2661
the written agreement described in division (D)(1)(b) of this 2662
section, whichever is applicable, and anywhere else within the 2663
territory of that municipal corporation or within the2664
unincorporated area of that county. The authority to act as a2665
police officer as described in this division is granted only if 2666
the person, when engaging in that activity, is directly in the2667
discharge of the person's duties as a police officer for the2668
hospital. The authority to act as a police officer as described in 2669
this division shall be exercised in accordance with the standards 2670
and criteria set forth in the written agreement described in 2671
division (D)(1)(b) of this section.2672

       (b) Additionally, a person appointed as a police officer2673
under division (D)(1) of this section is entitled, upon the grant2674
of approval described in division (D)(1)(a) of this section and2675
upon the person's and the hospital's compliance with the2676
requirements of divisions (D)(1)(b) and (c) of this section, to 2677
act as a police officer elsewhere, within the territory of a 2678
municipal corporation or within the unincorporated area of a 2679
county, if the chief of police of that municipal corporation or 2680
the sheriff of that county, respectively, has granted approval for 2681
that activity to the hospital, police department, or security 2682
department served by the person as a police officer and if the 2683
person, when engaging in that activity, is directly in the 2684
discharge of the person's duties as a police officer for the 2685
hospital. The approval described in this division may be general 2686
in nature or may be limited in scope, duration, or applicability, 2687
as determined by the chief of police or sheriff granting the 2688
approval.2689

       (3) Police officers appointed under division (D)(1) of this 2690
section shall hold office for three years, unless, for good cause 2691
shown, their commission is revoked by the secretary of state or by2692
the hospital, as provided by law. As used in divisions (D)(1) to2693
(3) of this section, "public hospital agency" and "nonprofit2694
hospital agency" have the same meanings as in section 140.01 of2695
the Revised Code.2696

       (E)(1) Upon the application of any owner or operator of an 2697
amusement park that has an average yearly attendance in excess of 2698
six hundred thousand guests and that employs and maintains its own 2699
proprietary police department or security department and subject 2700
to section 4973.171 of the Revised Code, any judge of the 2701
municipal court or county court that has territorial jurisdiction 2702
over the amusement park may appoint and commission any persons 2703
that the owner or operator designates, or as many of those persons 2704
as the judge considers proper, to act as police officers for the 2705
amusement park. If the amusement park is located in more than one 2706
county, any judge of the municipal court or county court of any of 2707
those counties may make the appointments and commissions as 2708
described in this division. No person who is appointed as a police 2709
officer under this division shall engage in any duties or 2710
activities as a police officer for the amusement park or any 2711
affiliate or subsidiary of the owner or operator of the amusement 2712
park unless all of the following apply:2713

       (a) The appropriate chief or chiefs of police of the 2714
political subdivision or subdivisions in which the amusement park 2715
is located as specified in this division have granted approval to 2716
the owner or operator of the amusement park to permit persons 2717
appointed as police officers under this division to engage in 2718
those duties and activities. If the amusement park is located in a 2719
single municipal corporation or a single township, the chief of 2720
police of that municipal corporation or township is the 2721
appropriate chief of police for the grant of approval under this 2722
division. If the amusement park is located in two or more 2723
townships, two or more municipal corporations, or one or more 2724
townships and one or more municipal corporations, the chiefs of 2725
police of all of the affected townships and municipal corporations 2726
are the appropriate chiefs of police for the grant of approval 2727
under this division, and the approval must be jointly granted by 2728
all of those chiefs of police. The approval required by this 2729
division is general in nature and is intended to cover in the 2730
aggregate all persons appointed as police officers for the 2731
amusement park under this division. A separate approval is not 2732
required for each appointee on an individual basis.2733

       (b) Subsequent to the grant of approval described in division 2734
(E)(1)(a) of this section, the owner or operator has entered into 2735
a written agreement with the appropriate chief or chiefs of police 2736
of the political subdivision or subdivisions in which the 2737
amusement park is located as specified in this division and has 2738
provided the sheriff of the county in which the political 2739
subdivision or subdivisions are located with a copy of the 2740
agreement. If the amusement park is located in a single municipal 2741
corporation or a single township, the chief of police of that 2742
municipal corporation or township is the appropriate chief of 2743
police for entering into the written agreement under this 2744
division. If the amusement park is located in two or more 2745
townships, two or more municipal corporations, or one or more 2746
townships and one or more municipal corporations, the chiefs of 2747
police of all of the affected townships and municipal corporations 2748
are the appropriate chiefs of police for entering into the written 2749
agreement under this division, and the written agreement must be 2750
jointly entered into by all of those chiefs of police. The written 2751
agreement between the owner or operator and the chief or chiefs of 2752
police shall address the scope of activities, the duration of the 2753
agreement, and mutual aid arrangements and shall set forth the 2754
standards and criteria to govern the interaction and cooperation 2755
between persons appointed as police officers for the amusement 2756
park under this division and law enforcement officers serving the 2757
agency represented by the chief of police who signed the 2758
agreement. The written agreement shall be signed by the owner or 2759
operator and by the chief or chiefs of police who enter into it. 2760
The standards and criteria may include, but are not limited to, 2761
provisions governing the reporting of offenses discovered by the 2762
amusement park's police officers to the agency represented by the 2763
chief of police of the municipal corporation or township in which 2764
the offense occurred, provisions governing investigatory 2765
responsibilities relative to offenses committed on amusement park 2766
property, and provisions governing the processing and confinement 2767
of persons arrested for offenses committed on amusement park 2768
property. The agreement required by this division is intended to 2769
apply in the aggregate to all persons appointed as police officers 2770
for the amusement park under this division. A separate agreement 2771
is not required for each appointee on an individual basis.2772

