|
|
To amend sections 109.71, 121.07, 1101.15, 1109.15, | 1 |
1109.43, 1111.02, 1111.04, 1111.06, 1111.07, | 2 |
1111.08, 1121.30, 1151.14, 1151.321, 1161.18, | 3 |
1161.51, 1181.06, 1181.25, 1315.21, 1315.99, | 4 |
1733.25, 3953.30, 3953.32, 3953.33, 4719.01, and | 5 |
4973.17; to enact new sections 1151.348, 1315.01 | 6 |
to 1315.11, and 1315.16 to 1315.18; to enact | 7 |
sections 1161.601, 1315.081, 1315.101, 1315.12, | 8 |
1315.121, 1315.122, 1315.13, 1315.14, 1315.15, | 9 |
1315.151, 1315.152, 1315.153, and 1315.161; to | 10 |
repeal sections 1151.348, 1315.01, 1315.02, | 11 |
1315.03, 1315.04, 1315.05, 1315.06, 1315.07, | 12 |
1315.08, 1315.09, 1315.10, 1315.11, 1315.16, | 13 |
1315.17, and 1315.18; and to repeal section | 14 |
1125.28 of the Revised Code, as it results from | 15 |
S.B. 293 of the 121st General Assembly, to modify | 16 |
the Financial Institutions Law with respect to | 17 |
debt suspension and cancellation contracts, trust | 18 |
powers, boards of directors, on premises police | 19 |
officers, and bankers' banks; to revise the Money | 20 |
Transmitters Law, including with respect to | 21 |
licensing, net worth, reporting, investigations, | 22 |
and enforcement; and to modify the Title Insurance | 23 |
Law relative to lender's title insurance, closing | 24 |
or settlement protection, and annual reviews of | 25 |
escrow and other accounts. | 26 |
Section 1. That sections 109.71, 121.07, 1101.15, 1109.15, | 27 |
1109.43, 1111.02, 1111.04, 1111.06, 1111.07, 1111.08, 1121.30, | 28 |
1151.14, 1151.321, 1161.18, 1161.51, 1181.06, 1181.25, 1315.21, | 29 |
1315.99, 1733.25, 3953.30, 3953.32, 3953.33, 4719.01, and 4973.17 | 30 |
be amended and new sections 1151.348, 1315.01, 1315.02, 1315.03, | 31 |
1315.04, 1315.05, 1315.06, 1315.07, 1315.08, 1315.09, 1315.10, | 32 |
1315.11, 1315.16, 1315.17, and 1315.18 and sections 1161.601, | 33 |
1315.081, 1315.101, 1315.12, 1315.121, 1315.122, 1315.13, 1315.14, | 34 |
1315.15, 1315.151, 1315.152, 1315.153, and 1315.161 of the Revised | 35 |
Code be enacted to read as follows: | 36 |
Sec. 109.71. There is hereby created in the office of the | 37 |
attorney general the Ohio peace officer training commission. The | 38 |
commission shall consist of nine members appointed by the governor | 39 |
with the advice and consent of the senate and selected as follows: | 40 |
one member representing the public; two members who are incumbent | 41 |
sheriffs; two members who are incumbent chiefs of police; one | 42 |
member from the bureau of criminal identification and | 43 |
investigation; one member from the state highway patrol; one | 44 |
member who is the special agent in charge of a field office of the | 45 |
federal bureau of investigation in this state; and one member from | 46 |
the department of education, trade and industrial education | 47 |
services, law enforcement training. | 48 |
As used in sections 109.71 to 109.77 of the Revised Code: | 49 |
(A) "Peace officer" means: | 50 |
(1) A deputy sheriff, marshal, deputy marshal, member of the | 51 |
organized police department of a township or municipal | 52 |
corporation, member of a township police district or joint | 53 |
township police district police force, member of a police force | 54 |
employed by a metropolitan housing authority under division (D) of | 55 |
section 3735.31 of the Revised Code, or township constable, who is | 56 |
commissioned and employed as a peace officer by a political | 57 |
subdivision of this state or by a metropolitan housing authority, | 58 |
and whose primary duties are to preserve the peace, to protect | 59 |
life and property, and to enforce the laws of this state, | 60 |
ordinances of a municipal corporation, resolutions of a township, | 61 |
or regulations of a board of county commissioners or board of | 62 |
township trustees, or any of those laws, ordinances, resolutions, | 63 |
or regulations; | 64 |
(2) A police officer who is employed by a railroad company | 65 |
and appointed and commissioned by the secretary of state pursuant | 66 |
to sections 4973.17 to 4973.22 of the Revised Code; | 67 |
(3) Employees of the department of taxation engaged in the | 68 |
enforcement of Chapter 5743. of the Revised Code and designated by | 69 |
the tax commissioner for peace officer training for purposes of | 70 |
the delegation of investigation powers under section 5743.45 of | 71 |
the Revised Code; | 72 |
(4) An undercover drug agent; | 73 |
(5) Enforcement agents of the department of public safety | 74 |
whom the director of public safety designates under section | 75 |
5502.14 of the Revised Code; | 76 |
(6) An employee of the department of natural resources who is | 77 |
a natural resources law enforcement staff officer designated | 78 |
pursuant to section 1501.013, a park officer designated pursuant | 79 |
to section 1541.10, a forest officer designated pursuant to | 80 |
section 1503.29, a preserve officer designated pursuant to section | 81 |
1517.10, a wildlife officer designated pursuant to section | 82 |
1531.13, or a state watercraft officer designated pursuant to | 83 |
section 1547.521 of the Revised Code; | 84 |
(7) An employee of a park district who is designated pursuant | 85 |
to section 511.232 or 1545.13 of the Revised Code; | 86 |
(8) An employee of a conservancy district who is designated | 87 |
pursuant to section 6101.75 of the Revised Code; | 88 |
(9) A police officer who is employed by a hospital that | 89 |
employs and maintains its own proprietary police department or | 90 |
security department, and who is appointed and commissioned by the | 91 |
secretary of state pursuant to sections 4973.17 to 4973.22 of the | 92 |
Revised Code; | 93 |
(10) Veterans' homes police officers designated under section | 94 |
5907.02 of the Revised Code; | 95 |
(11) A police officer who is employed by a qualified | 96 |
nonprofit corporation police department pursuant to section | 97 |
1702.80 of the Revised Code; | 98 |
(12) A state university law enforcement officer appointed | 99 |
under section 3345.04 of the Revised Code or a person serving as a | 100 |
state university law enforcement officer on a permanent basis on | 101 |
June 19, 1978, who has been awarded a certificate by the executive | 102 |
director of the Ohio peace officer training commission attesting | 103 |
to the person's satisfactory completion of an approved state, | 104 |
county, municipal, or department of natural resources peace | 105 |
officer basic training program; | 106 |
(13) A special police officer employed by the department of | 107 |
mental health pursuant to section 5119.14 of the Revised Code or | 108 |
the department of mental retardation and developmental | 109 |
disabilities pursuant to section 5123.13 of the Revised Code; | 110 |
(14) A member of a campus police department appointed under | 111 |
section 1713.50 of the Revised Code; | 112 |
(15) A member of a police force employed by a regional | 113 |
transit authority under division (Y) of section 306.35 of the | 114 |
Revised Code; | 115 |
(16) Investigators appointed by the auditor of state pursuant | 116 |
to section 117.091 of the Revised Code and engaged in the | 117 |
enforcement of Chapter 117. of the Revised Code; | 118 |
(17) A special police officer designated by the | 119 |
superintendent of the state highway patrol pursuant to section | 120 |
5503.09 of the Revised Code or a person who was serving as a | 121 |
special police officer pursuant to that section on a permanent | 122 |
basis on October 21, 1997, and who has been awarded a certificate | 123 |
by the executive director of the Ohio peace officer training | 124 |
commission attesting to the person's satisfactory completion of an | 125 |
approved state, county, municipal, or department of natural | 126 |
resources peace officer basic training program; | 127 |
(18) A special police officer employed by a port authority | 128 |
under section 4582.04 or 4582.28 of the Revised Code or a person | 129 |
serving as a special police officer employed by a port authority | 130 |
on a permanent basis on May 17, 2000, who has been awarded a | 131 |
certificate by the executive director of the Ohio peace officer | 132 |
training commission attesting to the person's satisfactory | 133 |
completion of an approved state, county, municipal, or department | 134 |
of natural resources peace officer basic training program; | 135 |
(19) A special police officer employed by a municipal | 136 |
corporation who has been awarded a certificate by the executive | 137 |
director of the Ohio peace officer training commission for | 138 |
satisfactory completion of an approved peace officer basic | 139 |
training program and who is employed on a permanent basis on or | 140 |
after March 19, 2003, at a municipal airport, or other municipal | 141 |
air navigation facility, that has scheduled operations, as defined | 142 |
in section 119.3 of Title 14 of the Code of Federal Regulations, | 143 |
14 C.F.R. 119.3, as amended, and that is required to be under a | 144 |
security program and is governed by aviation security rules of the | 145 |
transportation security administration of the United States | 146 |
department of transportation as provided in Parts 1542. and 1544. | 147 |
of Title 49 of the Code of Federal Regulations, as amended; | 148 |
(20) A police officer who is employed by an owner or operator | 149 |
of an amusement park that has an average yearly attendance in | 150 |
excess of six hundred thousand guests and that employs and | 151 |
maintains its own proprietary police department or security | 152 |
department, and who is appointed and commissioned by a judge of | 153 |
the appropriate municipal court or county court pursuant to | 154 |
section 4973.17 of the Revised Code; | 155 |
(21) A police officer who is employed by a bank | 156 |
loan association | 157 |
banks, savings and loan associations, savings banks, or credit | 158 |
unions | 159 |
secretary of state pursuant to sections 4973.17 to 4973.22 of the | 160 |
Revised Code, and who has been awarded a certificate by the | 161 |
executive director of the Ohio peace officer training commission | 162 |
attesting to the person's satisfactory completion of a state, | 163 |
county, municipal, or department of natural resources peace | 164 |
officer basic training program. | 165 |
(B) "Undercover drug agent" has the same meaning as in | 166 |
division (B)(2) of section 109.79 of the Revised Code. | 167 |
(C) "Crisis intervention training" means training in the use | 168 |
of interpersonal and communication skills to most effectively and | 169 |
sensitively interview victims of rape. | 170 |
(D) "Missing children" has the same meaning as in section | 171 |
2901.30 of the Revised Code. | 172 |
Sec. 121.07. (A) Except as otherwise provided in this | 173 |
division, the officers mentioned in sections 121.04 and 121.05 of | 174 |
the Revised Code and the offices and divisions they administer | 175 |
shall be under the direction, supervision, and control of the | 176 |
directors of their respective departments, and shall perform such | 177 |
duties as the directors prescribe. In performing or exercising any | 178 |
of the examination or regulatory functions, powers, or duties | 179 |
vested by Title XI, Chapters 1733. and 1761., and sections 1315.01 | 180 |
to | 181 |
financial institutions, the superintendent of financial | 182 |
institutions and the division of financial institutions are | 183 |
independent of and are not subject to the control of the | 184 |
department or the director of commerce. | 185 |
(B) With the approval of the governor, the director of each | 186 |
department shall establish divisions within the department, and | 187 |
distribute the work of the department among such divisions. Each | 188 |
officer created by section 121.04 of the Revised Code shall be the | 189 |
head of such a division. | 190 |
With the approval of the governor, the director of each | 191 |
department may consolidate any two or more of the offices created | 192 |
in the department by section 121.04 of the Revised Code, or reduce | 193 |
the number of or create new divisions therein. | 194 |
The director of each department may prescribe rules for the | 195 |
government of the department, the conduct of its employees, the | 196 |
performance of its business, and the custody, use, and | 197 |
preservation of the records, papers, books, documents, and | 198 |
property pertaining thereto. | 199 |
Sec. 1101.15. (A)(1) Except as provided in division (A)(2) | 200 |
of this section, no person other than a bank doing business under | 201 |
authority granted by the superintendent of financial institutions, | 202 |
the bank chartering authority of another state, the office of the | 203 |
comptroller of the currency, or the bank chartering authority of a | 204 |
foreign country shall do either of the following: | 205 |
(a) Use "bank," "banker," or "banking," or a word or words of | 206 |
similar meaning in any other language, in a designation or name, | 207 |
or as any part of a designation or name, under which business is | 208 |
or may be conducted in this state; | 209 |
(b) Represent itself as a bank. | 210 |
(2)(a) A corporation doing business under Chapter 1151. of | 211 |
the Revised Code may use the word "bank," "banker," or "banking," | 212 |
or a word or words of similar meaning in any other language, in or | 213 |
as part of a designation or name under which business is or may be | 214 |
conducted in this state, as provided in section 1151.07 of the | 215 |
Revised Code. | 216 |
(b) A corporation doing business under Chapter 1161. of the | 217 |
Revised Code may use the word "bank," "banker," or "banking," or a | 218 |
word or words of similar meaning in any other language, in or as | 219 |
part of a designation or name under which business is or may be | 220 |
conducted in this state, as provided in section 1161.09 of the | 221 |
Revised Code. | 222 |
(c) A corporation doing business under authority granted by | 223 |
the office of thrift supervision may use the word "bank," | 224 |
"banker," or "banking," or a word or words of similar meaning in | 225 |
any other language, in or as part of a designation or name under | 226 |
which business is or may be conducted in this state. | 227 |
(d) A person, whether operating for profit or not, may use | 228 |
the word "bank," "banker," or "banking," or a word or words of | 229 |
similar meaning in any other language, in or as part of a | 230 |
designation or name under which business is or may be conducted if | 231 |
the superintendent determines the name, on its face, is not likely | 232 |
to mislead the public and authorizes the use of the name. | 233 |
(B)(1) Except as provided in division (B)(2) of this section, | 234 |
no person, other than a corporation licensed in accordance with | 235 |
authority granted in Chapter 1111. of the Revised Code as a trust | 236 |
company, | 237 |
238 | |
bank with trust powers, or a federal savings association with | 239 |
trust powers, shall do either of the following: | 240 |
(a) Use the word "trust," or a word or words of similar | 241 |
meaning in any other language, in a designation or name, or as any | 242 |
part of a designation or name, under which business is or may be | 243 |
conducted in this state; | 244 |
(b) Otherwise represent itself as a fiduciary or trust | 245 |
company. | 246 |
(2)(a) A person that is not required to be licensed under | 247 |
Chapter 1111. of the Revised Code may serve as a fiduciary and, | 248 |
when acting in that fiduciary capacity, otherwise represent such | 249 |
person as a fiduciary. | 250 |
(b) A person licensed by another state to serve as a | 251 |
fiduciary and exempt from licensure under Chapter 1111. of the | 252 |
Revised Code may serve as a fiduciary to the extent permitted by | 253 |
the exemption. | 254 |
(c) A savings and loan association may serve as a trustee to | 255 |
the extent authorized by section 1151.191 of the Revised Code. | 256 |
(d) A savings bank may serve as a trustee to the extent | 257 |
authorized by section 1161.24 of the Revised Code. | 258 |
(e) A charitable trust, business trust, real estate | 259 |
investment trust, personal trust, or other bona fide trust may use | 260 |
the word "trust" or a word or words of similar meaning in any | 261 |
other language, in a designation or name, or as part of a | 262 |
designation or name, under which business is or may be conducted. | 263 |
(f) A person, whether operating for profit or not, may use | 264 |
"trust" or a word or words of similar meaning in any other | 265 |
language, in a designation or name, or as part of a designation or | 266 |
name, under which business is or may be conducted, if the | 267 |
superintendent determines the name, on its face, is not likely to | 268 |
mislead the public and authorizes the use of the name. | 269 |
(C) No bank shall use "state" as part of a designation or | 270 |
name under which it transacts business in this state, unless the | 271 |
bank is doing business under authority granted by the | 272 |
superintendent or the bank chartering authority of another state. | 273 |
Sec. 1109.15. (A)(1) Subject to the restrictions and | 274 |
limitations of the Revised Code, a bank may do any of the | 275 |
following: | 276 |
(a) Loan money, with or without security, and payable on | 277 |
demand, at maturity, in installments, or by any combination of | 278 |
these; | 279 |
(b) Issue, advise, and confirm letters of credit authorizing | 280 |
the beneficiaries of the letters to draw upon the bank or its | 281 |
correspondents; | 282 |
(c) Purchase open accounts, whether or not the accounts | 283 |
represent an evidence of debt. | 284 |
(2) Subject to the margin requirements the superintendent of | 285 |
financial institutions may prescribe by rule, a bank may make | 286 |
loans secured by stocks, bonds, or other securities. | 287 |
(B) Subject to sections 1109.22, 1109.32, and 1109.47 of the | 288 |
Revised Code and
any rules the superintendent | 289 |
prescribes, a bank may purchase obligations of any kind with or | 290 |
without recourse. | 291 |
(C) A bank may acquire personal property for lease to others, | 292 |
if the transaction, as a whole, has the character of an extension | 293 |
of credit. | 294 |
(D)(1) Subject to division (D)(2) of this section, any other | 295 |
restrictions and limitations of the Revised Code, and any | 296 |
restrictions or requirements established by the superintendent, a | 297 |
bank may enter into a debt suspension agreement or debt | 298 |
cancellation contract with a borrower or borrowers in connection | 299 |
with any loan or extension of credit. | 300 |
(2) A bank shall not offer or finance, directly or | 301 |
indirectly, a debt suspension agreement or debt cancellation | 302 |
contract requiring a lump sum, single payment for the agreement or | 303 |
contract payable at the outset of the agreement or contract, if | 304 |
the debt subject to the agreement or contract is secured by one to | 305 |
four family, residential real property. | 306 |
(3) For purposes of division (D) of this section, "debt | 307 |
cancellation contract" and "debt suspension agreement" have the | 308 |
same meanings as in 12 C.F.R part 37. | 309 |
(E) Unless otherwise expressly agreed in writing, the | 310 |
relationship between a bank and its obligor, with respect to any | 311 |
extension of credit, is that of a creditor and debtor, and creates | 312 |
no fiduciary or other relationship between the parties. | 313 |
Sec. 1109.43. (A) For purposes of this section: | 314 |
(1) "Bankers' bank" means a bank organized to engage | 315 |
exclusively in providing services to other depository institutions | 316 |
and depository institution holding companies and their officers, | 317 |
directors, and employees. | 318 |
(2) "Bankers' bank holding company" means a corporation that | 319 |
owns or controls, directly or indirectly, a majority of the shares | 320 |
of the capital stock of a bankers' bank, or controls in any manner | 321 |
the election of a majority of the directors of a bankers' bank. | 322 |
(3) "Depository institution" means a bank, savings and loan | 323 |
association, savings bank, or credit union. | 324 |
(B) A bank may invest, in the aggregate, up to ten per cent | 325 |
of its | 326 |
a bankers' bank holding company, or both. | 327 |
(C)(1) The voting shares of a bankers' bank shall be owned by | 328 |
twenty or more depository institutions or depository institution | 329 |
holding companies, and no depository institution or depository | 330 |
institution holding company shall own, directly or indirectly, | 331 |
more than fifteen per cent of the voting shares of a bankers' | 332 |
bank. | 333 |
(2) The voting shares of a bankers' bank shall be owned, | 334 |
directly or indirectly, exclusively by depository institutions, | 335 |
depository institution holding companies, and persons who hold the | 336 |
shares under, or initially acquired them through, a plan for the | 337 |
benefit of the bankers' bank's officers and employees. | 338 |
(D) No bank or affiliate of a bank shall, directly, | 339 |
indirectly, or acting through one or more other persons, own or | 340 |
control or have the power to vote shares of any of the following: | 341 |
(1) More than one bankers' bank; | 342 |
(2) More than one bankers' bank holding company; | 343 |
(3) Both a bankers' bank and a bankers' bank holding company, | 344 |
unless the bankers' bank is an affiliate of that bankers' bank | 345 |
holding company. | 346 |
Sec. 1111.02. (A) Except as provided in divisions (B) and | 347 |
(C) of this section, no person shall solicit or engage in trust | 348 |
business in this state except a corporation that is one of the | 349 |
following: | 350 |
(1) A corporation licensed under section 1111.06 of the | 351 |
Revised Code that is one of the following: | 352 |
(a) A bank doing business under authority granted by the | 353 |
superintendent of financial institutions; | 354 |
(b) A savings and loan association doing business under | 355 |
authority granted by the superintendent of financial institutions; | 356 |
(c) A savings bank doing business under authority granted by | 357 |
the superintendent of financial institutions; | 358 |
(d) A bank authorized to accept and execute trusts and doing | 359 |
business under authority granted by the bank chartering authority | 360 |
of another state or country; | 361 |
| 362 |
state or country and authorized to accept and execute trusts in | 363 |
that state or country. | 364 |
(2) A bank authorized to accept and execute trusts and doing | 365 |
business under authority granted by the comptroller of the | 366 |
currency; | 367 |
(3) A savings association authorized to accept and execute | 368 |
trusts and doing business under authority granted by the office of | 369 |
thrift supervision | 370 |
| 371 |
372 |
(B) This chapter shall not apply to any of the following: | 373 |
(1) A savings and loan association serving as a trustee to | 374 |
the extent authorized by section 1151.191 of the Revised Code; | 375 |
(2) A savings bank serving as a trustee to the extent | 376 |
authorized by section 1161.24 of the Revised Code; | 377 |
(3) A corporation that is incorporated under the laws of | 378 |
another state or the United States, has its principal place of | 379 |
business in another state, is currently qualified to do and is | 380 |
engaging in trust business in the state where the corporation has | 381 |
its principal place of business, and is doing any of the | 382 |
following: | 383 |
(a) Serving as ancillary executor or administrator of | 384 |
property in this state that is in the estate of a decedent, after | 385 |
appointment as executor or administrator of the estate by the | 386 |
courts of the decedent's state of residence; | 387 |
(b) As trustee, acquiring, holding, or transferring a | 388 |
security interest in lands or other property in this state, by | 389 |
mortgage, deed of trust, or other instrument, to secure any | 390 |
evidence of indebtedness; | 391 |
(c) Certifying to any evidence of indebtedness. | 392 |
(C) The following persons shall not be subject to this | 393 |
chapter until July 1, 1997: | 394 |
(1) Any person, other than a person described in division (A) | 395 |
or (B) of this section, that is serving as a fiduciary under a | 396 |
trust instrument, will, or other document executed before July 1, | 397 |
1997; | 398 |
(2) Any person, other than a person described in division (A) | 399 |
or (B) of this section, that is named as a fiduciary in, or is | 400 |
nominated as a fiduciary under, a trust instrument, will, or other | 401 |
document executed before July 1, 1997. | 402 |
Sec. 1111.04. (A) Prior to soliciting or engaging in trust | 403 |
business in this state, a trust company shall pledge to the | 404 |
treasurer of state interest bearing securities authorized in | 405 |
division (B) of this section, having a par value, not including | 406 |
unaccrued interest, of one hundred thousand dollars, and approved | 407 |
by the superintendent of financial institutions. The trust company | 408 |
may pledge the securities either by delivery to the treasurer of | 409 |
state or by placing the securities with a qualified trustee for | 410 |
safekeeping to the account of the treasurer of state, the | 411 |
corporate fiduciary, and any other person having an interest in | 412 |
the securities under Chapter 1109. of the Revised Code, as their | 413 |
respective interests may appear and be asserted by written notice | 414 |
to or demand upon the qualified trustee or by order of judgment of | 415 |
a court. | 416 |
(B) Securities pledged by a trust company to satisfy the | 417 |
requirements of division (A) of this section shall be one or more | 418 |
of the following: | 419 |
(1) Bonds, notes, or other obligations of or guaranteed by | 420 |
the United States or for which the full faith and credit of the | 421 |
United States is pledged for the payment of principal and | 422 |
interest; | 423 |
(2) Bonds, notes, debentures, or other obligations or | 424 |
securities issued by any agency or instrumentality of the United | 425 |
States; | 426 |
(3) General obligations of this or any other state of the | 427 |
United States or any subdivision of this or any other state of the | 428 |
United States. | 429 |
(C) The treasurer of state shall accept delivery of | 430 |
securities pursuant to this section when accompanied by the | 431 |
superintendent's approval of the securities or the written receipt | 432 |
of a qualified trustee describing the securities and showing the | 433 |
superintendent's approval of the securities, and shall issue a | 434 |
written acknowledgment of the delivery of the securities or the | 435 |
qualified trustee's receipt and the superintendent's approval to | 436 |
the trust company. | 437 |
(D) The superintendent shall approve securities to be pledged | 438 |
by a trust company pursuant to this section if the securities are | 439 |
all of the following: | 440 |
(1) Interest bearing and of the value required by division | 441 |
(A) of this section; | 442 |
(2) Of one or more of the kinds authorized by division (B) of | 443 |
this section and not a derivative of or merely an interest in any | 444 |
of those securities; | 445 |
(3) Not in default. | 446 |
(E) The treasurer of state shall, with the approval of the | 447 |
superintendent, permit a trust company to pledge securities in | 448 |
substitution for securities pledged pursuant to this section and | 449 |
the withdrawal of the securities substituted for so long as the | 450 |
securities remaining pledged satisfy the requirements of division | 451 |
(A) of this section. The treasurer of state shall permit a trust | 452 |
company to collect interest paid on securities pledged pursuant to | 453 |
this section so long as the trust company is solvent. The | 454 |
treasurer of state shall, with the approval of the superintendent, | 455 |
permit a trust company to withdraw securities pledged pursuant to | 456 |
this section when the trust company has ceased to solicit or | 457 |
engage in trust business in this state. | 458 |
(F) For purposes of this section, a qualified trustee is a | 459 |
federal reserve bank | 460 |
461 | |
462 | |
defined in section 1101.01 of the Revised Code, a bank that has | 463 |
pledged securities pursuant to this section, is authorized to | 464 |
accept and execute trusts, and is doing business under authority | 465 |
granted by the comptroller of currency, or a savings association | 466 |
that has pledged securities pursuant to this section, is | 467 |
authorized to accept and execute trusts, and is doing business | 468 |
under authority granted by the office of thrift supervision except | 469 |
that a bank doing business under authority granted by the | 470 |
comptroller of the currency, a savings association doing business | 471 |
under authority granted by the office of thrift supervision, or a | 472 |
trust company may not act as a qualified trustee for securities it | 473 |
or any of its affiliates is pledging pursuant to this section. | 474 |
(G) The superintendent, with the approval of the treasurer of | 475 |
state and the attorney general, shall prescribe the form of all | 476 |
receipts and acknowledgments provided for by this section, and | 477 |
upon request shall furnish a copy of each form, with the | 478 |
superintendent's certification attached, to each qualified trustee | 479 |
eligible to hold securities for safekeeping under this section. | 480 |
Sec. 1111.06. (A) Any person, other than a | 481 |
482 | |
483 | |
savings association with trust powers, proposing to solicit or | 484 |
engage in trust business in this state shall apply to the | 485 |
superintendent of financial institutions to be licensed as a trust | 486 |
company. The superintendent shall approve or disapprove the | 487 |
application within sixty days after accepting it. | 488 |
(B) In determining whether to approve or disapprove an | 489 |
application for a trust company license, the superintendent shall | 490 |
consider all of the following: | 491 |
(1) Whether the applicant is a corporation described in | 492 |
division (A)(1) of section 1111.02 of the Revised Code; | 493 |
(2) Whether the applicant's articles of incorporation or | 494 |
association authorize the applicant to serve as a trustee; | 495 |
(3) If the applicant is not a bank, savings and loan | 496 |
association, or savings bank doing business under authority | 497 |
granted by the superintendent, whether the applicant is currently | 498 |
qualified to do and is engaging in trust business in the state or | 499 |
country under the laws of which the applicant is organized; | 500 |
(4) Whether the applicant satisfies the requirements of | 501 |
section 1111.05 of the Revised Code; | 502 |
(5) Whether it is reasonable to believe the applicant will | 503 |
comply with applicable laws and observe sound fiduciary standards | 504 |
in conducting trust business in this state; | 505 |
(6) If the applicant is not a bank, savings and loan | 506 |
association, or savings bank doing business under authority | 507 |
granted by the superintendent, whether the applicant is subject to | 508 |
comprehensive supervision and regulation of its fiduciary | 509 |
activities by appropriate authorities of the state or country | 510 |
under the laws of which the applicant is organized. | 511 |
(C) In approving an application for a trust company license, | 512 |
the superintendent may impose any condition the superintendent | 513 |
determines to be appropriate. | 514 |
(D) When an applicant has satisfied all prior conditions | 515 |
imposed by the superintendent in approving the applicant's | 516 |
application for a trust company license and has pledged securities | 517 |
as required by section 1111.04 of the Revised Code, the | 518 |
superintendent shall issue the applicant a trust company license. | 519 |
A license issued pursuant to this section shall remain in force | 520 |
and effect until surrendered by the licensee pursuant to section | 521 |
1111.31 of the Revised Code or suspended or revoked by the | 522 |
superintendent pursuant to section 1111.32 of the Revised Code. | 523 |
Sec. 1111.07. (A) A trust company's license to solicit or | 524 |
engage in trust business in this state is not transferable or | 525 |
assignable. | 526 |
(B) Subject to section 2109.28 of the Revised Code, if any | 527 |
trust company enters into a merger or consolidation in which the | 528 |
trust company is not the surviving corporation, or transfers all | 529 |
or substantially all of its assets and liabilities to another | 530 |
corporation, the resulting, surviving, or transferee corporation | 531 |
shall succeed the trust company as fiduciary as a matter of law | 532 |
and without necessity to do anything further, if the resulting, | 533 |
surviving, or transferee corporation is a trust company, a | 534 |
national bank authorized to accept and execute trusts and doing | 535 |
business under authority granted by the comptroller of the | 536 |
currency, or a federal savings association authorized to accept | 537 |
and execute trusts and doing business under authority granted by | 538 |
the office of thrift supervision | 539 |
540 | |
If the trust company is not the surviving corporation of a merger, | 541 |
enters a consolidation, or after transferring substantially all of | 542 |
its assets and liabilities ceases to solicit or engage in trust | 543 |
business in this state, the trust company shall surrender its | 544 |
trust company license in accordance with section 1111.31 of the | 545 |
Revised Code. | 546 |
Sec. 1111.08. (A) A trust company, a national bank | 547 |
authorized to accept and execute trusts and doing business under | 548 |
authority granted by the comptroller of the currency, or a federal | 549 |
savings association authorized to accept and execute trusts and | 550 |
doing business under authority granted by the office of thrift | 551 |
supervision may transfer all or part of its trust business in this | 552 |
state to another trust company, to a national bank authorized to | 553 |
accept and execute trusts and doing business under authority | 554 |
granted by the comptroller of the currency, or to a federal | 555 |
savings association authorized to accept and execute trusts and | 556 |
doing business under authority granted by the office of thrift | 557 |
supervision, if all of the following have occurred: | 558 |
(1) Not less than sixty days before consummation of the | 559 |
transfer, either the transferor or transferee, or both, for each | 560 |
fiduciary account or relationship to be transferred, has given | 561 |
written notice, by regular mail to the most recent address shown | 562 |
on the records of the transferor, to all of the following that | 563 |
apply: | 564 |
(a) Each court having jurisdiction over the fiduciary account | 565 |
or relationship; | 566 |
(b) Each cofiduciary of the fiduciary account or | 567 |
relationship; | 568 |
(c) Each surviving settlor of the trust; | 569 |
(d) Each person that, alone or in conjunction with others, | 570 |
has the power to remove the trust company as fiduciary or appoint | 571 |
a successor fiduciary; | 572 |
(e) Except in the case of a trust described in section 401(a) | 573 |
of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 | 574 |
U.S.C.A. 401(a), as amended, each adult beneficiary currently | 575 |
receiving or entitled as a matter of right to receive a | 576 |
distribution of principal or income from the trust, estate, or | 577 |
fund; | 578 |
(f) In the case of a trust described in section 401(a) of the | 579 |
"Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. | 580 |
401(a), as amended, the employer or employee organization, or | 581 |
both, responsible for the maintenance of the trust. | 582 |
(2) The transferor has filed a certified copy of the | 583 |
agreement for the sale with the superintendent of financial | 584 |
institutions. | 585 |
(B)(1) The transfer of a fiduciary account or relationship | 586 |
pursuant to division (A) of this section results in the transferee | 587 |
being substituted for the transferor as fiduciary as a matter of | 588 |
law and without necessity to do anything further. | 589 |
(2) The transfer of a fiduciary account or relationship | 590 |
pursuant to division (A) of this section does neither of the | 591 |
following: | 592 |
(a) Impair the right of any person that, alone or in | 593 |
conjunction with others, has the power to remove a fiduciary or | 594 |
appoint a successor fiduciary; | 595 |
(b) Absolve or discharge a transferor from any liability | 596 |
arising out of its breach of any fiduciary duty or obligation to | 597 |
the account prior to the transfer. | 598 |
Sec. 1121.30. (A) All assessments, fees, charges, and | 599 |
forfeitures provided for in Chapters 1101. to 1127. and sections | 600 |
601 | |
Code, except civil penalties assessed pursuant to section 1121.35 | 602 |
or 1315.152 of the Revised Code, shall be paid to the | 603 |
superintendent of financial institutions, and the superintendent | 604 |
shall deposit them into the state treasury to the credit of the | 605 |
banks fund, which is hereby created. | 606 |
(B) The superintendent may expend or obligate the banks fund | 607 |
to defray the costs of the division of financial institutions in | 608 |
administering Chapters 1101. to 1127. and sections 1315.01 to | 609 |
610 | |
superintendent shall pay from the fund all actual and necessary | 611 |
expenses incurred by the superintendent, including for any | 612 |
services rendered by the department of commerce for the division's | 613 |
administration of Chapters 1101. to 1127. and sections 1315.01 to | 614 |
615 | |
shall be assessed a proportionate share of the administrative | 616 |
costs of the department and the division of financial | 617 |
institutions. The proportionate share of the administration costs | 618 |
of the division of financial institutions shall be determined in | 619 |
accordance with procedures prescribed by the superintendent and | 620 |
approved by the director of budget and management. The amount | 621 |
assessed for the fund's proportional share of the department's | 622 |
administrative costs and the division's administrative costs shall | 623 |
be paid from the banks fund to the division of administration fund | 624 |
and the division of financial institutions fund respectively. | 625 |
(C) Any money deposited into the state treasury to the credit | 626 |
of the banks fund, but not expended or encumbered by the | 627 |
superintendent to defray the costs of administering Chapters 1101. | 628 |
to 1127. and sections
1315.01 to | 629 |
the Revised Code, shall remain in the banks fund for expenditures | 630 |
by the superintendent in subsequent years. | 631 |
Sec. 1151.14. | 632 |
savings and loan | 633 |
634 | |
635 | |
636 | |
637 | |
638 | |
639 | |
640 | |
641 | |
association's board of directors shall meet monthly unless the | 642 |
savings and loan association's constitution provides for a | 643 |
different frequency of meetings, which shall not be less than | 644 |
quarterly. | 645 |
(2) Division (A)(1) of this section does not prohibit either | 646 |
of the following: | 647 |
(a) More frequent meetings of a savings and loan | 648 |
association's board of directors than required by division (A)(1) | 649 |
of this section; | 650 |
(b) The superintendent of financial institutions requiring a | 651 |
savings and loan association's board of directors to meet more | 652 |
frequently than required by division (A)(1) of this section if the | 653 |
superintendent determines more frequent meetings are appropriate | 654 |
because of circumstances regarding the savings and loan | 655 |
association. | 656 |
(B) A savings and loan association's constitution may | 657 |
authorize the board of directors to do both of the following: | 658 |
(1) Create an executive committee or any other committee of | 659 |
the board of directors, each consisting of at least three | 660 |
directors; | 661 |
(2) Delegate to an executive committee or other committee of | 662 |
the board of directors described in division (B)(1) of this | 663 |
section, any authority of the board of directors, however | 664 |
conferred, other than the authority to fill vacancies on the board | 665 |
of directors or to fill vacancies on a committee of the board of | 666 |
directors. | 667 |
(C) All of the following apply to any executive committee or | 668 |
other committee described in division (B) of this section: | 669 |
(1) The board of directors may appoint one or more of the | 670 |
directors as alternate members of a committee of the board of | 671 |
directors to take the place of any absent member at any meeting of | 672 |
the committee of the board of directors. | 673 |
(2) Each committee of the board of directors serves at the | 674 |
pleasure of the board of directors, acts only in intervals between | 675 |
meetings of the board of directors, and is subject to the control | 676 |
and direction of the board of directors. | 677 |
(3) Unless otherwise provided in the constitution or ordered | 678 |
by the board of directors, a committee of the board of directors | 679 |
may act by a majority of its members at a meeting or by a writing | 680 |
or writings signed by all of its members. | 681 |
(4) An act or authorization of an act by a committee of the | 682 |
board of directors that is within the authority delegated to the | 683 |
committee is as effective for all purposes as an act or | 684 |
authorization of an act done by the board of directors. | 685 |
Sec. 1151.321. | 686 |
(B) of this section, a savings and loan association may cancel | 687 |
loans mentioned in
sections 1151.29 to 1151.32 | 688 |
Revised Code, and release the securities for them on such terms as | 689 |
its board of directors provides. | 690 |
(B)(1) Subject to division (B)(2) of this section and any | 691 |
restrictions or requirements established by the superintendent of | 692 |
financial institutions, in connection with any loan or extension | 693 |
of credit, a savings and loan association may enter into a debt | 694 |
suspension agreement or debt cancellation contract with the | 695 |
borrower or borrowers. | 696 |
(2) A savings and loan association shall not offer or | 697 |
finance, directly or indirectly, a debt suspension agreement or | 698 |
debt cancellation contract requiring a lump sum, single payment | 699 |
for the agreement or contract payable at the outset of the | 700 |
agreement or contract, if the debt subject to the agreement or | 701 |
contract is secured by one to four family, residential real | 702 |
property. | 703 |
(3) For purposes of division (B) of this section, "debt | 704 |
cancellation contract" and "debt suspension agreement" have the | 705 |
same meanings as in 12 C.F.R part 37. | 706 |
Sec. 1151.348. (A) A savings and loan association authorized | 707 |
to do business by the division of financial institutions pursuant | 708 |
to Chapters 1151. to 1157. of the Revised Code may engage in trust | 709 |
business after obtaining a license under section 1111.06 of the | 710 |
Revised Code. | 711 |
(B) Except as provided in division (C) of this section, a | 712 |
savings and loan association that is licensed under section | 713 |
1111.06 of the Revised Code is a trust company as defined in | 714 |
division (S) of section 1101.01 of the Revised Code for purposes | 715 |
of Chapter 1111. of the Revised Code and of all laws applicable to | 716 |
a trust company. | 717 |
(C) The division shall supervise any savings and loan | 718 |
association licensed as a trust company under Chapter 1111. of the | 719 |
Revised Code pursuant to Chapters 1151. to 1157. of the Revised | 720 |
Code, except that the division may apply provisions in Chapter | 721 |
1111. of the Revised Code in the case of a voluntary or forced | 722 |
liquidation of a savings and loan association's trust business. | 723 |
Sec. 1161.18. | 724 |
725 | |
726 | |
727 | |
728 | |
729 | |
730 | |
731 | |
732 | |
733 | |
shall meet monthly unless the savings bank's constitution provides | 734 |
for a different frequency of meetings, which shall not be less | 735 |
than quarterly. | 736 |
(2) Division (A)(1) of this section does not prohibit either | 737 |
of the following: | 738 |
(a) More frequent meetings of a savings bank's board of | 739 |
directors than required by division (A)(1) of this section; | 740 |
(b) The superintendent of financial institutions requiring a | 741 |
savings bank's board of directors to meet more frequently than | 742 |
required by division (A)(1) of this section if the superintendent | 743 |
determines more frequent meetings are appropriate because of | 744 |
circumstances regarding the savings bank. | 745 |
(B) A savings bank's constitution may authorize the board of | 746 |
directors to do both of the following: | 747 |
(1) Create an executive committee or any other committee of | 748 |
the board of directors, each consisting of at least three | 749 |
directors; | 750 |
(2) Delegate to an executive committee or other committee of | 751 |
the board of directors described in division (B)(1) of this | 752 |
section, any authority of the board of directors, however | 753 |
conferred, other than the authority to fill vacancies on the board | 754 |
of directors or to fill vacancies on a committee of the board of | 755 |
directors. | 756 |
(C) All of the following apply to any executive committee or | 757 |
other committee described in division (B) of this section: | 758 |
(1) The board of directors may appoint one or more of the | 759 |
directors as alternate members of a committee of the board of | 760 |
directors to take the place of any absent member at any meeting of | 761 |
the committee of the board of directors. | 762 |
(2) Each committee of the board of directors serves at the | 763 |
pleasure of the board of directors, acts only in intervals between | 764 |
meetings of the board of directors, and is subject to the control | 765 |
and direction of the board of directors. | 766 |
(3) Unless otherwise provided in the constitution or ordered | 767 |
by the board of directors, a committee of the board of directors | 768 |
may act by a majority of its members at a meeting or by a writing | 769 |
or writings signed by all of its members. | 770 |
(4) An act or authorization of an act by a committee of the | 771 |
board of directors that is within the authority delegated to the | 772 |
committee is as effective for all purposes as an act or | 773 |
authorization of an act done by the board of directors. | 774 |
Sec. 1161.51. | 775 |
this section, a savings bank may cancel loans mentioned in | 776 |
sections 1161.36 to 1161.50 of the Revised Code, and release the | 777 |
securities for them on such terms as its board of directors | 778 |
provides. | 779 |
(B)(1) Subject to division (B)(2) of this section and any | 780 |
restrictions or requirements established by the superintendent of | 781 |
financial institutions, in connection with any loan or extension | 782 |
of credit, a savings bank may enter into a debt suspension | 783 |
agreement or debt cancellation contract with the borrower or | 784 |
borrowers. | 785 |
(2) A savings bank shall not offer or finance, directly or | 786 |
indirectly, a debt suspension agreement or debt cancellation | 787 |
contract requiring a lump sum, single payment for the agreement or | 788 |
contract payable at the outset of the agreement or contract, if | 789 |
the debt subject to the agreement or contract is secured by one to | 790 |
four family, residential real property. | 791 |
(3) For purposes of division (B) of this section, "debt | 792 |
cancellation contract" and "debt suspension agreement" have the | 793 |
same meanings as in 12 C.F.R part 37. | 794 |
Sec. 1161.601. (A) A savings bank authorized to do business | 795 |
by the division of financial institutions pursuant to Chapters | 796 |
1161. to 1165. of the Revised Code may engage in trust business | 797 |
after obtaining a license under section 1111.06 of the Revised | 798 |
Code. | 799 |
(B) Except as provided in division (C) of this section, a | 800 |
savings bank that is licensed under section 1111.06 of the Revised | 801 |
Code is a trust company as defined in division (S) of section | 802 |
1101.01 of the Revised Code for purposes of Chapter 1111. of the | 803 |
Revised Code and of all laws applicable to a trust company. | 804 |
(C) The division shall supervise any savings bank licensed as | 805 |
a trust company under Chapter 1111. of the Revised Code pursuant | 806 |
to Chapters 1161. to 1165. of the Revised Code, except that the | 807 |
division may apply provisions in Chapter 1111. of the Revised Code | 808 |
in the case of a voluntary or forced liquidation of a savings | 809 |
bank's trust business. | 810 |
Sec. 1181.06. There is hereby created in the state treasury | 811 |
the financial institutions fund. The fund shall receive | 812 |
assessments on the banks fund established under section
| 813 |
1121.30 of the Revised Code, the savings institutions fund | 814 |
established under section 1181.18 of the Revised Code, the credit | 815 |
unions fund established under section 1733.321 of the Revised | 816 |
Code, and the consumer finance fund established under section | 817 |
1321.21 of the Revised Code in accordance with procedures | 818 |
prescribed by the superintendent of financial institutions and | 819 |
approved by the director of budget and management. Such | 820 |
assessments shall be in addition to any assessments on these funds | 821 |
required under division (G) of section 121.08 of the Revised Code. | 822 |
All operating expenses of the division of financial institutions | 823 |
shall be paid from the financial institutions fund. | 824 |
Sec. 1181.25. The superintendent of financial institutions | 825 |
may introduce into evidence or disclose, or authorize to be | 826 |
introduced into evidence or disclosed, information that, under | 827 |
sections 1121.18, 1155.16, 1163.20, 1315.122, 1321.09, 1321.55, | 828 |
1321.76, 1322.06, 1322.061, 1733.32, 1733.327, and 4727.18 of the | 829 |
Revised Code, is privileged, confidential, or otherwise not public | 830 |
information or a public record, provided that the superintendent | 831 |
acts only as provided in those sections or in the following | 832 |
circumstances: | 833 |
(A) When in the opinion of the superintendent, it is | 834 |
appropriate with regard to any enforcement actions taken and | 835 |
decisions made by the superintendent under Chapters 1315., 1321., | 836 |
1322., 1733., 4712., 4727., and 4728. of the Revised Code or Title | 837 |
XI of the Revised Code; | 838 |
(B) When litigation has been initiated by the superintendent | 839 |
in furtherance of the powers, duties, and obligations imposed upon | 840 |
the superintendent by Chapters 1315., 1321., 1322., 1733., 4712., | 841 |