       (c) The person has successfully completed a training program 2773
approved by the Ohio peace officer training commission and has 2774
been certified by the commission. A person appointed as a police 2775
officer under this division may attend a training program approved 2776
by the commission and be certified by the commission regardless of 2777
whether the appropriate chief of police has granted the approval 2778
described in division (E)(1)(a) of this section and regardless of 2779
whether the owner or operator of the amusement park has entered 2780
into the written agreement described in division (E)(1)(b) of this 2781
section with the appropriate chief of police.2782

       (2)(a) A person who is appointed as a police officer under 2783
division (E)(1) of this section is entitled, upon the grant of 2784
approval described in section (E)(1)(a) of this section and upon 2785
the person's and the owner or operator's compliance with the 2786
requirements of division (E)(1)(b) and (c) of this section, to act 2787
as a police officer for the amusement park and its affiliates and 2788
subsidiaries that are within the territory of the political 2789
subdivision or subdivisions served by the chief of police, or 2790
respective chiefs of police, who signed the written agreement 2791
described in division (E)(1)(b) of this section, and upon any 2792
contiguous real property of the amusement park that is covered by 2793
the written agreement, whether within or adjacent to the political 2794
subdivision or subdivisions. The authority to act as a police 2795
officer as described in this division is granted only if the 2796
person, when engaging in that activity, is directly in the 2797
discharge of the person's duties as a police officer for the 2798
amusement park. The authority to act as a police officer as 2799
described in this division shall be exercised in accordance with 2800
the standards and criteria set forth in the written agreement 2801
described in division (E)(1)(b) of this section.2802

       (b) In addition to the authority granted under division 2803
(E)(2)(a) of this section, a person appointed as a police officer 2804
under division (E)(1) of this section is entitled, upon the grant 2805
of approval described in division (E)(1)(a) of this section and 2806
upon the person's and the owner or operator's compliance with the 2807
requirements of divisions (E)(1)(b) and (c) of this section, to 2808
act as a police officer elsewhere within the territory of a 2809
municipal corporation or township if the chief of police of that 2810
municipal corporation or township has granted approval for that 2811
activity to the owner or operator served by the person as a police 2812
officer and if the person, when engaging in that activity, is 2813
directly in the discharge of the person's duties as a police 2814
officer for the amusement park. The approval described in this 2815
division may be general in nature or may be limited in scope, 2816
duration, or applicability, as determined by the chief of police 2817
granting the approval.2818

       (3) Police officers appointed under division (E)(1) of this 2819
section shall hold office for five years, unless, for good cause 2820
shown, their commission is revoked by the appointing judge or the 2821
judge's successor or by the owner or operator, as provided by law.2822

       (F) A fee of fifteen dollars for each commission applied for 2823
under this section shall be paid at the time the application is 2824
made, and this amount shall be returned if for any reason a 2825
commission is not issued.2826

       Section 2. That existing sections 121.07, 1101.15, 1109.15, 2827
1109.43, 1111.02, 1111.04, 1111.06, 1111.07, 1111.08, 1121.30, 2828
1151.14, 1151.321, 1161.18, 1161.51, 1181.25, 1315.21, 1315.99, 2829
1733.25, 4719.01, and 4973.17 and sections 1151.348, 1315.01, 2830
1315.02, 1315.03, 1315.04, 1315.05, 1315.06, 1315.07, 1315.08, 2831
1315.09, 1315.10, 1315.11, 1315,16, 1315.17, and 1315.18 of the 2832
Revised Code are hereby repealed. 2833

       Section 3. That section 1125.28 of the Revised Code, as it 2834
results from S.B. 293 of the 121st General Assembly, is hereby 2835
repealed. The version of section 1125.28 of the Revised Code, as 2836
it results from H.B. 538 of the 121st General Assembly, is not 2837
affected by this repeal.2838

       Section 4. A license issued under sections 1315.01 to 1315.11 2839
of the Revised Code that is in effect immediately prior to the 2840
effective date of this act shall remain in force as a license 2841
under sections 1315.01 to 1315.18 of the Revised Code as enacted 2842
by this act until the license's expiration date. Thereafter, the 2843
licensee shall be treated as if it had applied for and had 2844
received a license under sections 1315.01 to 1315.18 of the 2845
Revised Code and shall be required to comply with sections 1315.01 2846
to 1315.18 of the Revised Code.2847

       Section 5. Section 1315.21 of the Revised Code is presented2848
in this act as a composite of the section as amended by both Am.2849
Sub. S.B. 293 and Am. Sub. H.B. 538 of the 121st General Assembly. 2850
Section 1315.99 of the Revised Code is presented in this act as a 2851
composite of the section as amended by both Am. Sub. H.B. 333 and 2852
Am. Sub. H.B. 538 of the 121st General Assembly. The General 2853
Assembly, applying the principle stated in division (B) of section 2854
1.52 of the Revised Code that amendments are to be harmonized if 2855
reasonably capable of simultaneous operation, finds that the 2856
composites are the resulting versions of the sections in effect 2857
prior to the effective date of the sections as presented in this 2858
act.2859

       Section 6. This act is hereby declared to be an emergency 2860
measure necessary for the immediate preservation of the public 2861
peace, health, and safety. The reason for such necessity is that 2862
the certification requirement contained in section 4973.17 of the 2863
Revised Code that is removed by this act is scheduled to take 2864
effect on April 14, 2006, and it is crucial that the removal occur 2865
before that date to avoid the confusion and problems that would 2866
occur if the certification requirement were to be permitted to 2867
take effect and then were to be repealed a short time later. 2868
Therefore, this act shall go into immediate effect.2869