4727., and 4728. of the Revised Code or Title XI of the Revised | 842 |
Code; | 843 |
(C) When in the opinion of the superintendent, it is | 844 |
appropriate with regard to enforcement actions taken or decisions | 845 |
made by other financial institution regulatory authorities to whom | 846 |
the superintendent has provided the information pursuant to | 847 |
authority in Chapters 1315., 1321., 1322., 1733., 4712., 4727., | 848 |
and 4728. of the Revised Code or Title XI of the Revised Code. | 849 |
Sec. 1315.01. Except when the context otherwise requires, as | 850 |
used in sections 1315.01 to 1315.18 of the Revised Code: | 851 |
(A) "Authorized delegate" means a person designated by a | 852 |
licensee under section 1315.11 of the Revised Code to receive, | 853 |
directly or indirectly, money or its equivalent for transmission | 854 |
by the licensee. | 855 |
(B) "Control" means the power, directly or indirectly, to | 856 |
direct the management and policies of a licensee or the ownership, | 857 |
control of, or power to vote twenty-five per cent or more of any | 858 |
class of the outstanding voting securities of a controlling | 859 |
person. For purposes of determining the percentage of a licensee | 860 |
controlled by any person, the person's interest shall be | 861 |
aggregated with the interest of any other person controlled by the | 862 |
person or by any spouse, parent, or child of the person. | 863 |
(C) "Controlling person" means any person that controls a | 864 |
licensee. | 865 |
(D) "Executive officer" means the licensee's president, | 866 |
treasurer, secretary, each senior officer responsible for the | 867 |
licensee's business, and any other person that performs similar | 868 |
functions. | 869 |
(E) "Licensee" means a person licensed under sections 1315.01 | 870 |
to 1315.18 of the Revised Code to receive, directly or indirectly, | 871 |
for transmission, money or its equivalent from persons located in | 872 |
this state. | 873 |
(F) "Outstandings" means the total of all moneys received for | 874 |
transmission that are not yet delivered, paid, or accessed. | 875 |
(G) "Transmit money" means to receive, directly or indirectly | 876 |
and by any means, money or its equivalent from a person and to | 877 |
deliver, pay, or make accessible, by any means, method, manner, or | 878 |
device, whether or not a payment instrument is used, the money | 879 |
received or its equivalent to the same or another person, at the | 880 |
same or another time, and at the same or another place, but does | 881 |
not include transactions in which the recipient of the money or | 882 |
its equivalent is the principal or authorized representative of | 883 |
the principal in a transaction for which the money or its | 884 |
equivalent is received, other than the transmission of money or | 885 |
its equivalent. "Transmit money" also includes the sale of checks | 886 |
and other payment instruments. | 887 |
Sec. 1315.02. (A) No person, regardless of the location of | 888 |
that person, its facilities, or its agents, shall receive, | 889 |
directly or indirectly and by any means, money or its equivalent | 890 |
for transmission from a person located in this state, unless that | 891 |
person receiving the money or its equivalent for transmission is a | 892 |
licensee, an authorized delegate of a licensee that is not itself | 893 |
required to be licensed under division (B) of this section, or is | 894 |
one of the following: | 895 |
(1) The United States or any department, agency, or | 896 |
instrumentality of the United States; | 897 |
(2) The United States postal service; | 898 |
(3) A state of the United States or any political subdivision | 899 |
of a state of the United States; | 900 |
(4) A bank, credit union, savings and loan association, | 901 |
savings association, or savings bank organized under the laws of | 902 |
the United States or any state of the United States or doing | 903 |
business under a license granted under Chapter 1119. of the | 904 |
Revised Code, a subsidiary or affiliate of a bank, savings and | 905 |
loan association, or savings bank, a credit union service | 906 |
organization, or an authorized representative of any of these; | 907 |
(5) A contractor providing electronic transfer of government | 908 |
benefits on behalf of the United States or any department, agency, | 909 |
or instrumentality of the United States or on behalf of any state | 910 |
or any political subdivision of any state of the United States; | 911 |
(6) A person the only money transmitter activity of which is | 912 |
to deliver payroll money on behalf of employers to employees by | 913 |
check or deposit in a checking or savings account at a bank, | 914 |
savings bank, savings and loan association, savings association, | 915 |
or credit union; | 916 |
(7) A person the only money transmitter activity of which is | 917 |
to accept prepayment for future purchases of that person's goods | 918 |
or services that are other than money transmitter services; | 919 |
(8) A licensed securities, insurance, mortgage, or real | 920 |
estate broker or agent acting within the scope of its license; | 921 |
(9) A person the only money transmitter activity of which is | 922 |
receiving money or its equivalent as an intermediary facilitating | 923 |
the closing of a sale of property or a loan; | 924 |
(10) A retail seller of goods and services the only money | 925 |
transmitter activities of which are receipt of money or its | 926 |
equivalent from and to be delivered at the direction of an obligor | 927 |
on a credit card account for a credit card to be used solely for | 928 |
purchases from that retail seller or branded with the name of that | 929 |
retail seller or an affiliate of that retail seller; | 930 |
(11) A person, the regulation of money transmitter activities | 931 |
under sections 1315.01 to 1315.18 of the Revised Code of which, | 932 |
the superintendent of financial institutions determines would not | 933 |
serve the intended purposes of the regulation. | 934 |
(B) No authorized delegate of a licensee also shall do | 935 |
accounting, verification, or reconciliation of transmissions | 936 |
completed or bank statements for a licensee, unless the authorized | 937 |
delegate also is a licensee. | 938 |
Sec. 1315.03. (A) Each application for a money transmitter | 939 |
license shall be in the form prescribed by the superintendent of | 940 |
financial institutions and accompanied by an application fee | 941 |
established in section 1315.13 of the Revised Code. | 942 |
(B)(1) The superintendent shall approve or deny every | 943 |
application for a license under this section within one hundred | 944 |
eighty days after the date that the superintendent accepts the | 945 |
application as complete, unless the applicant has, by written | 946 |
consent, agreed to a longer time for the superintendent to make a | 947 |
determination on the application. | 948 |
(2) Subject to division (D) of this section, an application | 949 |
is not complete and the superintendent shall not accept it for | 950 |
processing until the applicant pays the application fee described | 951 |
in division (A) of this section. The time described in division | 952 |
(B)(1) of this section in which the superintendent must make a | 953 |
determination on an application does not begin until the | 954 |
superintendent has determined that the application is complete and | 955 |
has accepted it for processing. | 956 |
(3) A determination by the superintendent that an application | 957 |
is complete and is accepted for processing means only that the | 958 |
application, on its face, appears to include all of the items and | 959 |
to address all of the matters that are required, and is not an | 960 |
assessment of the substance of the application or of the | 961 |
sufficiency of the information provided. | 962 |
(C)(1) The superintendent may grant confidential treatment | 963 |
for information in or related to an application described in | 964 |
division (A) of this section, if confidential treatment is | 965 |
requested by the applicant in compliance with division (C)(2) of | 966 |
this section and any of the following applies: | 967 |
(a) The information is of a commercial or financial nature, | 968 |
disclosure of which likely would result in substantial harm to the | 969 |
competitive position of the applicant or its affiliates or to any | 970 |
party to the transaction or its affiliates. | 971 |
(b) The information is of a personal, medical, financial, or | 972 |
similar nature, disclosure of which would result in a clearly | 973 |
unwarranted invasion of personal privacy. | 974 |
(c) The information is contained in, related to, or derived | 975 |
from examinations, operating or condition reports, agreements, | 976 |
orders, or actions prepared by, on behalf of, or for the use of a | 977 |
governmental agency or authority. | 978 |
(d) The information has been filed with a governmental agency | 979 |
or authority and has not been approved for disclosure by that | 980 |
agency or authority. | 981 |
(e) The information specifically is excepted from disclosure | 982 |
by statute. | 983 |
(2)(a) An applicant requesting confidential treatment under | 984 |
division (C) of this section shall do so in writing at the time | 985 |
that the application containing the information, or additional | 986 |
information related to an application, is submitted. | 987 |
(b) The request described in division (C)(2)(a) of this | 988 |
section separately shall address each item of information for | 989 |
which confidential treatment is requested, explaining the | 990 |
applicability of the asserted justification for confidential | 991 |
treatment and either specifically demonstrating the harm that | 992 |
would result from public disclosure of the item of information or | 993 |
setting forth the reason that the applicant cannot authorize | 994 |
public disclosure of the item of information. | 995 |
(c) The applicant separately shall bind and identify all | 996 |
items of information for which confidential treatment is requested | 997 |
under division (C) of this section and shall make specific | 998 |
reference to those items in the remainder of the application or | 999 |
additional information related to the application. | 1000 |
(3)(a) The superintendent shall review a request for | 1001 |
confidential treatment under division (C) of this section and | 1002 |
provide the applicant with written notice of the superintendent's | 1003 |
decision on granting confidential treatment for each item of | 1004 |
information for which it is requested. | 1005 |
(b) If the superintendent's decision provided pursuant to | 1006 |
division (C)(3)(a) of this section is not to grant confidential | 1007 |
treatment to an item of information, the applicant may withdraw | 1008 |
the item of information by written notice within ten days after | 1009 |
the applicant's receipt of the superintendent's decision. If the | 1010 |
applicant fails to withdraw the item of information within the | 1011 |
ten-day period, the applicant is deemed to have waived the right | 1012 |
to withdraw, and the item of information is a part of the | 1013 |
application available to the public. | 1014 |
(4)(a) An item of information submitted with a request for | 1015 |
confidential treatment under division (C) of this section is not | 1016 |
deemed filed with the superintendent until the superintendent | 1017 |
grants confidential treatment or the applicant is deemed to have | 1018 |
waived the right to withdraw the item of information. | 1019 |
(b) Until the item of information submitted with a request | 1020 |
for confidential treatment is filed in accordance with division | 1021 |
(C)(4)(a) of this section, no person shall copy or inspect the | 1022 |
item of information or anything derived from the item of | 1023 |
information, except as necessary to assist the superintendent in | 1024 |
deciding whether to grant confidential treatment to the item of | 1025 |
information in accordance with division (C) of this section. | 1026 |
(5) When an item of information is filed following the | 1027 |
superintendent's decision to grant it confidential treatment | 1028 |
pursuant to division (C)(3)(a) of this section, the item of | 1029 |
information is not a public record as defined in section 149.43 of | 1030 |
the Revised Code and only the superintendent shall use it in | 1031 |
connection with the performance of the duties and exercise of the | 1032 |
powers of the superintendent. Without prior notice to the | 1033 |
applicant, the superintendent may disclose or comment on any of | 1034 |
the contents of the application in an order, statement, or opinion | 1035 |
issued by the superintendent in connection with a decision on the | 1036 |
application. | 1037 |
(D) Division (B)(2) of this section does not prohibit either | 1038 |
of the following: | 1039 |
(1) The superintendent denying an application described in | 1040 |
division (A) of this section prior to the superintendent's | 1041 |
acceptance of the application for processing, on the basis that | 1042 |
the applicant failed to include all of the items and address all | 1043 |
of the issues required for the application, if both of the | 1044 |
following apply: | 1045 |
(a) The superintendent advised the applicant that the | 1046 |
application was incomplete. | 1047 |
(b) After being advised by the superintendent pursuant to | 1048 |
division (D)(1)(a) of this section that the application was | 1049 |
incomplete, the applicant did not, within a reasonable period of | 1050 |
time, complete the application. | 1051 |
(2) The superintendent denying an application described in | 1052 |
division (A) of this section on the basis that the applicant | 1053 |
failed to provide the information necessary for the superintendent | 1054 |
to consider the application adequately after the superintendent's | 1055 |
acceptance of the application for processing, if both of the | 1056 |
following apply: | 1057 |
(a) After beginning to process the application, the | 1058 |
superintendent determined and advised the applicant additional | 1059 |
information was necessary to consider the application adequately. | 1060 |
(b) After the superintendent advised the applicant pursuant | 1061 |
to division (D)(2)(a) of this section that additional information | 1062 |
was necessary to consider the application adequately, the | 1063 |
applicant did not, within a reasonable period of time, provide | 1064 |
that information. | 1065 |
Sec. 1315.04. (A)(1) After accepting an application for a | 1066 |
money transmitter license described in section 1315.03 of the | 1067 |
Revised Code, the superintendent of financial institutions shall | 1068 |
examine all the facts and circumstances relating to the | 1069 |
application. | 1070 |
(2) At the applicant's expense, the superintendent may | 1071 |
conduct an on-site examination of the applicant's books, records, | 1072 |
and operations. If the superintendent requests, the applicant | 1073 |
shall advance to the superintendent the superintendent's estimate | 1074 |
of the cost of the on-site examination, with any unconsumed | 1075 |
portion to be returned to the applicant. | 1076 |
(3) The applicant shall pay the cost of its examination | 1077 |
described in division (A) of this section, or any balance of the | 1078 |
cost of its examination in the case of an applicant that advanced | 1079 |
the estimated cost of its examination, within fourteen days after | 1080 |
receiving an invoice for payment. | 1081 |
(B) In making a determination on an application described in | 1082 |
division (A)(1) of this section, the superintendent shall consider | 1083 |
all of the following: | 1084 |
(1) The applicant's financial condition; | 1085 |
(2) The applicant's business practices; | 1086 |
(3) The applicant's and its directors', executive officers', | 1087 |
and controlling persons' experience, competence, character, and | 1088 |
history of compliance with applicable laws. | 1089 |
(C) The superintendent shall not approve an application | 1090 |
described in division (A)(1) of this section if the applicant does | 1091 |
not meet both of the following requirements: | 1092 |
(1) The applicant is a legally established business entity | 1093 |
that is capitalized separately and distinctly from every other | 1094 |
legal entity and is qualified to do business in this state. | 1095 |
(2) The applicant has a minimum net worth of not less than | 1096 |
five hundred thousand dollars, calculated according to generally | 1097 |
accepted accounting principles, but excluding any assets that the | 1098 |
superintendent disqualifies and including any off-balance sheet | 1099 |
liabilities that the superintendent requires. | 1100 |
(D)(1) In approving an application for a money transmitter | 1101 |
license, the superintendent may impose any condition the | 1102 |
superintendent determines to be appropriate. | 1103 |
(2) When an applicant has satisfied all prior conditions | 1104 |
imposed by the superintendent in approving the applicant's | 1105 |
application for a money transmitter license and has provided a | 1106 |
security device as required by section 1315.07 of the Revised | 1107 |
Code, the superintendent shall issue the applicant a money | 1108 |
transmitter license. A license issued pursuant to this section | 1109 |
remains in force and effect until surrendered by the licensee | 1110 |
pursuant to section 1315.18 of the Revised Code or suspended or | 1111 |
revoked by the superintendent pursuant to section 1315.151 of the | 1112 |
Revised Code. | 1113 |
(E) On or before the first day of July of each year, each | 1114 |
licensee shall pay to the superintendent an annual fee for | 1115 |
carrying on the business as a money transmitter, which fee is | 1116 |
established by the superintendent pursuant to division (B) of | 1117 |
section 1315.13 of the Revised Code. | 1118 |
Sec. 1315.05. Each licensee, at all times, shall meet both of | 1119 |
the following requirements: | 1120 |
(A) Be a legally established business entity that is | 1121 |
capitalized separately and distinctly from every other legal | 1122 |
entity and qualified to do business in this state; | 1123 |
(B) Have a minimum net worth of not less than five hundred | 1124 |
thousand dollars, calculated according to generally accepted | 1125 |
accounting principles, but excluding any assets that the | 1126 |
superintendent of financial institutions disqualifies and | 1127 |
including any off-balance sheet liabilities that the | 1128 |
superintendent requires. | 1129 |
(C) No licensee shall fail to comply with this section. | 1130 |
Sec. 1315.06. (A)(1)(a) Subject to division (A)(2) of this | 1131 |
section, each licensee shall maintain permissible investments | 1132 |
described in division (B) of this section having an aggregate | 1133 |
market value of not less than the aggregate amount of all of the | 1134 |
licensee's outstandings received from persons in the United | 1135 |
States, directly and through authorized delegates, to the extent | 1136 |
reported to the licensee. | 1137 |
(b) For purposes of division (A)(1)(a) of this section, a | 1138 |
licensee's permissible investments, even if commingled with other | 1139 |
assets of the licensee, and a licensee's other assets to the | 1140 |
extent necessary to equal the licensee's outstandings, are, by | 1141 |
operation of law, impressed with a trust and held for the benefit | 1142 |
of persons the money of which the licensee holds for transmission, | 1143 |
and these permissible investments are not available to satisfy any | 1144 |
other of the licensee's creditors. | 1145 |
(2) The superintendent of financial institutions may waive | 1146 |
the requirement described in division (A)(1)(a) of this section if | 1147 |
the volume of a licensee's outstandings does not exceed the | 1148 |
licensee's security device provided pursuant to section 1315.07 of | 1149 |
the Revised Code. | 1150 |
(B) All of the following are permissible investments by a | 1151 |
licensee: | 1152 |
(1) Cash; | 1153 |
(2) Certificates of deposit or other debt obligations of a | 1154 |
depository institution, either domestic or foreign; | 1155 |
(3) Bills of exchange or time drafts drawn on and accepted by | 1156 |
a commercial bank, otherwise known as bankers' acceptances, that | 1157 |
are eligible for purchase by member banks of the federal reserve | 1158 |
system; | 1159 |
(4) Any investment bearing a rating of one of the three | 1160 |
highest grades as defined by a nationally recognized organization | 1161 |
that rates securities; | 1162 |
(5) Investment securities that are obligations of the United | 1163 |
States or its agencies or instrumentalities; obligations that are | 1164 |
guaranteed fully as to principal and interest by the United | 1165 |
States; or any obligations of any state, municipality, or | 1166 |
political subdivision of a state; | 1167 |
(6) Shares in a money market mutual fund; interest-bearing | 1168 |
bills, notes, bonds, debentures, or preferred stock traded on any | 1169 |
national securities exchange or on a national over-the-counter | 1170 |
market; or mutual funds primarily composed of such securities or a | 1171 |
fund composed of one or more permissible investments described in | 1172 |
division (B) of this section; | 1173 |
(7) Any demand borrowing agreement or agreements made to a | 1174 |
corporation or a subsidiary of a corporation the capital stock of | 1175 |
which is listed on a national exchange, provided that the total | 1176 |
borrowing agreements with any one borrower do not exceed ten per | 1177 |
cent of the licensee's outstandings; | 1178 |
(8) To the extent permitted by the superintendent, | 1179 |
receivables that are due to a licensee from its authorized | 1180 |
delegates and are not past due or doubtful of collection; | 1181 |
(9) Any other investments approved by the superintendent. | 1182 |
(C) No licensee shall fail to comply with this section. | 1183 |
Sec. 1315.07. (A)(1) In a form satisfactory to the | 1184 |
superintendent of financial institutions, each licensee shall | 1185 |
provide and maintain a security device of one or more of the types | 1186 |
described in division (B) of this section of not less than three | 1187 |
hundred thousand dollars or such greater amount as the | 1188 |
superintendent finds appropriate but, except pursuant to a | 1189 |
supervisory action, not exceeding two million dollars. | 1190 |
(2) By control agreement or terms of the bond, the security | 1191 |
device described in division (A)(1) of this section shall run to | 1192 |
the superintendent for the benefit of any claimants against the | 1193 |
licensee, to secure the faithful performance of the obligations of | 1194 |
the licensee with respect to its receipt of money from persons in | 1195 |
this state for transmission. In the case of a bond, the | 1196 |
superintendent may bring suit on behalf of claimants, either in | 1197 |
one action or in successive actions, or may authorize claimants to | 1198 |
bring their own actions on the bond. | 1199 |
(B) The security device required by division (A) of this | 1200 |
section shall be one or more of the following: | 1201 |
(1) A pledge, with a holder acceptable to the superintendent | 1202 |
and subject to a control agreement with the superintendent, of any | 1203 |
of the following: | 1204 |
(a) Cash; | 1205 |
(b) Interest-bearing stocks, bonds, notes, debentures, or | 1206 |
other obligations of the United States or any agency or | 1207 |
instrumentality of the United States, or guaranteed by the United | 1208 |
States; | 1209 |
(c) Interest bearing stocks, bonds, notes, debentures, or | 1210 |
other obligations of this state, or of a city, county, town, | 1211 |
village, school district, or instrumentality of this state, or | 1212 |
guaranteed by this state. | 1213 |
(2) A surety bond; | 1214 |
(3) Any other security device approved by the superintendent. | 1215 |
(C)(1)(a) In the case of a security device provided in the | 1216 |
form of a pledge of securities, the securities pledged shall be | 1217 |
valued at the lower of principal amount or market value. | 1218 |
(b) The licensee is entitled to receive all interest and | 1219 |
dividends on cash or securities pledged and, with the approval of | 1220 |
the superintendent, may substitute pledged securities, which | 1221 |
substitution also may be ordered by the superintendent pursuant to | 1222 |
a written order. | 1223 |
(2) In the case of a security device provided in the form of | 1224 |
a surety bond, both of the following apply: | 1225 |
(a) The surety bond shall remain in effect until canceled, | 1226 |
which may occur only after thirty days' written notice to the | 1227 |
superintendent. | 1228 |
(b) Cancellation of a surety bond does not affect any | 1229 |
liability incurred or accrued during the bond's effective period. | 1230 |
(D) A licensee shall maintain the security device required by | 1231 |
division (A) of this section after the licensee ceases money | 1232 |
transmission operations in this state, until the licensee's | 1233 |
outstandings in this state all have been satisfied or properly | 1234 |
reported to the division of unclaimed funds. However, the | 1235 |
superintendent may permit the security device to be reduced to the | 1236 |
extent that the amount of the licensee's outstandings in this | 1237 |
state are reduced. | 1238 |
(E) No licensee shall fail to comply with this section. | 1239 |
Sec. 1315.08. (A) Within forty-five days after the end of | 1240 |
each calendar quarter, each licensee shall submit to the | 1241 |
superintendent of financial institutions all of the following in | 1242 |
the form prescribed by the superintendent: | 1243 |
(1) The licensee's unaudited, unconsolidated financial | 1244 |
statements as of the end of the calendar quarter, including a | 1245 |
balance sheet, income statement, statement of changes in | 1246 |
shareholder's equity, and statement of cash flows; | 1247 |
(2) A statement for the calendar quarter of the number of | 1248 |
money transmission transactions undertaken by the licensee in this | 1249 |
state and in the United States in total, the dollar amount of | 1250 |
those transactions, and the number and dollar amount of those | 1251 |
transactions currently outstanding; | 1252 |
(3) A schedule of the licensee's permissible investments and | 1253 |
their market values as of the end of the calendar quarter; | 1254 |
(4) A schedule of the locations, if any, within this state at | 1255 |
which the licensee is conducting business directly or through its | 1256 |
authorized delegates; | 1257 |
(5) Any other information that the superintendent requires. | 1258 |
(B) Annually, not more than one hundred twenty days after the | 1259 |
end of its fiscal year, each licensee shall submit to the | 1260 |
superintendent its audited unconsolidated financial statements for | 1261 |
the fiscal year, including a balance sheet, income statement, | 1262 |
statement of changes in shareholder equity, and statement of cash | 1263 |
flows. If the licensee is a subsidiary of another company, the | 1264 |
licensee also shall submit the audited consolidated financial | 1265 |
statements of its parent company. | 1266 |
(C) No licensee shall fail to comply with this section. | 1267 |
Sec. 1315.081. (A) Within fifteen business days after the | 1268 |
occurrence of any of the events listed below, a licensee shall | 1269 |
file a written report with the superintendent describing the event | 1270 |
and its expected impact on the licensee's activities in the state: | 1271 |
(1) Any material changes in information provided in a | 1272 |
licensee's application or any report submitted to the | 1273 |
superintendent under sections 1315.01 to 1315.18 of the Revised | 1274 |
Code; | 1275 |
(2) The licensee's filing for bankruptcy or reorganization; | 1276 |
(3) The institution of revocation or suspension proceedings | 1277 |
against the licensee by any state or governmental authority with | 1278 |
regard to the licensee's money transmission activities; | 1279 |
(4) Any felony indictment of the licensee, or any of its | 1280 |
controlling persons, directors, officers, or employees, related to | 1281 |
money transmission activities; | 1282 |
(5) Any felony conviction of the licensee, or any of its | 1283 |
controlling persons, directors, officers, or employees, related to | 1284 |
money transmission activities; | 1285 |
(6) Any proposed change of control of the licensee; | 1286 |
(7) The licensee's decision to voluntarily surrender or not | 1287 |
to renew a money transmitter license it holds in another | 1288 |
jurisdiction. | 1289 |
(B)(1) No person shall make a false statement, | 1290 |
misrepresentation, or false certification to the division of | 1291 |
financial institutions or in a record filed or required to be | 1292 |
maintained under sections 1315.01 to 1315.18 of the Revised Code | 1293 |
or make a false entry or omit a material entry in a record filed | 1294 |
or required to be maintained under sections 1315.01 to 1315.18 of | 1295 |
the Revised Code or made available to the division. | 1296 |
(2) No licensee shall fail to comply with this section. | 1297 |
Sec. 1315.09. (A) Each licensee shall make, keep, and | 1298 |
preserve with respect to the licensee the following books, | 1299 |
accounts, and other records for a period of five years to be open | 1300 |
to inspection by the superintendent of financial institutions: | 1301 |
(1) A record or records of each money transmission | 1302 |
transaction; | 1303 |
(2) A general ledger containing all assets, liabilities, | 1304 |
capital, income, and expense accounts, posted at least monthly; | 1305 |
(3) All bank statements and bank reconciliation records; | 1306 |
(4) A record of all outstandings; | 1307 |
(5) A record of all payments made; | 1308 |
(6) The names and addresses of all authorized delegates of | 1309 |
the licensee; | 1310 |
(7) Any other records that the superintendent requires. | 1311 |
(B) For purposes of this section, a licensee may retain a | 1312 |
document, paper, or other instrument or record by use of a process | 1313 |
to record, copy, photograph, or store a representation of the | 1314 |
original document, paper, or other instrument or record, if all of | 1315 |
the following apply: | 1316 |
(1) The process correctly and accurately copies or | 1317 |
reproduces, or provides a means for correctly and accurately | 1318 |
copying or reproducing, the original document, paper, or other | 1319 |
instrument or record with regard to both its substance and | 1320 |
appearance, except that the copy or reproduction need not reflect | 1321 |
the original paper or other medium, size, or color, unless the | 1322 |
medium, size, or color is necessary to establish the authenticity | 1323 |
of the original. | 1324 |
(2) The process does not permit the recording, copy, | 1325 |
photographic image, or stored representation of the original | 1326 |
document, paper, or other instrument or record to be altered or | 1327 |
manipulated. | 1328 |
(3) The medium the process uses to record, copy, photograph, | 1329 |
or store a representation of an original document, paper, or other | 1330 |
instrument or record is a durable medium for retaining and | 1331 |
reproducing records. | 1332 |
(C) A licensee may maintain its records described in division | 1333 |
(A) of this section at a location other than within this state, so | 1334 |
long as the licensee makes its records accessible to the | 1335 |
superintendent on seven business days written notice. | 1336 |
(D) No licensee shall fail to comply with this section. | 1337 |
Sec. 1315.10. (A) Subject to division (F) of this section, no | 1338 |
person, alone or acting in concert with other persons, shall, | 1339 |
directly or indirectly, acquire control of a licensee without the | 1340 |
prior approval of the superintendent of financial institutions. | 1341 |
(B) A person or group of persons proposing to acquire control | 1342 |
of a licensee shall submit an application for the superintendent's | 1343 |
approval in the form prescribed by the superintendent. | 1344 |
(C)(1) The superintendent may grant confidential treatment | 1345 |
for information in or related to an application described in | 1346 |
division (B) of this section, if confidential treatment is | 1347 |
requested by the applicant in compliance with division (C)(2) of | 1348 |
this section and any of the following applies: | 1349 |
(a) The information is of a commercial or financial nature, | 1350 |
disclosure of which likely would result in substantial harm to the | 1351 |
competitive position of the applicant or its affiliates or to any | 1352 |
party to the transaction or its affiliates. | 1353 |
(b) The information is of a personal, medical, financial, or | 1354 |
similar nature, disclosure of which would result in a clearly | 1355 |
unwarranted invasion of personal privacy. | 1356 |
(c) The information is contained in, related to, or derived | 1357 |
from examinations, operating or condition reports, agreements, | 1358 |
orders, or actions prepared by, on behalf of, or for the use of a | 1359 |
governmental agency or authority. | 1360 |
(d) The information has been filed with a governmental agency | 1361 |
or authority and has not been approved for disclosure by that | 1362 |
agency or authority. | 1363 |
(e) The information specifically is excepted from disclosure | 1364 |
by statute. | 1365 |
(2)(a) An applicant requesting confidential treatment under | 1366 |
division (C) of this section shall do so in writing at the time | 1367 |
the application containing the information, or additional | 1368 |
information related to an application, is submitted. | 1369 |
(b) The request described in division (C)(2)(a) of this | 1370 |
section separately shall address each item of information for | 1371 |
which confidential treatment is requested, explaining the | 1372 |
applicability of the asserted justification for confidential | 1373 |
treatment and either specifically demonstrating the harm that | 1374 |
would result from public disclosure of the item of information or | 1375 |
setting forth the reason that the applicant cannot authorize | 1376 |
public disclosure of the item of information. | 1377 |
(c) The applicant separately shall bind and identify all | 1378 |
items of information for which confidential treatment is requested | 1379 |
under division (C) of this section and make specific reference to | 1380 |
those items in the remainder of the application or additional | 1381 |
information related to the application. | 1382 |
(3)(a) The superintendent shall review a request for | 1383 |
confidential treatment under division (C) of this section and | 1384 |
provide the applicant with written notice of the superintendent's | 1385 |
decision on granting confidential treatment for each item of | 1386 |
information for which it is requested. | 1387 |
(b) If the superintendent's decision provided pursuant to | 1388 |
division (C)(3)(a) of this section is not to grant confidential | 1389 |
treatment to an item of information, the applicant may withdraw | 1390 |
the item of information by written notice within ten days after | 1391 |
the applicant's receipt of the superintendent's decision. If the | 1392 |
applicant fails to withdraw the item of information within the | 1393 |
ten-day period, the applicant is deemed to have waived the right | 1394 |
to withdraw, and the item of information is deemed a part of the | 1395 |
application available to the public. | 1396 |
(4)(a) An item of information submitted with a request for | 1397 |
confidential treatment under division (C) of this section is not | 1398 |
deemed filed with the superintendent until the superintendent | 1399 |
grants confidential treatment, or the applicant is deemed to have | 1400 |
waived the right to withdraw the item of information. | 1401 |
(b) Until the item of information submitted with a request | 1402 |
for confidential treatment is filed in accordance with division | 1403 |
(C)(4)(a) of this section, no person shall copy or inspect the | 1404 |
item of information or anything derived from the item of | 1405 |
information, except as is necessary to assist the superintendent | 1406 |
in deciding whether to grant confidential treatment to the item of | 1407 |
information in accordance with division (C) of this section. | 1408 |
(5) When an item of information is filed following the | 1409 |
superintendent's decision to grant it confidential treatment | 1410 |
pursuant to division (C)(3)(a) of this section, the item of | 1411 |
information is not a public record as defined in section 149.43 of | 1412 |
the Revised Code and only the superintendent shall use it in | 1413 |
connection with the performance of the duties and exercise of the | 1414 |
powers of the superintendent. Without prior notice to the | 1415 |
applicant, the superintendent may disclose or comment on any of | 1416 |
the contents of the application in an order, statement, or opinion | 1417 |
issued by the superintendent in connection with a decision on the | 1418 |
application. | 1419 |
(D)(1) If the superintendent requests, the applicant shall | 1420 |
bear the expense of the examination conducted in accordance with | 1421 |
section 1315.101 of the Revised Code, and upon the | 1422 |
superintendent's request, shall advance to the superintendent the | 1423 |
superintendent's estimate of the cost of the examination, with any | 1424 |
unconsumed portion to be returned to the applicant. | 1425 |
(2) If the superintendent requests payment pursuant to | 1426 |
division (D)(1) of this section, the applicant shall pay the cost | 1427 |
of its examination described in section 1315.101 of the Revised | 1428 |
Code, or any balance of the cost of its examination in the case of | 1429 |
an applicant that advanced the estimated cost of its examination, | 1430 |
within fourteen days after receiving an invoice for payment. | 1431 |
(E) The superintendent may do either of the following: | 1432 |
(1) Deny an application described in division (B) of this | 1433 |
section prior to the superintendent's acceptance of the | 1434 |
application for processing, on the basis that the applicant failed | 1435 |
to include all of the items and address all of the issues required | 1436 |
for the application, if both of the following apply: | 1437 |
(a) The superintendent advised the person that the | 1438 |
application was incomplete. | 1439 |
(b) After being advised by the superintendent pursuant to | 1440 |
division (E)(1)(a) of this section that the application was | 1441 |
incomplete, the person, within a reasonable period of time, did | 1442 |
not complete the application. | 1443 |
(2) Deny an application described in division (B) of this | 1444 |
section on the basis that the applicant failed to provide the | 1445 |
information necessary for the superintendent to consider the | 1446 |
application adequately after the superintendent's acceptance of | 1447 |
the application for processing, if both of the following apply: | 1448 |
(a) After beginning to process the application, the | 1449 |
superintendent determined and advised the applicant that | 1450 |
additional information was necessary to consider the application | 1451 |
adequately. | 1452 |
(b) After being advised by the superintendent pursuant to | 1453 |
division (E)(2)(a) of this section that additional information was | 1454 |
necessary to consider the application adequately, the applicant, | 1455 |
within a reasonable period of time, did not provide that | 1456 |
information. | 1457 |
(F)(1) Division (A) of this section requiring prior approval | 1458 |
to obtain control, directly or indirectly, of a licensee does not | 1459 |
apply to any of the following persons, but these persons shall | 1460 |
notify the superintendent of a change of control: | 1461 |
(a) A person that acts as a proxy for the sole purpose of | 1462 |
voting at a designated meeting of the shareholders or holders of | 1463 |
voting interests of a licensee or person in control of a licensee; | 1464 |
(b) A person that acquires control of a licensee by devise or | 1465 |
descent; | 1466 |
(c) A person that acquires control as a personal | 1467 |
representative, custodian, guardian, conservator, or trustee, or | 1468 |
as an officer appointed by a court of competent jurisdiction or by | 1469 |
operation of law; | 1470 |
(d) A person that the superintendent by rule or order | 1471 |
determines is not subject to division (A) of this section based on | 1472 |
the public interest. | 1473 |
(2) Division (A) of this section does not apply to public | 1474 |
offerings of securities. | 1475 |
(3) Before filing an application described in division (A) of | 1476 |
this section, a person may request in writing a determination from | 1477 |
the superintendent of whether the person would be considered a | 1478 |
person in control of a licensee upon consummation of a proposed | 1479 |
transaction. If the superintendent determines that the person | 1480 |
would not be a person in control of a licensee, the person and the | 1481 |
proposed transaction are not subject to the requirements of | 1482 |
division (A) of this section. | 1483 |
(G) No person shall fail to comply with this section. | 1484 |
Sec. 1315.101. (A) After accepting an application to acquire | 1485 |
control of a licensee described in section 1315.10 of the Revised | 1486 |
Code, the superintendent of financial institutions shall examine | 1487 |
all of the facts and circumstances relating to the application. | 1488 |
(B) The superintendent shall approve the application | 1489 |
described in division (A) of this section if the superintendent | 1490 |
determines both of the following: | 1491 |
(1) The competence, experience, and character of the | 1492 |
applicant or applicants seeking to acquire control of a licensee | 1493 |
and the applicant's or applicants' general fitness to operate the | 1494 |
licensee or person in control of the licensee in a lawful and | 1495 |
proper manner are acceptable. | 1496 |
(2) The interests of the public are not jeopardized by the | 1497 |
change of control. | 1498 |
Sec. 1315.11. (A) A licensee that chooses to conduct money | 1499 |
transmission activities in this state through an authorized | 1500 |
delegate shall execute an express written contract with the | 1501 |
authorized delegate that, at a minimum, sets forth all of the | 1502 |
following: | 1503 |
(1) The duties and responsibilities of the authorized | 1504 |
delegate regarding money or its equivalent received from persons | 1505 |
located in this state for transmission by the licensee; | 1506 |
(2) The duties and responsibilities of the authorized | 1507 |
delegate regarding instruments, devices, or processes used by the | 1508 |
licensee to transmit money; | 1509 |
(3) The duties and responsibilities of the authorized | 1510 |
delegate with regard to compliance with laws regulating money | 1511 |
transmission activities. | 1512 |
(B) A licensee shall monitor the activities of its authorized | 1513 |
delegate with regard to money or its equivalent received from | 1514 |
persons in this state for transmission by the licensee and for | 1515 |
compliance with all of the following: | 1516 |
(1) The written contract between the licensee and the | 1517 |
authorized delegate; | 1518 |
(2) Sections 1315.01 to 1315.18 of the Revised Code; | 1519 |
(3) Other laws applicable to the business of transmitting | 1520 |
money. | 1521 |
(C) As part of the examination of a licensee authorized by | 1522 |
section 1315.12 of the Revised Code, the superintendent of | 1523 |
financial institutions may examine the books and records and | 1524 |
policies and procedures of the licensee's authorized delegate. | 1525 |
(D)(1) An authorized delegate or other person that receives | 1526 |
money or its equivalent for transmission by a licensee shall keep | 1527 |
it separate and shall not commingle it with other money or | 1528 |
receipts. All money or its equivalent, less fees, that is received | 1529 |
by an authorized delegate or by any other person for transmission | 1530 |
by a licensee, from the time received until remitted to the | 1531 |
licensee, shall constitute funds owned by and belonging to the | 1532 |
licensee and shall be impressed with a trust for the benefit of | 1533 |
the person from which the money or its equivalent is received. | 1534 |
(2) If an authorized delegate or other person fails to comply | 1535 |
with division (D)(1) of this section and commingles any money or | 1536 |
its equivalent received for transmission by a licensee with any | 1537 |
other funds or property owned or controlled by the authorized | 1538 |
delegate or other person, all commingled proceeds and other | 1539 |
property shall be impressed with a trust in favor of the licensee | 1540 |
in an amount equal to the amount due the licensee. | 1541 |
(E) No licensee shall fail to comply with division (A) or (B) | 1542 |
of this section, and no authorized delegate or other person that | 1543 |
receives money or its equivalent for transmission by a licensee | 1544 |
shall fail to comply with division (D) of this section. | 1545 |
Sec. 1315.12. (A) As often as the superintendent of financial | 1546 |
institutions considers necessary, the superintendent, or any | 1547 |
deputy or examiner appointed or any contractor engaged by the | 1548 |
superintendent for that purpose, thoroughly shall examine the | 1549 |
records and affairs of each licensee. The examination shall | 1550 |
include a review of all of the following: | 1551 |
(1) Compliance with law; | 1552 |
(2) Safety and soundness; | 1553 |
(3) Other matters that the superintendent determines. | 1554 |
(B) The superintendent may conduct all aspects of an | 1555 |
examination described in division (A) of this section concurrently | 1556 |
or may divide the examination into constituent parts and conduct | 1557 |
them at various times. | 1558 |
(C)(1) The licensee shall bear the expense of the | 1559 |
examination. If the superintendent requests, the licensee shall | 1560 |
advance to the superintendent the superintendent's estimate of the | 1561 |
cost of the examination, with any unconsumed portion to be | 1562 |
returned to the licensee. | 1563 |
(2) A licensee shall pay the cost of its examination | 1564 |
conducted pursuant to this section, or any balance of the cost of | 1565 |
its examination in the case of a licensee that advanced the | 1566 |
estimated cost of its examination, within fourteen days of | 1567 |
receiving an invoice for payment. | 1568 |
(D) The superintendent shall preserve the report of each | 1569 |
examination conducted pursuant to this section, including related | 1570 |
correspondence received and copies of related correspondence sent, | 1571 |
for twenty years after the examination date. | 1572 |
Sec. 1315.121. (A) In administering sections 1315.01 to | 1573 |
1315.18 of the Revised Code and fulfilling the duties imposed by | 1574 |
those sections, including the duty imposed by section 1315.12 of | 1575 |
the Revised Code, the superintendent of financial institutions may | 1576 |
do any of the following: | 1577 |
(1) Participate with financial institution regulatory | 1578 |
authorities of this and other states, the United States, and other | 1579 |
countries in any of the following: | 1580 |
(a) Programs for alternate examinations of the records and | 1581 |
affairs of licensees and other money transmitters over which they | 1582 |
have concurrent jurisdiction; | 1583 |
(b) Joint or concurrent examinations of the records and | 1584 |
affairs of licensees and other money transmitters over which they | 1585 |
have concurrent jurisdiction; | 1586 |
(c) Coordinated examinations of the records and affairs of | 1587 |
licensees and other money transmitters over which they have | 1588 |
collective jurisdiction. | 1589 |
(2) Conduct, participate in, or coordinate independent, | 1590 |
concurrent, joint, or coordinated examinations of the records and | 1591 |
affairs of licensees and other money transmitters and otherwise | 1592 |
act on behalf of financial institution regulatory authorities of | 1593 |
this and other states, the United States, and other countries | 1594 |
having jurisdiction over the licensees and other money | 1595 |
transmitters; | 1596 |
(3) Rely on information leading to, arising from, or obtained | 1597 |
in the course of examinations conducted by financial institution | 1598 |
regulatory authorities of this and other states, the United | 1599 |
States, and other countries when both of the following apply: | 1600 |
(a) Pursuant to agreement and applicable law, the | 1601 |
superintendent may receive and use the information leading to, | 1602 |
arising from, or obtained in the course of the other regulatory | 1603 |
authorities' examinations in administering sections 1315.01 to | 1604 |
1315.18 of the Revised Code and acting under the authority of | 1605 |
those sections; | 1606 |
(b) In the superintendent's judgment the other regulatory | 1607 |
authorities' personnel, practices, and authority warrant the | 1608 |
superintendent's reliance. | 1609 |
(4) Authorize financial institution regulatory authorities of | 1610 |
this and other states, the United States, and other countries to | 1611 |
receive and use information leading to, arising from, or obtained | 1612 |
in the course of examinations conducted by the division of | 1613 |
financial institutions in the same manner and for the purposes | 1614 |
they could use information leading to, arising from, or obtained | 1615 |
in the course of their own examinations when both of the following | 1616 |
apply: | 1617 |
(a) Pursuant to applicable law, information leading to, | 1618 |
arising from, or obtained in the course of examinations the other | 1619 |
regulatory authorities conduct is protected from general | 1620 |
disclosure and may only be disclosed for purposes similar to those | 1621 |
provided in section 1315.122 of the Revised Code, which are | 1622 |
principally regulatory in nature, for disclosure of information | 1623 |
leading to, arising from, or obtained in the course of | 1624 |
examinations conducted by the division; | 1625 |
(b) Pursuant to agreement and applicable law, information | 1626 |
leading to, arising from, or obtained in the course of | 1627 |
examinations conducted by the division will, in the other | 1628 |
regulatory authorities' possession or the possession of any | 1629 |
persons to whom the other regulatory authorities disclosed the | 1630 |
information as a part of examinations of those persons, be | 1631 |
protected from disclosure to the same extent as information | 1632 |
leading to, arising from, or obtained in the course of those | 1633 |
regulatory authorities' examinations. | 1634 |
(5) Rely on the actions of financial institution regulatory | 1635 |
authorities of this and other states, the United States, or other | 1636 |
countries, or participate with them jointly, in responding to | 1637 |
violations of law, unsafe or unsound practices, breaches of | 1638 |
fiduciary duty, or other regulatory concerns affecting licensees | 1639 |
and other money transmitters over which they have concurrent | 1640 |
jurisdiction when the other regulatory authorities have adequate | 1641 |
personnel, practices, and authority to warrant the reliance; | 1642 |
(6) Implement other cooperative arrangements with financial | 1643 |
institution regulatory authorities of this and other states, the | 1644 |
United States, and other countries consistent with safety and | 1645 |
soundness. | 1646 |
(B) No person shall use any reliance by the superintendent, | 1647 |
in whole or in part, on financial institution regulatory | 1648 |
authorities of this or other states, the United States, or other | 1649 |
countries in accordance with division (A) of this section to | 1650 |
support any assertion of either of the following: | 1651 |
(1) Failure of the superintendent or division to properly | 1652 |
administer sections 1315.01 to 1315.18 of the Revised Code or | 1653 |
fulfill the duties imposed by those sections; | 1654 |
(2) Disagreement by the superintendent or division with any | 1655 |
action taken by financial institution regulatory authorities of | 1656 |
this or other states, the United States, or other countries. | 1657 |
(C) In conducting, participating in, or coordinating | 1658 |
independent, concurrent, joint, or coordinated examinations of the | 1659 |
records and affairs of licensees and other money transmitters, the | 1660 |
superintendent may purchase services from financial institution | 1661 |
regulatory authorities of this and other states, the United | 1662 |
States, and other countries, including services provided by | 1663 |
employees of other financial institution regulatory authorities in | 1664 |
their capacities as employees of other financial institution | 1665 |
regulatory authorities. The purchase of services from one or more | 1666 |
financial institution regulatory authorities of this and other | 1667 |
states, the United States, or other countries is the purchase of | 1668 |
services from a sole source provider and is not the employment of | 1669 |
any financial institution regulatory authority or any of its | 1670 |
employees. | 1671 |
The authority to purchase services pursuant to this division | 1672 |
does not impair the superintendent's authority to purchase | 1673 |
services from any other source. | 1674 |
Sec. 1315.122. (A) Information leading to, arising from, or | 1675 |
obtained in the course of the examination of a licensee or other | 1676 |
person conducted pursuant to the authority of sections 1315.01 to | 1677 |
1315.18 of the Revised Code is privileged and confidential. No | 1678 |
person, including any person to whom the information is disclosed | 1679 |
under the authority of this section, shall disclose information | 1680 |
leading to, arising from, or obtained in the course of an | 1681 |
examination, except as specifically provided in this section. | 1682 |
(B) The superintendent of financial institutions and the | 1683 |
superintendent's agents and employees may disclose information | 1684 |
leading to, arising from, or obtained in the course of an | 1685 |
examination conducted pursuant to section 1315.12 or 1315.121 of | 1686 |
the Revised Code as follows: | 1687 |
(1) To the governor, director of commerce, or deputy director | 1688 |
of commerce to enable them to act in the interests of the public; | 1689 |
(2) To the banking commission, created pursuant to section | 1690 |
1123.01 of the Revised Code, to enable the commission to | 1691 |
effectively advise the superintendent and take action on any | 1692 |
matter the superintendent presents to the commission; | 1693 |
(3) To financial institution regulatory authorities of this | 1694 |
and other states, the United States, and other countries to assist | 1695 |
them in their regulatory duties; | 1696 |
(4) To the directors, officers, agents, and parent company of | 1697 |
the licensee or other money transmitter examined to assist them in | 1698 |
conducting the business of the licensee or other money transmitter | 1699 |
examined in a safe and sound manner and in compliance with the | 1700 |
law; | 1701 |
(5) To law enforcement authorities conducting criminal | 1702 |
investigations. | 1703 |
(C) Information leading to, arising from, or obtained in the | 1704 |
course of an examination of a licensee or other person pursuant to | 1705 |
sections 1315.01 to 1315.18 of the Revised Code shall not be | 1706 |
discoverable from any source. The information shall not be | 1707 |
introduced into evidence, except in the following circumstances: | 1708 |
(1) In connection with criminal proceedings; | 1709 |
(2) When, in the opinion of the superintendent, it is | 1710 |
appropriate with regard to enforcement actions taken and decisions | 1711 |
made by the superintendent under the authority of sections 1315.01 | 1712 |
to 1315.18 of the Revised Code regarding a licensee or other | 1713 |
person; | 1714 |
(3) When litigation has been initiated by the superintendent | 1715 |
in furtherance of the powers, duties, and obligations imposed upon | 1716 |
the superintendent by sections 1315.01 to 1315.18 of the Revised | 1717 |
Code; | 1718 |
(4) When authorized by agreements between the superintendent | 1719 |
and financial institution regulatory authorities of this and other | 1720 |
states, the United States, and other countries authorized by | 1721 |
section 1315.121 of the Revised Code; | 1722 |
(5) When and in the manner authorized in section 1181.25 of | 1723 |
the Revised Code. | 1724 |
(D) A report of an examination conducted pursuant to section | 1725 |
1315.12 or 1315.121 of the Revised Code is the property of the | 1726 |
division of financial institutions. Under no circumstances may the | 1727 |
licensee or other money transmitter examined, its directors, | 1728 |
officers, employees, agents, regulated persons, or contractors, or | 1729 |
any person having knowledge or possession of a report of | 1730 |
examination, or any of its contents, disclose or make public in | 1731 |
any manner the report of examination or its contents. The | 1732 |
authority provided in division (B)(4) of this section for use of | 1733 |
examination information to assist in conducting the business of | 1734 |
the licensee or other money transmitter examined in a safe and | 1735 |
sound manner and in compliance with law shall not be construed to | 1736 |
authorize disclosure of a report of examination or any of its | 1737 |
contents in conducting business with the examined licensee's or | 1738 |
other money transmitter's customers, creditors, or shareholders, | 1739 |
or with other persons. | 1740 |
(E) Whoever violates this section shall be removed from | 1741 |
office, shall be liable, with the violator's bonder in damages to | 1742 |
the person injured by the disclosure of information, and is guilty | 1743 |
of a felony of the fourth degree. | 1744 |
Sec. 1315.13. Annually, the superintendent shall establish | 1745 |
both of the following: | 1746 |
(A) The application fee for an application for a license to | 1747 |
transmit money under section 1315.03 of the Revised Code; | 1748 |
(B) An annual fee described in division (E) of section | 1749 |
1315.04 of the Revised Code for each licensee to carry on the | 1750 |
business of a money transmitter. When establishing the annual fee | 1751 |
for each licensee, the superintendent may consider the number of | 1752 |
offices and authorized delegates the licensee has and the volume | 1753 |
of business the licensee does in this state. | 1754 |
Sec. 1315.14. The superintendent of financial institutions | 1755 |
may adopt rules that, in the superintendent's judgment, are | 1756 |
necessary or appropriate to carry out the purposes of sections | 1757 |
1315.01 to 1315.18 of the Revised Code. | 1758 |
Sec. 1315.15. (A) The superintendent of financial | 1759 |
institutions may issue and serve a notice of charges and intent to | 1760 |
issue a cease and desist order upon a licensee or other person if, | 1761 |
in the opinion of the superintendent, either of the following | 1762 |
applies to the licensee or other person: | 1763 |
(1) The licensee or other person is engaging, has engaged, | 1764 |
or, the superintendent has reasonable cause to believe, is about | 1765 |
to engage in an unsafe or unsound practice in conducting the | 1766 |
business of transmitting money. | 1767 |
(2) The licensee or other person is violating, has violated, | 1768 |
or, the superintendent has reasonable cause to believe, is about | 1769 |
to violate any of the following: | 1770 |
(a) A law or rule; | 1771 |
(b) A condition imposed in writing by the superintendent in | 1772 |
connection with granting an application or other request by the | 1773 |
licensee or other person; | 1774 |
(c) A written agreement entered into with the superintendent. | 1775 |
(B) The notice of charges and intent to issue a cease and | 1776 |
desist order described in division (A) of this section shall | 1777 |
include all of the following: | 1778 |
(1) A statement of the violation or violations or unsafe or | 1779 |
unsound practice or practices alleged; | 1780 |
(2) A statement of the facts constituting the violation or | 1781 |
violations or unsafe or unsound practice or practices alleged; | 1782 |
(3) Notice that the licensee or other person is entitled to a | 1783 |
hearing, in accordance with section 1315.17 of the Revised Code, | 1784 |
to determine whether a cease and desist order should be issued | 1785 |
against the licensee or other person, if the licensee or other | 1786 |
person requests the hearing within thirty days of service of the | 1787 |
notice; | 1788 |
(4) Notice that, if the licensee or other person makes a | 1789 |
timely request for a hearing, the licensee or other person may | 1790 |
appear at the hearing in person or by attorney or by presenting | 1791 |
positions, arguments, and contentions in writing, and at the | 1792 |
hearing may present evidence and examine witnesses for and against | 1793 |
the licensee or other person. | 1794 |
(5) Notice that failure of the licensee or other person to | 1795 |
make a timely request for a hearing to determine whether a cease | 1796 |
and desist order should be issued or to appear at the hearing, in | 1797 |
person, by attorney, or by writing, is consent by the licensee or | 1798 |
other person to the issuance of the cease and desist order. | 1799 |
(C) The superintendent may issue a cease and desist order | 1800 |
against the licensee or other person if any of the following | 1801 |
applies: | 1802 |
(1) The licensee or other person consents to the issuance of | 1803 |
the cease and desist order. | 1804 |
(2) Upon the record of the hearing described in division (B) | 1805 |
of this section, the superintendent finds that a violation or | 1806 |
unsafe or unsound practice has been established. | 1807 |
(3) The superintendent determines that the licensee's or | 1808 |
other person's books and records are too incomplete or inaccurate | 1809 |
to permit the superintendent, through the normal supervisory | 1810 |
process, to determine the financial condition of the licensee or | 1811 |
other person or the details or purpose of one or more transactions | 1812 |
that may have a material effect on the financial condition of the | 1813 |
licensee or other person. | 1814 |
(4) The superintendent finds that the violation or unsafe or | 1815 |
unsound practice alleged in division (B) of this section is | 1816 |
likely, prior to completion of the hearing described in that | 1817 |
division, to cause any of the following: | 1818 |
(a) The licensee's or other person's insolvency; | 1819 |
(b) Significant dissipation of the licensee's or other | 1820 |
person's earnings or assets; | 1821 |
(c) Weakening of the licensee's or other person's condition | 1822 |
or other prejudice to the interests of the licensee's or other | 1823 |
person's customers. | 1824 |
(D) A cease and desist order may require the licensee or | 1825 |
other person to cease and desist from each violation or unsafe or | 1826 |
unsound practice, to correct or remedy the conditions resulting | 1827 |
from each violation or unsafe or unsound practice, and to take | 1828 |
affirmative action, including any of the following: | 1829 |
(1) Make restitution or provide reimbursement, | 1830 |
indemnification, or guarantee against loss, if either of the | 1831 |
following applies: | 1832 |
(a) The licensee or other person was or will be unjustly | 1833 |
enriched in connection with the violation or practice. | 1834 |
(b) The violation or practice involved a reckless disregard | 1835 |
for the law or any applicable rule or prior order of the | 1836 |
superintendent. | 1837 |
(2) Restrict the licensee's or other person's growth; | 1838 |
(3) Dispose of any loan or asset involved; | 1839 |
(4) Rescind agreements or contracts; | 1840 |
(5) Employ qualified officers or employees, who may be | 1841 |
subject to approval by the superintendent; | 1842 |
(6) Take any other action that the superintendent determines | 1843 |
appropriate. | 1844 |
(E) A cease and desist order issued by the superintendent | 1845 |
pursuant to division (C) of this section is effective at the time | 1846 |
specified in the order, which shall be as follows: | 1847 |
(1) In the case of a cease and desist order issued pursuant | 1848 |
to division (C)(2) of this section, not less than thirty days | 1849 |
after service of the order upon the licensee or other person; | 1850 |
(2) In the case of a cease and desist order issued pursuant | 1851 |
to division (C)(1), (3), or (4) of this section, immediately upon | 1852 |
service of the order on the licensee or other person. | 1853 |
(F) A cease and desist order shall remain effective and | 1854 |
enforceable as provided in the order except to the extent it is | 1855 |
stayed, modified, terminated, or set aside by action of the | 1856 |
superintendent or a reviewing court. If, upon the record of a | 1857 |
hearing, the superintendent determines not to issue a cease and | 1858 |
desist order, any cease and desist order issued pursuant to | 1859 |
division (C)(3) or (4) of this section is terminated. | 1860 |
(G) Within ten days after being served a cease and desist | 1861 |
order issued pursuant to division (C)(3) or (4) of this section, a | 1862 |
licensee or other person may apply to the court of common pleas of | 1863 |
the county in which the principal place of business of the | 1864 |
licensee or other person is located, or to the court of common | 1865 |
pleas of Franklin county, for an injunction setting aside, | 1866 |
limiting, or suspending the enforcement, operation, or | 1867 |
effectiveness of the cease and desist order pending completion of | 1868 |
the hearing to determine whether a cease and desist order should | 1869 |
be issued against the licensee or other person pursuant to | 1870 |
division (C)(2) of this section, and the court has jurisdiction to | 1871 |
issue the injunction. | 1872 |
Sec. 1315.151. (A) The superintendent of financial | 1873 |
institutions may issue and serve a notice of charges and intent to | 1874 |
suspend or revoke a licensee's license, if the superintendent | 1875 |
finds that any of the following applies: | 1876 |
(1) Any fact or condition exists that, if it had existed at | 1877 |
the time when the licensee applied for its license, would have | 1878 |
been grounds for denying the application. | 1879 |
(2) The licensee's net worth becomes inadequate and the | 1880 |
licensee, after ten days' written notice from the superintendent, | 1881 |
fails to take steps that the superintendent considers necessary to | 1882 |
remedy the deficiency. | 1883 |
(3) The licensee knowingly violates any material provision of | 1884 |
sections 1315.01 to 1315.18 of the Revised Code or any rule or | 1885 |
order adopted by the superintendent. | 1886 |
(4) The licensee is conducting its business in an unsafe or | 1887 |
unsound manner. | 1888 |
(5) The licensee is insolvent. | 1889 |
(6) The licensee has suspended payment of its obligations, | 1890 |
has made an assignment for the benefit of its creditors, or has | 1891 |
admitted in writing its inability to pay its debts as they become | 1892 |
due. | 1893 |
(7) The licensee has applied for an adjudication of | 1894 |
bankruptcy, reorganization, arrangement, or other relief relating | 1895 |
to bankruptcy. | 1896 |
(8) The licensee refuses to permit the superintendent to make | 1897 |
any examination authorized by sections 1315.01 to 1315.18 of the | 1898 |
Revised Code. | 1899 |
(9) The licensee willfully fails to make any report required | 1900 |
by sections 1315.01 to 1315.18 of the Revised Code. | 1901 |
(10) The competence, experience, character, or general | 1902 |
fitness of the licensee indicates that it is not in the public | 1903 |
interest to permit the licensee to continue to transmit money in | 1904 |
this state. | 1905 |
(B) The notice of charges and intent to suspend or revoke a | 1906 |
license described in division (A) of this section shall include | 1907 |
all of the following: | 1908 |
(1) A statement of the grounds alleged; | 1909 |
(2) A statement of the facts constituting the grounds | 1910 |
alleged; | 1911 |
(3) Notice that the licensee is entitled to a hearing, in | 1912 |
accordance with section 1315.17 of the Revised Code, to determine | 1913 |
whether a license should be suspended or revoked, if the licensee | 1914 |
requests the hearing within thirty days of service of the notice; | 1915 |
(4) Notice that, if the licensee makes a timely request for a | 1916 |
hearing, the licensee may appear at the hearing in person or by | 1917 |
attorney or by presenting positions, arguments, and contentions in | 1918 |
writing, and at the hearing may present evidence and examine | 1919 |
witnesses for and against the licensee. | 1920 |
(5) Notice that failure of the licensee to make a timely | 1921 |
request for a hearing to determine whether the license should be | 1922 |
suspended or revoked or to appear at the hearing, in person, by | 1923 |
attorney, or by writing, is consent by the licensee to the | 1924 |
suspension or revocation of the license. | 1925 |
(C) The superintendent may order a license suspended or | 1926 |
revoked, if any of the following applies: | 1927 |
(1) The licensee consents to the suspension or revocation. | 1928 |
(2) Upon the record of the hearing described in division (B) | 1929 |
of this section, the superintendent finds that one or more grounds | 1930 |
alleged pursuant to that division have been established. | 1931 |
(3) The superintendent determines that the licensee's books | 1932 |
and records are too incomplete or inaccurate to permit the | 1933 |
superintendent, through the normal supervisory process, to | 1934 |
determine the financial condition of the licensee or the details | 1935 |
or purpose of one or more transactions that may have a material | 1936 |
effect on the financial condition of the licensee. | 1937 |
(4) The superintendent finds that one or more of the grounds | 1938 |
alleged pursuant to division (B) of this section are likely, prior | 1939 |
to completion of the hearing described in that division, to cause | 1940 |
any of the following: | 1941 |
(a) The licensee's insolvency; | 1942 |
(b) Significant dissipation of the licensee's earnings or | 1943 |
assets; | 1944 |
(c) Weakening of the licensee's condition or other prejudice | 1945 |
to the interests of the licensee's customers. | 1946 |
(D) A suspension or revocation of a license order issued by | 1947 |
the superintendent pursuant to division (C) of this section is | 1948 |
effective at the time specified in the order, which shall be as | 1949 |
follows: | 1950 |
(1) In the case of a suspension or revocation order issued | 1951 |
pursuant to division (C)(2) of this section, not less than thirty | 1952 |
days after service of the order upon the licensee; | 1953 |
(2) In the case of a suspension or revocation order issued | 1954 |
pursuant to division (C)(1), (3), or (4) of this section, | 1955 |
immediately upon service of the order on the licensee. | 1956 |
(E) A suspension or revocation of a license order shall | 1957 |
remain effective and enforceable as provided in the order except | 1958 |
to the extent it is stayed, modified, terminated, or set aside by | 1959 |
action of the superintendent or a reviewing court. If, upon the | 1960 |
record of a hearing, the superintendent determines not to suspend | 1961 |
or revoke a license, any suspension or revocation order issued | 1962 |
pursuant to division (C)(3) or (4) of this section is terminated. | 1963 |
(F) Within ten days after being served a suspension or | 1964 |
revocation of a license order issued pursuant to division (C)(3) | 1965 |
or (4) of this section, a licensee may apply to the court of | 1966 |
common pleas of the county in which the principal place of | 1967 |
business of the licensee is located, or to the court of common | 1968 |
pleas of Franklin county, for an injunction setting aside, | 1969 |
limiting, or suspending the enforcement, operation, or | 1970 |
effectiveness of the suspension or revocation order pending | 1971 |
completion of the hearing to determine whether a suspension or | 1972 |
revocation order should be issued against the licensee pursuant to | 1973 |
division (C)(2) of this section, and the court has jurisdiction to | 1974 |
issue the injunction. | 1975 |
Sec. 1315.152. (A) The superintendent of financial | 1976 |
institutions may assess civil penalties against a licensee or | 1977 |
other person for each day a violation, unsafe or unsound practice, | 1978 |
or breach continues as follows: | 1979 |
(1) The superintendent may assess a civil penalty of not more | 1980 |
than five hundred dollars per day if the licensee or other person | 1981 |
violates any of the following: | 1982 |
(a) Any law or rule; | 1983 |
(b) Any order issued pursuant to section 1315.15 or 1315.151 | 1984 |
of the Revised Code; | 1985 |
(c) Any condition imposed in writing by the superintendent in | 1986 |
connection with granting any application by the licensee or other | 1987 |
person; | 1988 |
(d) A written agreement between the licensee or other person | 1989 |
and the superintendent. | 1990 |
(2) The superintendent may assess a civil penalty of not more | 1991 |
than one thousand dollars per day if both of the following apply: | 1992 |
(a) The licensee or other person does any of the following: | 1993 |
(i) Commits any violation listed in division (A)(1) of this | 1994 |
section; | 1995 |
(ii) Recklessly engages in an unsafe or unsound practice; | 1996 |
(iii) Breaches any fiduciary duty. | 1997 |
(b) The violation, unsafe or unsound practice, or breach is | 1998 |
part of a pattern of misconduct or causes or is likely to cause | 1999 |
more than a minimal loss to the licensee or other person. | 2000 |
(B) A notice of assessment of a civil penalty shall include | 2001 |
all of the following: | 2002 |
(1) A statement of the violation or violations or unsafe or | 2003 |
unsound practice or practices or breach or breaches alleged; | 2004 |
(2) A statement of the facts supporting the assessment of the | 2005 |
civil penalty; | 2006 |
(3) Notice that the licensee or other person is entitled to a | 2007 |
hearing, in accordance with section 1315.17 of the Revised Code to | 2008 |
determine whether a civil penalty should be assessed against the | 2009 |
licensee or other person, if the licensee or other person requests | 2010 |
the hearing within thirty days of service of the notice of | 2011 |
assessment of a civil penalty; | 2012 |
(4) Notice that, if the licensee or other person makes a | 2013 |
timely request for a hearing, the licensee or other person may | 2014 |
appear at the hearing in person, by attorney, or by presenting | 2015 |
positions, arguments, and contentions in writing, and at the | 2016 |
hearing may present evidence and examine witnesses for and against | 2017 |
the licensee or other person; | 2018 |
(5) Notice that failure of the licensee or other person to | 2019 |
make a timely request for a hearing to determine whether a civil | 2020 |
penalty should be assessed against the licensee or other person, | 2021 |
or to appear at the hearing, in person, by attorney, or by | 2022 |
writing, is consent by the licensee or other person to the | 2023 |
assessment of the civil penalty. | 2024 |
(C) The superintendent may assess a civil penalty if either | 2025 |
of the following applies: | 2026 |
(1) The licensee or other person consents to the assessment | 2027 |
of the civil penalty. | 2028 |
(2) Upon the record of the hearing described in division (B) | 2029 |
of this section the superintendent finds a violation, unsafe or | 2030 |
unsound practice, or breach has been established. | 2031 |
(D) In determining the amount of the civil penalty to be | 2032 |
assessed pursuant to this section, the superintendent shall | 2033 |
consider all of the following: | 2034 |
(1) The seriousness of and the risk posed by the violation, | 2035 |
unsafe or unsound practice, or breach; | 2036 |
(2) The licensee's or other person's good faith efforts to | 2037 |
prevent the violation, unsafe or unsound practice, or breach; | 2038 |
(3) The licensee's or other person's history regarding | 2039 |
violations, unsafe or unsound practices, and breaches; | 2040 |
(4) The licensee's or other person's financial resources; | 2041 |
(5) Any other matters justice may require. | 2042 |
(E) Any licensee's or other person assessed a civil penalty | 2043 |
pursuant to this section shall pay the civil penalty to the | 2044 |
superintendent, and the superintendent shall deposit any civil | 2045 |
penalty paid into the state treasury to the credit of the general | 2046 |
revenue fund. | 2047 |
Sec. 1315.153. If the superintendent of financial | 2048 |
institutions has reason to believe that a person has violated or | 2049 |
is violating section 1315.02 of the Revised Code, the | 2050 |
superintendent may petition the court of common pleas of the | 2051 |
county where the person's principal place of business or residence | 2052 |
is located or, if the person's principal place of business or | 2053 |
residence is not in this state, the court of common pleas of | 2054 |
Franklin county for the issuance of a temporary restraining order | 2055 |
or an injunction. | 2056 |
Sec. 1315.16. (A) The superintendent of financial | 2057 |
institutions may do both of the following: | 2058 |
(1) Summon and compel, by order or subpoena, witnesses to | 2059 |
appear before the superintendent, deputy superintendent, examiner, | 2060 |
or attorney examiner, and testify under oath regarding the affairs | 2061 |
of a licensee or other person; | 2062 |
(2) Compel, by order or subpoena, the production of any | 2063 |
record, book, paper, document, item, or other thing pertaining to | 2064 |
a licensee or other person. | 2065 |
(B) The superintendent shall serve an order or subpoena | 2066 |
issued pursuant to division (A) of this section in any manner | 2067 |
provided by section 1315.161 of the Revised Code. | 2068 |
(C) If a person fails to comply with an order or subpoena of | 2069 |
the superintendent or refuses to testify to any matter regarding | 2070 |
which the person is lawfully interrogated before the | 2071 |
superintendent, on application of the superintendent, the court of | 2072 |
common pleas of the county in which the person resides or in which | 2073 |
the principal place of business of the person is located, or a | 2074 |
judge of the court, shall compel compliance by attachment | 2075 |
proceedings as for contempt in the case of noncompliance with a | 2076 |
subpoena issued from the court or refusal to testify in the court. | 2077 |
Sec. 1315.161. (A) The superintendent of financial | 2078 |
institutions may serve any notice that the superintendent is | 2079 |
required or authorized to give and any subpoena or order that the | 2080 |
superintendent is required or authorized to issue pursuant to | 2081 |
sections 1315.01 to 1315.18 of the Revised Code, at the sole | 2082 |
discretion of the superintendent, by any of the following means: | 2083 |
(1) In person by the superintendent or an employee or agent | 2084 |
of the division of financial institutions; | 2085 |
(2) By regular mail; | 2086 |
(3) By registered or certified mail; | 2087 |
(4) By private carrier; | 2088 |
(5) By any other means permitted by the Rules of Civil | 2089 |
Procedure for service of process; | 2090 |
(6) By any other manner the superintendent provides, by rule | 2091 |
or otherwise, that is reasonably calculated to give notice, | 2092 |
including by publication. | 2093 |
(B) A notice, subpoena, or order served by the superintendent | 2094 |
in accordance with this section is effective upon delivery with | 2095 |
respect to divisions (A)(1) and (4) of this section, upon placing | 2096 |
in the regular mail with respect to divisions (A)(2) and (3) of | 2097 |
this section, and upon publication or completion of the act | 2098 |
reasonably calculated to give notice with respect to division | 2099 |
(A)(6) of this section. | 2100 |
(C) Fees for service of a notice, subpoena, or order | 2101 |
described in division (A) of this section shall be paid from | 2102 |
amounts appropriated to the division of financial institutions for | 2103 |
that purpose. | 2104 |
Sec. 1315.17. (A)(1) Upon a licensee's or other person's | 2105 |
request for an administrative hearing authorized in section | 2106 |
1315.15, 1315.151, or 1315.152 of the Revised Code, the division | 2107 |
of financial institutions shall set a reasonable time, date, and | 2108 |
place in this state for the hearing and notify the licensee or | 2109 |
other person requesting the hearing. Within ninety days after the | 2110 |
hearing, the superintendent of financial institutions shall render | 2111 |
a decision, which shall include findings of fact upon which the | 2112 |
decision is predicated, and shall issue and serve on the licensee | 2113 |
or other person the decision and an order consistent with the | 2114 |
decision. Judicial review of the order exclusively is as provided | 2115 |
in division (B) of this section. Unless a notice of appeal is | 2116 |
filed within thirty days after service of the superintendent's | 2117 |
order as provided in division (B) of this section, and until the | 2118 |
record of the administrative hearing has been filed, the | 2119 |
superintendent may, at anytime, upon the notice and in the manner | 2120 |
that the superintendent considers proper, modify, terminate, or | 2121 |
set aside the superintendent's order. After filing the record, the | 2122 |
superintendent may modify, terminate, or set aside the | 2123 |
superintendent's order with permission of the court. | 2124 |
(2) In the course of, or in connection with, an | 2125 |
administrative hearing governed by this section, the | 2126 |
superintendent, or a person designated by the superintendent to | 2127 |
conduct the hearing, may administer oaths and affirmations; take | 2128 |
or cause depositions to be taken; and issue, revoke, quash, or | 2129 |
modify subpoenas and subpoenas duces tecum. The superintendent may | 2130 |
adopt rules regarding these hearings. The attendance of witnesses | 2131 |
and the production of documents provided for in this section may | 2132 |
be required from any place within or outside the state. A party to | 2133 |
a hearing governed by this section may apply to the court of | 2134 |
common pleas of Franklin county, or the court of common pleas of | 2135 |
the county in which the hearing is being conducted or the witness | 2136 |
resides or carries on business, for enforcement of a subpoena or | 2137 |
subpoena duces tecum issued pursuant to this section, and the | 2138 |
courts have jurisdiction and power to order and require compliance | 2139 |
with the subpoena. Witnesses subpoenaed under this section shall | 2140 |
be paid the same fees and mileage that are paid witnesses in the | 2141 |
courts of common pleas in civil cases. | 2142 |
(B)(1) A licensee or other person against whom the | 2143 |
superintendent issues an order upon the record of a hearing under | 2144 |
the authority of section 1315.15, 1315.151, or 1315.152 of the | 2145 |
Revised Code may obtain a review of the order by filing a notice | 2146 |
of appeal in the court of common pleas in the county in which the | 2147 |
principal place of business of the licensee or other person, or | 2148 |
the residence of the other person, is located, or in the court of | 2149 |
common pleas of Franklin county, within thirty days after the date | 2150 |
of service of the superintendent's order. The clerk of the court | 2151 |
promptly shall transmit a copy of the notice of appeal to the | 2152 |
superintendent, and the superintendent shall file the record of | 2153 |
the administrative hearing. Upon the filing of the notice of | 2154 |
appeal, the court has jurisdiction, which upon the filing of the | 2155 |
record of the administrative hearing is exclusive, to affirm, | 2156 |
modify, terminate, or set aside, in whole or in part, the | 2157 |
superintendent's order. | 2158 |
(2) The commencement of proceedings for judicial review | 2159 |
pursuant to division (B) of this section does not, unless | 2160 |
specifically ordered by the court, operate as a stay of any order | 2161 |
issued by the superintendent. If it appears to the court an | 2162 |
unusual hardship to the appellant will result from the execution | 2163 |
of the superintendent's order pending determination of the appeal, | 2164 |
and the interests of the public will not be threatened by a stay | 2165 |
of the order, the court may grant a stay and fix its terms. | 2166 |
(C) The superintendent may, in the sole discretion of the | 2167 |
superintendent, apply to the court of common pleas of the county | 2168 |
in which the principal place of business of the licensee or other | 2169 |
person, or the residence of the other person, is located, or the | 2170 |
court of common pleas of Franklin county, for the enforcement of | 2171 |
an effective and outstanding superintendent's order issued under | 2172 |
section 1315.15, 1315.151, or 1315.152 of the Revised Code, and | 2173 |
the court has jurisdiction and power to order and require | 2174 |
compliance with the superintendent's order. In an action by the | 2175 |
superintendent pursuant to this division to enforce an order | 2176 |
assessing a civil penalty issued under section 1315.152 of the | 2177 |
Revised Code, the validity and appropriateness of the civil | 2178 |
penalty is not subject to review. | 2179 |
(D) No court has jurisdiction to affect, by injunction or | 2180 |
otherwise, the issuance or enforcement of an order issued under | 2181 |
section 1315.15, 1315.151, or 1315.152 of the Revised Code or to | 2182 |
review, modify, suspend, terminate, or set aside an order issued | 2183 |
under section 1315.15, 1315.151, or 1315.152 of the Revised Code, | 2184 |
except as provided in this section, in division (G) of section | 2185 |
1315.15 of the Revised Code for an order issued pursuant to | 2186 |
division (C)(3) or (4) of section 1315.15 of the Revised Code, or | 2187 |
in division (F) of section 1315.151 of the Revised Code for an | 2188 |
order issued pursuant to division (C)(3) or (4) of section | 2189 |
1315.151 of the Revised Code. | 2190 |
(E) Nothing in this section or in any other section of the | 2191 |
Revised Code or rules implementing this or any other section of | 2192 |
the Revised Code shall prohibit or limit the superintendent from | 2193 |
doing any of the following: | 2194 |
(1) Issuing orders pursuant to section 1315.15, 1315.151, or | 2195 |
1315.152 of the Revised Code; | 2196 |
(2) Individually or contemporaneously taking any other action | 2197 |
provided by law or rule with respect to a licensee or other | 2198 |
person; | 2199 |
(3) Taking any action provided by law or rule, whether alone | 2200 |
or in conjunction with another regulatory agency or authority, | 2201 |
with respect to a licensee or other person. | 2202 |
Sec. 1315.18. (A) A licensee that ceases to do business in | 2203 |
this state shall do so in accordance with a plan approved by the | 2204 |
superintendent of financial institutions or pursuant to directions | 2205 |
issued by the superintendent in connection with the revocation or | 2206 |
suspension of the licensee's license pursuant to section 1315.151 | 2207 |
of the Revised Code. | 2208 |
(B) When a licensee ceases to do business in this state, if | 2209 |
the superintendent considers it necessary to protect the interests | 2210 |
of the licensee's customers, the superintendent may do either of | 2211 |
the following: | 2212 |
(1) Take control of permissible investments or other assets | 2213 |
owned by the licensee equal in value to the licensee's | 2214 |
outstandings in this state; | 2215 |
(2) Require the sale of the licensee's contracts for | 2216 |
continuing services or require the licensee's termination of those | 2217 |
contracts with compensation to the customers for loss of the | 2218 |
services. | 2219 |
(C) No licensee shall fail to comply with this section. | 2220 |
Sec. 1315.21. As used in sections 1315.21 to 1315.30 of the | 2221 |
Revised Code: | 2222 |
(A) "Check" means any check, draft, money order, or other | 2223 |
instrument for the transmission or payment of money. "Check" does | 2224 |
not include a travelers check. | 2225 |
(B) "Check-cashing business" means any person | 2226 |
engages in the business of cashing checks for a fee. | 2227 |
"Check-cashing business" does not include any of the following: | 2228 |
(1) A licensee as defined in section 1321.01 of the Revised | 2229 |
Code; | 2230 |
(2) A registrant as defined in section 1321.51 of the Revised | 2231 |
Code; | 2232 |
(3) A financial institution; | 2233 |
(4) A person | 2234 |
selling tangible personal property or services at retail and does | 2235 |
not derive more than five per cent of | 2236 |
income from the cashing of checks; | 2237 |
(5) A person licensed under sections
1315.01 to | 2238 |
1315.18 of the Revised Code, or any agent of that person, to the | 2239 |
extent that the person or the agent is engaged in cashing checks | 2240 |
or travelers checks issued by the licensed person. | 2241 |
(C) "Financial institution" means any bank, trust company, | 2242 |
savings bank, savings and loan association, or credit union,
| 2243 |
that is incorporated or organized under the laws of the United | 2244 |
States or of any state thereof, or of Canada or any province | 2245 |
thereof, and subject to regulation or supervision by such country, | 2246 |
state, or province. | 2247 |
(D) "Superintendent of financial institutions" includes the | 2248 |
deputy superintendent for consumer finance as provided in section | 2249 |
1181.21 of the Revised Code. | 2250 |
Sec. 1315.99. (A) Whoever violates | 2251 |
2252 | |
or division (E)(2) of section 1315.53 of the Revised Code is | 2253 |
guilty of a misdemeanor of the first degree. | 2254 |
(B) Whoever violates division (F)(1) of section 1315.53 or | 2255 |
division (B) of section 1315.54 of the Revised Code is guilty of a | 2256 |
felony of the fourth degree. | 2257 |
(C) Whoever violates division (A) of section 1315.55 of the | 2258 |
Revised Code is guilty of money laundering. A violation of | 2259 |
division (A)(1), (2), (3), (4), or (5) of that section is a felony | 2260 |
of the third degree, and, in addition, the court may impose a fine | 2261 |
of seven thousand five hundred dollars or twice the value of the | 2262 |
property involved, whichever is greater. | 2263 |
(D) Whoever knowingly violates division (A) of section | 2264 |
1315.02, or intentionally violates division (B)(1) of section | 2265 |
1315.081, of the Revised Code is guilty of a felony of the fourth | 2266 |
degree. | 2267 |
Sec. 1733.25. (A) A credit union may make loans or other | 2268 |
extensions of credit to members for provident and productive | 2269 |
purposes as authorized by law, including rules adopted by the | 2270 |
superintendent of credit unions; the articles; and the | 2271 |
regulations; and subject to policies adopted by the credit | 2272 |
committee and approved by the board of directors. | 2273 |
(B) Upon the approval of the board of directors, a credit | 2274 |
union may make loans or other extensions of credit to other credit | 2275 |
unions, provided that loans or other extensions of credit made to | 2276 |
other credit unions need not have the approval of the board of | 2277 |
directors on a per case basis. The total of all such loans or | 2278 |
other extensions of credit, including the aggregate of all money | 2279 |
paid into any trust established by one or more credit unions for | 2280 |
the purpose of making loans or other extensions of credit to other | 2281 |
credit unions, shall not exceed twenty-five per cent of the shares | 2282 |
and undivided earnings of the lending credit union, except that | 2283 |
this percentage limitation does not apply to corporate credit | 2284 |
unions. | 2285 |
(C) The interest on any loan or other extension of credit | 2286 |
made by a credit union shall not exceed one and one-half per cent | 2287 |
per month on unpaid balances. Such interest may accrue and be | 2288 |
chargeable upon a monthly basis, and may be computed upon the | 2289 |
unpaid balance of the loan or other extension of credit as of the | 2290 |
end of the previous calendar month. | 2291 |
Such interest may be accrued and charged by any technique | 2292 |
approved by the superintendent so long as the effective interest | 2293 |
rate on any loan or other extension of credit does not exceed the | 2294 |
amount permitted to be charged by the computation authorized in | 2295 |
this division. | 2296 |
(D) A credit union may accept security in such form and under | 2297 |
rules as shall be set forth in the articles, the regulations, or | 2298 |
established by the credit committee and approved by the board of | 2299 |
directors. | 2300 |
(E)(1) The credit union shall have a lien on the membership | 2301 |
share, shares, deposits, and accumulated dividends and interest of | 2302 |
a member in an individual, joint, trust, or payable on death | 2303 |
account for any obligation owed to the credit union by that member | 2304 |
or for any loan co-signed or guaranteed by the member or account | 2305 |
holder; provided, however, that a credit union shall not have a | 2306 |
lien upon the funds in an individual retirement account or an | 2307 |
account established pursuant to the Internal Revenue Code of the | 2308 |
United States. | 2309 |
(2) A credit union may refuse to allow withdrawals from any | 2310 |
share or deposit account by a member while the member has any | 2311 |
outstanding obligation to the credit union. | 2312 |
(F) Notwithstanding any limitation provided in any other | 2313 |
provision of this chapter or Chapter 1343. of the Revised Code, a | 2314 |
credit union may enter into a loan agreement with a member in | 2315 |
accordance with all of the following: | 2316 |
(1) The loan is for any amount up to one thousand dollars. | 2317 |
(2) The term of the loan is thirty days or less. | 2318 |
(3) The credit union may charge a fee in addition to any | 2319 |
interest authorized by law in connection with the loan, which fee | 2320 |
is not to be included in the computation of interest for any | 2321 |
provision of the Revised Code, including division (C) of this | 2322 |
section, that prescribes, regulates, or limits interest charged, | 2323 |
collected, or received in connection with a transaction. | 2324 |
(4) The total interest, fees, and other costs of the loan | 2325 |
does not exceed ten per cent of the principal amount. | 2326 |
(5) A member shall not have more than one loan under division | 2327 |
(F) of this section outstanding at any one time with the credit | 2328 |
union. | 2329 |
(6) The loan is not being made to a member for purposes of | 2330 |
retiring an existing loan between the credit union and that | 2331 |
member, which existing loan was made pursuant to division (F) of | 2332 |
this section. | 2333 |
(G)(1) Subject to division (G)(2) of this section and any | 2334 |
restrictions or requirements established by the superintendent, in | 2335 |
connection with any loan or extension of credit, a credit union | 2336 |
may enter into a debt suspension agreement or debt cancellation | 2337 |
contract with the borrower or borrowers. | 2338 |
(2) A credit union shall not offer or finance, directly or | 2339 |
indirectly, a debt suspension agreement or debt cancellation | 2340 |
contract requiring a lump sum, single payment for the agreement or | 2341 |
contract payable at the outset of the agreement or contract, if | 2342 |
the debt subject to the agreement or contract is secured by one to | 2343 |
four family, residential real property. | 2344 |
(3) For purposes of division (G) of this section, "debt | 2345 |
cancellation contract" and "debt suspension agreement" have the | 2346 |
same meanings as in 12 C.F.R part 37. | 2347 |
Sec. 3953.30. (A) As used in this section: | 2348 |
(1) "Residential mortgage loan" means an obligation to pay a | 2349 |
sum of money evidenced by a note and secured by a lien upon real | 2350 |
property located within this state containing two or fewer | 2351 |
residential units or on which two or fewer residential units are | 2352 |
to be constructed and includes such an obligation on a residential | 2353 |
condominium or cooperative unit. | 2354 |
(2) "Residential mortgage lender" means any person, | 2355 |
including, but not limited to, banks, savings and loan | 2356 |
associations, mortgage brokers, credit unions, or savings banks, | 2357 |
that lends money or extends or grants credit and obtains a | 2358 |
residential mortgage to assure payment of the debt. | 2359 |
(B) A title insurance agent issuing a lender's title | 2360 |
insurance policy in conjunction with a residential mortgage loan | 2361 |
made simultaneously with the purchase of all or part of the real | 2362 |
property securing the loan, where no owner's title insurance | 2363 |
policy has been requested, shall give written notice, on a form | 2364 |
prescribed or approved by the superintendent of insurance, to the | 2365 |
mortgagor at the time the commitment is prepared. The notice shall | 2366 |
explain that a lender's title insurance policy is to be issued | 2367 |
protecting the residential mortgage lender, and that the policy | 2368 |
does not provide title insurance protection to the mortgagor as | 2369 |
the owner of the property being purchased. The notice shall | 2370 |
explain what an owner's title insurance policy insures against and | 2371 |
what possible exposures exist for the mortgagor that could be | 2372 |
insured against through the purchase of an owner's title insurance | 2373 |
policy. The notice shall state that the mortgagor may obtain an | 2374 |
owner's title insurance policy protecting the mortgagor as the | 2375 |
owner of the property, either at a specified cost or at an | 2376 |
approximate cost if the proposed coverages or amount of insurance | 2377 |
is not then known. The title insurance agent shall maintain a copy | 2378 |
of the notice, signed by the mortgagor, | 2379 |
2380 | |
of the lender's title insurance policy. | 2381 |
Sec. 3953.32. (A) At the time | 2382 |
with a title insurance company for issuance of a title insurance | 2383 |
policy, the title insurance company or the title insurance agent | 2384 |
shall offer closing or settlement protection to the lender, | 2385 |
borrower, and seller of the property, and to any applicant for | 2386 |
title insurance. | 2387 |
(B) The closing or settlement protection offered pursuant to | 2388 |
this section shall indemnify any lender, borrower, seller, and | 2389 |
applicant that has requested the protection, both individually and | 2390 |
collectively, against the loss of settlement funds resulting from | 2391 |
any of the following acts of the title insurance company's named | 2392 |
title insurance agent or anyone acting on the agent's behalf: | 2393 |
(1) Theft, misappropriation, fraud, or any other failure to | 2394 |
properly disburse settlement, closing, or escrow funds; | 2395 |
(2) Failure to comply with any applicable written closing | 2396 |
instructions, when agreed to by the title insurance agent. | 2397 |
(C) The issuance of closing or settlement protection by a | 2398 |
title insurance company pursuant to division (A) of this section | 2399 |
is part of the business of title insurance for purposes of Chapter | 2400 |
3953. of the Revised Code. | 2401 |
(D) Except as provided in division (A) of this section, a | 2402 |
title insurance company shall not offer or issue any coverage | 2403 |
purporting to indemnify against a person's improper acts or | 2404 |
omissions in connection with escrow, settlement, or closing | 2405 |
services. | 2406 |
(E) The superintendent of insurance may adopt rules in | 2407 |
accordance with Chapter 119. of the Revised Code as the | 2408 |
superintendent considers necessary to carry out the purposes of | 2409 |
this section, including, but not limited to, rules that detail the | 2410 |
specific language that must be included in the written document | 2411 |
offering closing or settlement protection as provided for in | 2412 |
division (A) of this section. | 2413 |
Sec. 3953.33. (A) Every title insurance agent or agency that | 2414 |
handles escrow, settlement, closing, or security deposit accounts | 2415 |
shall have an annual independent review made of its escrow, | 2416 |
settlement, closing, and security deposit accounts on a | 2417 |
2418 | |
of the previous fiscal year. The title insurance agent or agency | 2419 |
shall provide proof of the annual review to each title insurance | 2420 |
company that it represents. The superintendent of insurance shall | 2421 |
promulgate rules under Chapter 119. of the Revised Code setting | 2422 |
forth the minimum threshold level at which a review is required, | 2423 |
the standards of the review, the minimum qualifications of the | 2424 |
independent party conducting the review, and the form of the | 2425 |
report that is required. The superintendent may also require title | 2426 |
insurance agents or agencies to provide a copy of their annual | 2427 |
review reports to the superintendent. The annual review required | 2428 |
by this division does not apply to interest on lawyer's trust | 2429 |
accounts established and maintained by an attorney pursuant to | 2430 |
sections 4705.09 and 4705.10 of the Revised Code. | 2431 |
(B) Title insurance agents and agencies shall allow the | 2432 |
superintendent and each and every title insurer that they | 2433 |
represent reasonable access to all of their escrow, settlement, | 2434 |
closing, and security deposit accounts and any and all supporting | 2435 |
account information in order to ascertain the safety and security | 2436 |
of the funds held by the title insurance agent or agency. | 2437 |
(C) Title insurance agents and agencies shall maintain | 2438 |
sufficient records of their affairs, including their escrow | 2439 |
operations and escrow trust accounts, so that the superintendent | 2440 |
may adequately ensure that the title insurance agent or agency is | 2441 |
in compliance of this chapter. Records kept pursuant to this | 2442 |
section shall be kept for a period of not less than ten years | 2443 |
following the transactions to which the records relate. The | 2444 |
superintendent may prescribe the specific records and documents to | 2445 |
be kept. | 2446 |
Sec. 4719.01. (A) As used in sections 4719.01 to 4719.18 of | 2447 |
the Revised Code: | 2448 |
(1) "Affiliate" means a business entity that is owned by, | 2449 |
operated by, controlled by, or under common control with another | 2450 |
business entity. | 2451 |
(2) "Communication" means a written or oral notification or | 2452 |
advertisement that meets both of the following criteria, as | 2453 |
applicable: | 2454 |
(a) The notification or advertisement is transmitted by or on | 2455 |
behalf of the seller of goods or services and by or through any | 2456 |
printed, audio, video, cinematic, telephonic, or electronic means. | 2457 |
(b) In the case of a notification or advertisement other than | 2458 |
by telephone, either of the following conditions is met: | 2459 |
(i) The notification or advertisement is followed by a | 2460 |
telephone call from a telephone solicitor or salesperson. | 2461 |
(ii) The notification or advertisement invites a response by | 2462 |
telephone, and, during the course of that response, a telephone | 2463 |
solicitor or salesperson attempts to make or makes a sale of goods | 2464 |
or services. As used in division (A)(2)(b)(ii) of this section, | 2465 |
"invites a response by telephone" excludes the mere listing or | 2466 |
inclusion of a telephone number in a notification or | 2467 |
advertisement. | 2468 |
(3) "Gift, award, or prize" means anything of value that is | 2469 |
offered or purportedly offered, or given or purportedly given by | 2470 |
chance, at no cost to the receiver and with no obligation to | 2471 |
purchase goods or services. As used in this division, "chance" | 2472 |
includes a situation in which a person is guaranteed to receive an | 2473 |
item and, at the time of the offer or purported offer, the | 2474 |
telephone solicitor does not identify the specific item that the | 2475 |
person will receive. | 2476 |
(4) "Goods or services" means any real property or any | 2477 |
tangible or intangible personal property, or services of any kind | 2478 |
provided or offered to a person. "Goods or services" includes, but | 2479 |
is not limited to, advertising; labor performed for the benefit of | 2480 |
a person; personal property intended to be attached to or | 2481 |
installed in any real property, regardless of whether it is so | 2482 |
attached or installed; timeshare estates or licenses; and extended | 2483 |
service contracts. | 2484 |
(5) "Purchaser" means a person that is solicited to become or | 2485 |
does become financially obligated as a result of a telephone | 2486 |
solicitation. | 2487 |
(6) "Salesperson" means an individual who is employed, | 2488 |
appointed, or authorized by a telephone solicitor to make | 2489 |
telephone solicitations but does not mean any of the following: | 2490 |
(a) An individual who comes within one of the exemptions in | 2491 |
division (B) of this section; | 2492 |
(b) An individual employed, appointed, or authorized by a | 2493 |
person who comes within one of the exemptions in division (B) of | 2494 |
this section; | 2495 |
(c) An individual under a written contract with a person who | 2496 |
comes within one of the exemptions in division (B) of this | 2497 |
section, if liability for all transactions with purchasers is | 2498 |
assumed by the person so exempted. | 2499 |
(7) "Telephone solicitation" means a communication to a | 2500 |
person that meets both of the following criteria: | 2501 |
(a) The communication is initiated by or on behalf of a | 2502 |
telephone solicitor or by a salesperson. | 2503 |
(b) The communication either represents a price or the | 2504 |
quality or availability of goods or services or is used to induce | 2505 |
the person to purchase goods or services, including, but not | 2506 |
limited to, inducement through the offering of a gift, award, or | 2507 |
prize. | 2508 |
(8) "Telephone solicitor" means a person that engages in | 2509 |
telephone solicitation directly or through one or more | 2510 |
salespersons either from a location in this state, or from a | 2511 |
location outside this state to persons in this state. "Telephone | 2512 |
solicitor" includes, but is not limited to, any such person that | 2513 |
is an owner, operator, officer, or director of, partner in, or | 2514 |
other individual engaged in the management activities of, a | 2515 |
business. | 2516 |
(B) A telephone solicitor is exempt from the provisions of | 2517 |
sections 4719.02 to 4719.18 and section 4719.99 of the Revised | 2518 |
Code if the telephone solicitor is any one of the following: | 2519 |
(1) A person engaging in a telephone solicitation that is a | 2520 |
one-time or infrequent transaction not done in the course of a | 2521 |
pattern of repeated transactions of a like nature; | 2522 |
(2) A person engaged in telephone solicitation solely for | 2523 |
religious or political purposes; a charitable organization, | 2524 |
fund-raising counsel, or professional solicitor in compliance with | 2525 |
the registration and reporting requirements of Chapter 1716. of | 2526 |
the Revised Code; or any person or other entity exempt under | 2527 |
section 1716.03 of the Revised Code from filing a registration | 2528 |
statement under section 1716.02 of the Revised Code; | 2529 |
(3) A person, making a telephone solicitation involving a | 2530 |
home solicitation sale as defined in section 1345.21 of the | 2531 |
Revised Code, that makes the sales presentation and completes the | 2532 |
sale at a later, face-to-face meeting between the seller and the | 2533 |
purchaser rather than during the telephone solicitation. However, | 2534 |
if the person, following the telephone solicitation, causes | 2535 |
another person to collect the payment of any money, this exemption | 2536 |
does not apply. | 2537 |
(4) A licensed securities, commodities, or investment broker, | 2538 |
dealer, investment advisor, or associated person when making a | 2539 |
telephone solicitation within the scope of the person's license. | 2540 |
As used in division (B)(4) of this section, "licensed securities, | 2541 |
commodities, or investment broker, dealer, investment advisor, or | 2542 |
associated person" means a person subject to licensure or | 2543 |
registration as such by the securities and exchange commission; | 2544 |
the National Association of Securities Dealers or other | 2545 |
self-regulatory organization, as defined by 15 U.S.C.A. 78c; by | 2546 |
the division of securities under Chapter 1707. of the Revised | 2547 |
Code; or by an official or agency of any other state of the United | 2548 |
States. | 2549 |
(5)(a) A person primarily engaged in soliciting the sale of a | 2550 |
newspaper of general circulation; | 2551 |
(b) As used in division (B)(5)(a) of this section, "newspaper | 2552 |
of general circulation" includes, but is not limited to, both of | 2553 |
the following: | 2554 |
(i) A newspaper that is a daily law journal designated as an | 2555 |
official publisher of court calendars pursuant to section 2701.09 | 2556 |
of the Revised Code; | 2557 |
(ii) A newspaper or publication that has at least twenty-five | 2558 |
per cent editorial, non-advertising content, exclusive of inserts, | 2559 |
measured relative to total publication space, and an audited | 2560 |
circulation to at least fifty per cent of the households in the | 2561 |
newspaper's retail trade zone as defined by the audit. | 2562 |
(6)(a) An issuer, or its subsidiary, that has a class of | 2563 |
securities to which all of the following apply: | 2564 |
(i) The class of securities is subject to section 12 of the | 2565 |
"Securities Exchange Act of 1934," 15 U.S.C.A. 78l, and is | 2566 |
registered or is exempt from registration under 15 U.S.C.A. | 2567 |
78l(g)(2)(A), (B), (C), (E), (F), (G), or (H); | 2568 |
(ii) The class of securities is listed on the New York stock | 2569 |
exchange, the American stock exchange, or the NASDAQ national | 2570 |
market system; | 2571 |
(iii) The class of securities is a reported security as | 2572 |
defined in 17 C.F.R. 240.11Aa3-1(a)(4). | 2573 |
(b) An issuer, or its subsidiary, that formerly had a class | 2574 |
of securities that met the criteria set forth in division | 2575 |
(B)(6)(a) of this section if the issuer, or its subsidiary, has a | 2576 |
net worth in excess of one hundred million dollars, files or its | 2577 |
parent files with the securities and exchange commission an S.E.C. | 2578 |
form 10-K, and has continued in substantially the same business | 2579 |
since it had a class of securities that met the criteria in | 2580 |
division (B)(6)(a) of this section. As used in division (B)(6)(b) | 2581 |
of this section, "issuer" and "subsidiary" include the successor | 2582 |
to an issuer or subsidiary. | 2583 |
(7) A person soliciting a transaction regulated by the | 2584 |
commodity futures trading commission, if the person is registered | 2585 |
or temporarily registered for that activity with the commission | 2586 |
under 7 U.S.C.A. 1 et. seq. and the registration or temporary | 2587 |
registration has not expired or been suspended or revoked; | 2588 |
(8) A person soliciting the sale of any book, record, audio | 2589 |
tape, compact disc, or video, if the person allows the purchaser | 2590 |
to review the merchandise for at least seven days and provides a | 2591 |
full refund within thirty days to a purchaser who returns the | 2592 |
merchandise or if the person solicits the sale on behalf of a | 2593 |
membership club operating in compliance with regulations adopted | 2594 |
by the federal trade commission in 16 C.F.R. 425; | 2595 |
(9) A supervised financial institution or its subsidiary. As | 2596 |
used in division (B)(9) of this section, "supervised financial | 2597 |
institution" means a bank, trust company, savings and loan | 2598 |
association, savings bank, credit union, industrial loan company, | 2599 |
consumer finance lender, commercial finance lender, or institution | 2600 |
described in section 2(c)(2)(F) of the "Bank Holding Company Act | 2601 |
of 1956," 12 U.S.C.A. 1841(c)(2)(F), as amended, supervised by an | 2602 |
official or agency of the United States, this state, or any other | 2603 |
state of the United States; or a licensee or registrant under | 2604 |
sections 1321.01 to 1321.19, 1321.51 to 1321.60, or 1321.71 to | 2605 |
1321.83 of the Revised Code. | 2606 |
(10)(a) An insurance company, association, or other | 2607 |
organization that is licensed or authorized to conduct business in | 2608 |
this state by the superintendent of insurance pursuant to Title | 2609 |
XXXIX of the Revised Code or Chapter 1751. of the Revised Code, | 2610 |
when soliciting within the scope of its license or authorization. | 2611 |
(b) A licensed insurance broker, agent, or solicitor when | 2612 |
soliciting within the scope of the person's license. As used in | 2613 |
division (B)(10)(b) of this section, "licensed insurance broker, | 2614 |
agent, or solicitor" means any person licensed as an insurance | 2615 |
broker, agent, or solicitor by the superintendent of insurance | 2616 |
pursuant to Title XXXIX of the Revised Code. | 2617 |
(11) A person soliciting the sale of services provided by a | 2618 |
cable television system operating under authority of a | 2619 |
governmental franchise or permit; | 2620 |
(12) A person soliciting a business-to-business sale under | 2621 |
which any of the following conditions are met: | 2622 |
(a) The telephone solicitor has been operating continuously | 2623 |
for at least three years under the same business name under which | 2624 |
it solicits purchasers, and at least fifty-one per cent of its | 2625 |
gross dollar volume of sales consists of repeat sales to existing | 2626 |
customers to whom it has made sales under the same business name. | 2627 |
(b) The purchaser business intends to resell the goods | 2628 |
purchased. | 2629 |
(c) The purchaser business intends to use the goods or | 2630 |
services purchased in a recycling, reuse, manufacturing, or | 2631 |
remanufacturing process. | 2632 |
(d) The telephone solicitor is a publisher of a periodical or | 2633 |
of magazines distributed as controlled circulation publications as | 2634 |
defined in division (CC) of section 5739.01 of the Revised Code | 2635 |
and is soliciting sales of advertising, subscriptions, reprints, | 2636 |
lists, information databases, conference participation or | 2637 |
sponsorships, trade shows or media products related to the | 2638 |
periodical or magazine, or other publishing services provided by | 2639 |
the controlled circulation publication. | 2640 |
(13) A person that, not less often than once each year, | 2641 |
publishes and delivers to potential purchasers a catalog that | 2642 |
complies with both of the following: | 2643 |
(a) It includes all of the following: | 2644 |
(i) The business address of the seller; | 2645 |
(ii) A written description or illustration of each good or | 2646 |
service offered for sale; | 2647 |
(iii) A clear and conspicuous disclosure of the sale price of | 2648 |
each good or service; shipping, handling, and other charges; and | 2649 |
return policy; | 2650 |
(b) One of the following applies: | 2651 |
(i) The catalog includes at least twenty-four pages of | 2652 |
written material and illustrations, is distributed in more than | 2653 |
one state, and has an annual postage-paid mail circulation of not | 2654 |
less than two hundred fifty thousand households; | 2655 |
(ii) The catalog includes at least ten pages of written | 2656 |
material or an equivalent amount of material in electronic form on | 2657 |
the internet or an on-line computer service, the person does not | 2658 |
solicit customers by telephone but solely receives telephone calls | 2659 |
made in response to the catalog, and during the calls the person | 2660 |
takes orders but does not engage in further solicitation of the | 2661 |
purchaser. As used in division (B)(13)(b)(ii) of this section, | 2662 |
"further solicitation" does not include providing the purchaser | 2663 |
with information about, or attempting to sell, any other item in | 2664 |
the catalog that prompted the purchaser's call or in a | 2665 |
substantially similar catalog issued by the seller. | 2666 |
(14) A political subdivision or instrumentality of the United | 2667 |
States, this state, or any state of the United States; | 2668 |
(15) A college or university or any other public or private | 2669 |
institution of higher education in this state; | 2670 |
(16) A public utility as defined in section 4905.02 of the | 2671 |
Revised Code or a retail natural gas supplier as defined in | 2672 |
section 4929.01 of the Revised Code, if the utility or supplier is | 2673 |
subject to regulation by the public utilities commission, or the | 2674 |
affiliate of the utility or supplier; | 2675 |
(17) A person that solicits sales through a television | 2676 |
program or advertisement that is presented in the same market area | 2677 |
no fewer than twenty days per month or offers for sale no fewer | 2678 |
than ten distinct items of goods or services; and offers to the | 2679 |
purchaser an unconditional right to return any good or service | 2680 |
purchased within a period of at least seven days and to receive a | 2681 |
full refund within thirty days after the purchaser returns the | 2682 |
good or cancels the service; | 2683 |
(18)(a) A person that, for at least one year, has been | 2684 |
operating a retail business under the same name as that used in | 2685 |
connection with telephone solicitation and both of the following | 2686 |
occur on a continuing basis: | 2687 |
(i) The person either displays goods and offers them for | 2688 |
retail sale at the person's business premises or offers services | 2689 |
for sale and provides them at the person's business premises. | 2690 |
(ii) At least fifty-one per cent of the person's gross dollar | 2691 |
volume of retail sales involves purchases of goods or services at | 2692 |
the person's business premises. | 2693 |
(b) An affiliate of a person that meets the requirements in | 2694 |
division (B)(18)(a) of this section if the affiliate meets all of | 2695 |
the following requirements: | 2696 |
(i) The affiliate has operated a retail business for a period | 2697 |
of less than one year; | 2698 |
(ii) The affiliate either displays goods and offers them for | 2699 |
retail sale at the affiliate's business premises or offers | 2700 |
services for sale and provides them at the affiliate's business | 2701 |
premises; | 2702 |
(iii) At least fifty-one per cent of the affiliate's gross | 2703 |
dollar volume of retail sales involves purchases of goods or | 2704 |
services at the affiliate's business premises. | 2705 |
(c) A person that, for a period of less than one year, has | 2706 |
been operating a retail business in this state under the same name | 2707 |
as that used in connection with telephone solicitation, as long as | 2708 |
all of the following requirements are met: | 2709 |
(i) The person either displays goods and offers them for | 2710 |
retail sale at the person's business premises or offers services | 2711 |
for sale and provides them at the person's business premises; | 2712 |
(ii) The goods or services that are the subject of telephone | 2713 |
solicitation are sold at the person's business premises, and at | 2714 |
least sixty-five per cent of the person's gross dollar volume of | 2715 |
retail sales involves purchases of goods or services at the | 2716 |
person's business premises; | 2717 |
(iii) The person conducts all telephone solicitation | 2718 |
activities according to sections 310.3, 310.4, and 310.5 of the | 2719 |
telemarketing sales rule adopted by the federal trade commission | 2720 |
in 16 C.F.R. part 310. | 2721 |
(19) A person who performs telephone solicitation sales | 2722 |
services on behalf of other persons and to whom one of the | 2723 |
following applies: | 2724 |
(a) The person has operated under the same ownership, | 2725 |
control, and business name for at least five years, and the person | 2726 |
receives at least seventy-five per cent of its gross revenues from | 2727 |
written telephone solicitation contracts with persons who come | 2728 |
within one of the exemptions in division (B) of this section. | 2729 |
(b) The person is an affiliate of one or more exempt persons | 2730 |
and makes telephone solicitations on behalf of only the exempt | 2731 |
persons of which it is an affiliate. | 2732 |
(c) The person makes telephone solicitations on behalf of | 2733 |
only exempt persons, the person and each exempt person on whose | 2734 |
behalf telephone solicitations are made have entered into a | 2735 |
written contract that specifies the manner in which the telephone | 2736 |
solicitations are to be conducted and that at a minimum requires | 2737 |
compliance with the telemarketing sales rule adopted by the | 2738 |
federal trade commission in 16 C.F.R. part 310, and the person | 2739 |
conducts the telephone solicitations in the manner specified in | 2740 |
the written contract. | 2741 |
(d) The person performs telephone solicitation for religious | 2742 |
or political purposes, a charitable organization, a fund-raising | 2743 |
council, or a professional solicitor in compliance with the | 2744 |
registration and reporting requirements of Chapter 1716. of the | 2745 |
Revised Code; and meets all of the following requirements: | 2746 |
(i) The person has operated under the same ownership, | 2747 |
control, and business name for at least five years, and the person | 2748 |
receives at least fifty-one per cent of its gross revenues from | 2749 |
written telephone solicitation contracts with persons who come | 2750 |
within the exemption in division (B)(2) of this section; | 2751 |
(ii) The person does not conduct a prize promotion or offer | 2752 |
the
sale of an investment opportunity; | 2753 |
(iii) The person conducts all telephone solicitation | 2754 |
activities according to sections 310.3, 310.4, and 310.5 of the | 2755 |
telemarketing sales rules adopted by the federal trade commission | 2756 |
in 16 C.F.R. part 310. | 2757 |
(20) A person that is a licensed real estate salesperson or | 2758 |
broker under Chapter 4735. of the Revised Code when soliciting | 2759 |
within the scope of the person's license; | 2760 |
(21)(a) Either of the following: | 2761 |
(i) A publisher that solicits the sale of the publisher's | 2762 |
periodical or magazine of general, paid circulation, or a person | 2763 |
that solicits a sale of that nature on behalf of a publisher under | 2764 |
a written agreement directly between the publisher and the person. | 2765 |
(ii) A publisher that solicits the sale of the publisher's | 2766 |
periodical or magazine of general, paid circulation, or a person | 2767 |
that solicits a sale of that nature as authorized by a publisher | 2768 |
under a written agreement directly with a publisher's | 2769 |
clearinghouse provided the person is a resident of Ohio for more | 2770 |
than three years and initiates all telephone solicitations from | 2771 |
Ohio and the person conducts the solicitation and sale in | 2772 |
compliance with 16 C.F.R. | 2773 |
trade commission. | 2774 |
(b) As used in division (B)(21) of this section, "periodical | 2775 |
or magazine of general, paid circulation" excludes a periodical or | 2776 |
magazine circulated only as part of a membership package or given | 2777 |
as a free gift or prize from the publisher or person. | 2778 |
(22) A person that solicits the sale of food, as defined in | 2779 |
section 3715.01 of the Revised Code, or the sale of products of | 2780 |
horticulture, as defined in section 5739.01 of the Revised Code, | 2781 |
if the person does not intend the solicitation to result in, or | 2782 |
the solicitation actually does not result in, a sale that costs | 2783 |
the purchaser an amount greater than five hundred dollars. | 2784 |
(23) A funeral director licensed pursuant to Chapter 4717. of | 2785 |
the Revised Code when soliciting within the scope of that license, | 2786 |
if both of the following apply: | 2787 |
(a) The solicitation and sale are conducted in compliance | 2788 |
with 16 C.F.R. part 453, as adopted by the federal trade | 2789 |
commission, and with sections 1107.33 and 1345.21 to 1345.28 of | 2790 |
the Revised Code; | 2791 |
(b) The person provides to the purchaser of any preneed | 2792 |
funeral contract a notice that clearly and conspicuously sets | 2793 |
forth the cancellation rights specified in division (G) of section | 2794 |
1107.33 of the Revised Code, and retains a copy of the notice | 2795 |
signed by the purchaser. | 2796 |
(24) A person, or affiliate thereof, licensed to sell or | 2797 |
issue Ohio instruments designated as travelers checks pursuant to | 2798 |
sections
1315.01 to | 2799 |
(25) A person that solicits sales from its previous | 2800 |
purchasers and meets all of the following requirements: | 2801 |
(a) The solicitation is made under the same business name | 2802 |
that was previously used to sell goods or services to the | 2803 |
purchaser; | 2804 |
(b) The person has, for a period of not less than three | 2805 |
years, operated a business under the same business name as that | 2806 |
used in connection with telephone solicitation; | 2807 |
(c) The person does not conduct a prize promotion or offer | 2808 |
the sale of an investment opportunity; | 2809 |
(d) The person conducts all telephone solicitation activities | 2810 |
according to sections 310.3, 310.4, and 310.5 of the telemarketing | 2811 |
sales rules adopted by the federal trade commission in 16 C.F.R. | 2812 |
part 310; | 2813 |
(e) Neither the person nor any of its principals has been | 2814 |
convicted of, pleaded guilty to, or has entered a plea of no | 2815 |
contest for a felony or a theft offense as defined in sections | 2816 |
2901.02 and 2913.01 of the Revised Code or similar law of another | 2817 |
state or of the United States; | 2818 |
(f) Neither the person nor any of its principals has had | 2819 |
entered against them an injunction or a final judgment or order, | 2820 |
including an agreed judgment or order, an assurance of voluntary | 2821 |
compliance, or any similar instrument, in any civil or | 2822 |
administrative action involving engaging in a pattern of corrupt | 2823 |
practices, fraud, theft, embezzlement, fraudulent conversion, or | 2824 |
misappropriation of property; the use of any untrue, deceptive, or | 2825 |
misleading representation; or the use of any unfair, unlawful, | 2826 |
deceptive, or unconscionable trade act or practice. | 2827 |
(26) An institution defined as a home health agency in | 2828 |
section 3701.881 of the Revised Code, that conducts all telephone | 2829 |
solicitation activities according to sections 310.3, 310.4, and | 2830 |
310.5 of the telemarketing sales rules adopted by the federal | 2831 |
trade commission in 16 C.F.R. part 310, and engages in telephone | 2832 |
solicitation only within the scope of the institution's | 2833 |
certification, accreditation, contract with the department of | 2834 |
aging, or status as a home health agency; and that meets one of | 2835 |
the following requirements: | 2836 |
(a) The institution is certified as a provider of home health | 2837 |
services under Title XVIII of the Social Security Act, 49 Stat. | 2838 |
620, 42 U.S.C. 301, as amended; | 2839 |
(b) The institution is accredited by either the joint | 2840 |
commission on accreditation of health care organizations or the | 2841 |
community health accreditation program; | 2842 |
(c) The institution is providing passport services under the | 2843 |
direction of the Ohio department of aging under section 173.40 of | 2844 |
the Revised Code; | 2845 |
(d) An affiliate of an institution that meets the | 2846 |
requirements of division (B)(26)(a), (b), or (c) of this section | 2847 |
when offering for sale substantially the same goods and services | 2848 |
as those that are offered by the institution that meets the | 2849 |
requirements of division (B)(26)(a), (b), or (c) of this section. | 2850 |
(27) A person licensed to provide a hospice care program by | 2851 |
the department of health pursuant to section 3712.04 of the | 2852 |
Revised Code when conducting telephone solicitations within the | 2853 |
scope of the person's license and according to sections 310.3, | 2854 |
310.4, and 310.5 of the telemarketing sales rules adopted by the | 2855 |
federal trade commission in 16 C.F.R. part 310. | 2856 |
Sec. 4973.17. (A)(1) Upon the application of any bank; | 2857 |
savings and loan association; savings bank; credit union; or | 2858 |
association of banks, savings and loan associations, savings | 2859 |
banks, or credit unions in this state, the secretary of state may | 2860 |
appoint and commission any persons that the bank; savings and loan | 2861 |
association; savings bank; credit union; or association of banks, | 2862 |
savings and loan associations, savings banks, or credit unions | 2863 |
designates, or as many of those persons as the secretary of state | 2864 |
considers proper, to act as police officers for and on the | 2865 |
premises of that bank; savings and loan association; savings bank; | 2866 |
credit union; or association of banks, savings and loan | 2867 |
associations, savings banks, or credit unions; or elsewhere, when | 2868 |
directly in the discharge of their duties. Police officers so | 2869 |
appointed shall be citizens of this state and of good character | 2870 |
2871 | |
duties on or after April 14, 2006, shall | 2872 |
2873 | |
officer training commission described in section 109.71 of the | 2874 |
Revised Code and be certified by the commission within six months | 2875 |
after starting to perform their duties. | 2876 |
appointed shall hold office for three years, unless, for good | 2877 |
cause shown, their commission is revoked by the secretary of | 2878 |
state, or by the bank; savings and loan association; savings bank; | 2879 |
credit union; or association of banks, savings and loan | 2880 |
associations, savings banks, or credit unions, as provided by law. | 2881 |
(2) Persons commissioned as police officers pursuant to | 2882 |
division (A) of this section prior to April 14, 2006, who have not | 2883 |
successfully completed a training program approved by the Ohio | 2884 |
peace officer training commission, and who have not been certified | 2885 |
by the commission, may be reappointed and re-commissioned by the | 2886 |
secretary of state only during the person's continuous employment | 2887 |
as a police officer by the institution for which the person was | 2888 |
employed on April 14, 2006, or by a successor institution to the | 2889 |
institution for which the person was employed on April 14, 2006. | 2890 |
The secretary of state shall note on such appointments and | 2891 |
commissions that the person is not a peace officer as defined in | 2892 |
section 109.71 of the Revised Code. | 2893 |
(3) For the exclusive purpose of assigning break in service | 2894 |
update training as prescribed in rule 109:2-1-12 (D) of the | 2895 |
Administrative Code, a police officer appointed under division (A) | 2896 |
of this section, who began performing police officer duties on or | 2897 |
before April 14, 2006, shall be credited as holding a valid peace | 2898 |
officer appointment retroactive to the date on which the officer | 2899 |
began performing these duties. | 2900 |
(B) Upon the application of a company owning or using a | 2901 |
railroad in this state and subject to section 4973.171 of the | 2902 |
Revised Code, the secretary of state may appoint and commission | 2903 |
any persons that the railroad company designates, or as many of | 2904 |
those persons as the secretary of state considers proper, to act | 2905 |
as police officers for and on the premises of the railroad | 2906 |
company, its affiliates or subsidiaries, or elsewhere, when | 2907 |
directly in the discharge of their duties. Police officers so | 2908 |
appointed, within the time set by the Ohio peace officer training | 2909 |
commission, shall successfully complete a commission approved | 2910 |
training program and be certified by the commission. They shall | 2911 |
hold office for three years, unless, for good cause shown, their | 2912 |
commission is revoked by the secretary of state, or railroad | 2913 |
company, as provided by law. | 2914 |
Any person holding a similar commission in another state may | 2915 |
be commissioned and may hold office in this state without | 2916 |
completing the approved training program required by this division | 2917 |
provided that the person has completed a substantially equivalent | 2918 |
training program in the other state. The Ohio peace officer | 2919 |
training commission shall determine whether a training program in | 2920 |
another state meets the requirements of this division. | 2921 |
(C) Upon the application of any company under contract with | 2922 |
the United States atomic energy commission for the construction or | 2923 |
operation of a plant at a site owned by the commission, the | 2924 |
secretary of state may appoint and commission persons the company | 2925 |
designates, not to exceed one hundred fifty, to act as police | 2926 |
officers for the company at the plant or site owned by the | 2927 |
commission. Police officers so appointed shall be citizens of this | 2928 |
state and of good character. They shall hold office for three | 2929 |
years, unless, for good cause shown, their commission is revoked | 2930 |
by the secretary of state or by the company, as provided by law. | 2931 |
(D)(1) Upon the application of any hospital that is operated | 2932 |
by a public hospital agency or a nonprofit hospital agency and | 2933 |
that employs and maintains its own proprietary police department | 2934 |
or security department and subject to section 4973.171 of the | 2935 |
Revised Code, the secretary of state may appoint and commission | 2936 |
any persons that the hospital designates, or as many of those | 2937 |
persons as the secretary of state considers proper, to act as | 2938 |
police officers for the hospital. No person who is appointed as a | 2939 |
police officer under this division shall engage in any duties or | 2940 |
activities as a police officer for the hospital or any affiliate | 2941 |
or subsidiary of the hospital unless all of the following apply: | 2942 |
(a) The chief of police of the municipal corporation in which | 2943 |
the hospital is located or, if the hospital is located in the | 2944 |
unincorporated area of a county, the sheriff of that county has | 2945 |
granted approval to the hospital to permit persons appointed as | 2946 |
police officers under this division to engage in those duties and | 2947 |
activities. The approval required by this division is general in | 2948 |
nature and is intended to cover in the aggregate all persons | 2949 |
appointed as police officers for the hospital under this division; | 2950 |
a separate approval is not required for each appointee on an | 2951 |
individual basis. | 2952 |
(b) Subsequent to the grant of approval described in division | 2953 |
(D)(1)(a) of this section, the hospital has entered into a written | 2954 |
agreement with the chief of police of the municipal corporation in | 2955 |
which the hospital is located or, if the hospital is located in | 2956 |
the unincorporated area of a county, with the sheriff of that | 2957 |
county, that sets forth the standards and criteria to govern the | 2958 |
interaction and cooperation between persons appointed as police | 2959 |
officers for the hospital under this division and law enforcement | 2960 |
officers serving the agency represented by the chief of police or | 2961 |
sheriff who signed the agreement in areas of their concurrent | 2962 |
jurisdiction. The written agreement shall be signed by the | 2963 |
appointing authority of the hospital and by the chief of police or | 2964 |
sheriff. The standards and criteria may include, but are not | 2965 |
limited to, provisions governing the reporting of offenses | 2966 |
discovered by hospital police officers to the agency represented | 2967 |
by the chief of police or sheriff, provisions governing | 2968 |
investigatory responsibilities relative to offenses committed on | 2969 |
hospital property, and provisions governing the processing and | 2970 |
confinement of persons arrested for offenses committed on hospital | 2971 |
property. The agreement required by this division is intended to | 2972 |
apply in the aggregate to all persons appointed as police officers | 2973 |
for the hospital under this division; a separate agreement is not | 2974 |
required for each appointee on an individual basis. | 2975 |
(c) The person has successfully completed a training program | 2976 |
approved by the Ohio peace officer training commission and has | 2977 |
been certified by the commission. A person appointed as a police | 2978 |
officer under this division may attend a training program approved | 2979 |
by the commission and be certified by the commission regardless of | 2980 |
whether the appropriate chief of police or sheriff has granted the | 2981 |
approval described in division (D)(1)(a) of this section and | 2982 |
regardless of whether the hospital has entered into the written | 2983 |
agreement described in division (D)(1)(b) of this section with the | 2984 |
appropriate chief of police or sheriff. | 2985 |
(2)(a) A person who is appointed as a police officer under | 2986 |
division (D)(1) of this section is entitled, upon the grant of | 2987 |
approval described in division (D)(1)(a) of this section and upon | 2988 |
the person's and the hospital's compliance with the requirements | 2989 |
of divisions (D)(1)(b) and (c) of this section, to act as a police | 2990 |
officer for the hospital on the premises of the hospital and of | 2991 |
its affiliates and subsidiaries that are within the territory of | 2992 |
the municipal corporation served by the chief of police or the | 2993 |
unincorporated area of the county served by the sheriff who signed | 2994 |
the written agreement described in division (D)(1)(b) of this | 2995 |
section, whichever is applicable, and anywhere else within the | 2996 |
territory of that municipal corporation or within the | 2997 |
unincorporated area of that county. The authority to act as a | 2998 |
police officer as described in this division is granted only if | 2999 |
the person, when engaging in that activity, is directly in the | 3000 |
discharge of the person's duties as a police officer for the | 3001 |
hospital. The authority to act as a police officer as described in | 3002 |
this division shall be exercised in accordance with the standards | 3003 |
and criteria set forth in the written agreement described in | 3004 |
division (D)(1)(b) of this section. | 3005 |
(b) Additionally, a person appointed as a police officer | 3006 |
under division (D)(1) of this section is entitled, upon the grant | 3007 |
of approval described in division (D)(1)(a) of this section and | 3008 |
upon the person's and the hospital's compliance with the | 3009 |
requirements of divisions (D)(1)(b) and (c) of this section, to | 3010 |
act as a police officer elsewhere, within the territory of a | 3011 |
municipal corporation or within the unincorporated area of a | 3012 |
county, if the chief of police of that municipal corporation or | 3013 |
the sheriff of that county, respectively, has granted approval for | 3014 |
that activity to the hospital, police department, or security | 3015 |
department served by the person as a police officer and if the | 3016 |
person, when engaging in that activity, is directly in the | 3017 |
discharge of the person's duties as a police officer for the | 3018 |
hospital. The approval described in this division may be general | 3019 |
in nature or may be limited in scope, duration, or applicability, | 3020 |
as determined by the chief of police or sheriff granting the | 3021 |
approval. | 3022 |
(3) Police officers appointed under division (D)(1) of this | 3023 |
section shall hold office for three years, unless, for good cause | 3024 |
shown, their commission is revoked by the secretary of state or by | 3025 |
the hospital, as provided by law. As used in divisions (D)(1) to | 3026 |
(3) of this section, "public hospital agency" and "nonprofit | 3027 |
hospital agency" have the same meanings as in section 140.01 of | 3028 |
the Revised Code. | 3029 |
(E)(1) Upon the application of any owner or operator of an | 3030 |
amusement park that has an average yearly attendance in excess of | 3031 |
six hundred thousand guests and that employs and maintains its own | 3032 |
proprietary police department or security department and subject | 3033 |
to section 4973.171 of the Revised Code, any judge of the | 3034 |
municipal court or county court that has territorial jurisdiction | 3035 |
over the amusement park may appoint and commission any persons | 3036 |
that the owner or operator designates, or as many of those persons | 3037 |
as the judge considers proper, to act as police officers for the | 3038 |
amusement park. If the amusement park is located in more than one | 3039 |
county, any judge of the municipal court or county court of any of | 3040 |
those counties may make the appointments and commissions as | 3041 |
described in this division. No person who is appointed as a police | 3042 |
officer under this division shall engage in any duties or | 3043 |
activities as a police officer for the amusement park or any | 3044 |
affiliate or subsidiary of the owner or operator of the amusement | 3045 |
park unless all of the following apply: | 3046 |
(a) The appropriate chief or chiefs of police of the | 3047 |
political subdivision or subdivisions in which the amusement park | 3048 |
is located as specified in this division have granted approval to | 3049 |
the owner or operator of the amusement park to permit persons | 3050 |
appointed as police officers under this division to engage in | 3051 |
those duties and activities. If the amusement park is located in a | 3052 |
single municipal corporation or a single township, the chief of | 3053 |
police of that municipal corporation or township is the | 3054 |
appropriate chief of police for the grant of approval under this | 3055 |
division. If the amusement park is located in two or more | 3056 |
townships, two or more municipal corporations, or one or more | 3057 |
townships and one or more municipal corporations, the chiefs of | 3058 |
police of all of the affected townships and municipal corporations | 3059 |
are the appropriate chiefs of police for the grant of approval | 3060 |
under this division, and the approval must be jointly granted by | 3061 |
all of those chiefs of police. The approval required by this | 3062 |
division is general in nature and is intended to cover in the | 3063 |
aggregate all persons appointed as police officers for the | 3064 |
amusement park under this division. A separate approval is not | 3065 |
required for each appointee on an individual basis. | 3066 |
(b) Subsequent to the grant of approval described in division | 3067 |
(E)(1)(a) of this section, the owner or operator has entered into | 3068 |
a written agreement with the appropriate chief or chiefs of police | 3069 |
of the political subdivision or subdivisions in which the | 3070 |
amusement park is located as specified in this division and has | 3071 |
provided the sheriff of the county in which the political | 3072 |
subdivision or subdivisions are located with a copy of the | 3073 |
agreement. If the amusement park is located in a single municipal | 3074 |
corporation or a single township, the chief of police of that | 3075 |
municipal corporation or township is the appropriate chief of | 3076 |
police for entering into the written agreement under this | 3077 |
division. If the amusement park is located in two or more | 3078 |
townships, two or more municipal corporations, or one or more | 3079 |
townships and one or more municipal corporations, the chiefs of | 3080 |
police of all of the affected townships and municipal corporations | 3081 |
are the appropriate chiefs of police for entering into the written | 3082 |
agreement under this division, and the written agreement must be | 3083 |
jointly entered into by all of those chiefs of police. The written | 3084 |
agreement between the owner or operator and the chief or chiefs of | 3085 |
police shall address the scope of activities, the duration of the | 3086 |
agreement, and mutual aid arrangements and shall set forth the | 3087 |
standards and criteria to govern the interaction and cooperation | 3088 |
between persons appointed as police officers for the amusement | 3089 |
park under this division and law enforcement officers serving the | 3090 |
agency represented by the chief of police who signed the | 3091 |
agreement. The written agreement shall be signed by the owner or | 3092 |
operator and by the chief or chiefs of police who enter into it. | 3093 |
The standards and criteria may include, but are not limited to, | 3094 |
provisions governing the reporting of offenses discovered by the | 3095 |
amusement park's police officers to the agency represented by the | 3096 |
chief of police of the municipal corporation or township in which | 3097 |
the offense occurred, provisions governing investigatory | 3098 |
responsibilities relative to offenses committed on amusement park | 3099 |
property, and provisions governing the processing and confinement | 3100 |
of persons arrested for offenses committed on amusement park | 3101 |
property. The agreement required by this division is intended to | 3102 |
apply in the aggregate to all persons appointed as police officers | 3103 |
for the amusement park under this division. A separate agreement | 3104 |
is not required for each appointee on an individual basis. | 3105 |
(c) The person has successfully completed a training program | 3106 |
approved by the Ohio peace officer training commission and has | 3107 |
been certified by the commission. A person appointed as a police | 3108 |
officer under this division may attend a training program approved | 3109 |
by the commission and be certified by the commission regardless of | 3110 |
whether the appropriate chief of police has granted the approval | 3111 |
described in division (E)(1)(a) of this section and regardless of | 3112 |
whether the owner or operator of the amusement park has entered | 3113 |
into the written agreement described in division (E)(1)(b) of this | 3114 |
section with the appropriate chief of police. | 3115 |
(2)(a) A person who is appointed as a police officer under | 3116 |
division (E)(1) of this section is entitled, upon the grant of | 3117 |
approval described in section (E)(1)(a) of this section and upon | 3118 |
the person's and the owner or operator's compliance with the | 3119 |
requirements of division (E)(1)(b) and (c) of this section, to act | 3120 |
as a police officer for the amusement park and its affiliates and | 3121 |
subsidiaries that are within the territory of the political | 3122 |
subdivision or subdivisions served by the chief of police, or | 3123 |
respective chiefs of police, who signed the written agreement | 3124 |
described in division (E)(1)(b) of this section, and upon any | 3125 |
contiguous real property of the amusement park that is covered by | 3126 |
the written agreement, whether within or adjacent to the political | 3127 |
subdivision or subdivisions. The authority to act as a police | 3128 |
officer as described in this division is granted only if the | 3129 |
person, when engaging in that activity, is directly in the | 3130 |
discharge of the person's duties as a police officer for the | 3131 |
amusement park. The authority to act as a police officer as | 3132 |
described in this division shall be exercised in accordance with | 3133 |
the standards and criteria set forth in the written agreement | 3134 |
described in division (E)(1)(b) of this section. | 3135 |
(b) In addition to the authority granted under division | 3136 |
(E)(2)(a) of this section, a person appointed as a police officer | 3137 |
under division (E)(1) of this section is entitled, upon the grant | 3138 |
of approval described in division (E)(1)(a) of this section and | 3139 |
upon the person's and the owner or operator's compliance with the | 3140 |
requirements of divisions (E)(1)(b) and (c) of this section, to | 3141 |
act as a police officer elsewhere within the territory of a | 3142 |
municipal corporation or township if the chief of police of that | 3143 |
municipal corporation or township has granted approval for that | 3144 |
activity to the owner or operator served by the person as a police | 3145 |
officer and if the person, when engaging in that activity, is | 3146 |
directly in the discharge of the person's duties as a police | 3147 |
officer for the amusement park. The approval described in this | 3148 |
division may be general in nature or may be limited in scope, | 3149 |
duration, or applicability, as determined by the chief of police | 3150 |
granting the approval. | 3151 |
(3) Police officers appointed under division (E)(1) of this | 3152 |
section shall hold office for five years, unless, for good cause | 3153 |
shown, their commission is revoked by the appointing judge or the | 3154 |
judge's successor or by the owner or operator, as provided by law. | 3155 |
(F) A fee of fifteen dollars for each commission applied for | 3156 |
under this section shall be paid at the time the application is | 3157 |
made, and this amount shall be returned if for any reason a | 3158 |
commission is not issued. | 3159 |
Section 2. That existing sections 109.71, 121.07, 1101.15, | 3160 |
1109.15, 1109.43, 1111.02, 1111.04, 1111.06, 1111.07, 1111.08, | 3161 |
1121.30, 1151.14, 1151.321, 1161.18, 1161.51, 1181.06, 1181.25, | 3162 |
1315.21, 1315.99, 1733.25, 3953.30, 3953.32, 3953.33, 4719.01, and | 3163 |
4973.17 and sections 1151.348, 1315.01, 1315.02, 1315.03, 1315.04, | 3164 |
1315.05, 1315.06, 1315.07, 1315.08, 1315.09, 1315.10, 1315.11, | 3165 |
1315,16, 1315.17, and 1315.18 of the Revised Code are hereby | 3166 |
repealed. | 3167 |
Section 3. That section 1125.28 of the Revised Code, as it | 3168 |
results from S.B. 293 of the 121st General Assembly, is hereby | 3169 |
repealed. The version of section 1125.28 of the Revised Code, as | 3170 |
it results from H.B. 538 of the 121st General Assembly, is not | 3171 |
affected by this repeal. | 3172 |
Section 4. A license issued under sections 1315.01 to 1315.11 | 3173 |
of the Revised Code that is in effect immediately prior to the | 3174 |
effective date of this act shall remain in force as a license | 3175 |
under sections 1315.01 to 1315.18 of the Revised Code as enacted | 3176 |
by this act until the license's expiration date. Thereafter, the | 3177 |
licensee shall be treated as if it had applied for and had | 3178 |
received a license under sections 1315.01 to 1315.18 of the | 3179 |
Revised Code and shall be required to comply with sections 1315.01 | 3180 |
to 1315.18 of the Revised Code. | 3181 |
Section 5. Section 1315.21 of the Revised Code is presented | 3182 |
in this act as a composite of the section as amended by both Am. | 3183 |
Sub. S.B. 293 and Am. Sub. H.B. 538 of the 121st General Assembly. | 3184 |
Section 1315.99 of the Revised Code is presented in this act as a | 3185 |
composite of the section as amended by both Am. Sub. H.B. 333 and | 3186 |
Am. Sub. H.B. 538 of the 121st General Assembly. The General | 3187 |
Assembly, applying the principle stated in division (B) of section | 3188 |
1.52 of the Revised Code that amendments are to be harmonized if | 3189 |
reasonably capable of simultaneous operation, finds that the | 3190 |
composites are the resulting versions of the sections in effect | 3191 |
prior to the effective date of the sections as presented in this | 3192 |
act. | 3193 |