Effective: January 1, 2018
Latest Legislation: House Bill 49 - 132nd General Assembly
(A) A bank may receive money on deposit and may establish the terms and conditions of each deposit contract. A bank may receive demand deposits subject to withdrawal or to payment upon the depositor's check, order, or other authorization.
(B) At the time of opening a deposit account, a bank shall provide the depositor a statement containing the existing terms and conditions of the deposit contract. The statement may be set forth on the depositor's signature card, which card may be electronic or in writing. Before effecting any change in the terms and conditions of a deposit contract, a bank shall provide notice, in written or electronic form, of the change to each depositor with whom the bank has a deposit contract of the kind to be changed. Depositors and any other owners of interests in deposit accounts shall be bound by all changes banks make in their deposit contracts.
(C) For each deposit account a bank shall, at minimum, do either of the following:
(1) Periodically make available to each deposit customer a report, in written or electronic form, of the customer's deposit account activity since the last report was provided, unless the account is a certificate of deposit with no activity except for compounding interest;
(2) Issue a passbook on which deposits, interest, payments, and withdrawals can be recorded.
(D) A bank may secure deposits in the manner and to the extent provided or authorized by law or any lawful order of a court having custody of money and ordering money to be deposited.
(E)(1) A bank may serve as a depository for public funds of this state, other states of the United States, political subdivisions of this state and other states of the United States, the United States, agencies of the United States, foreign nations, political subdivisions of foreign nations, multinational organizations, and subdivisions of multinational organizations.
(2)(a) A bank may provide security for the public funds described in division (E)(1) of this section if that is a condition imposed by law for their deposit.
(b) Depositors of public funds that are collateralized by securities pledged by a bank in accordance with Chapter 135. of the Revised Code and any applicable federal law shall have and maintain a first and best lien and security interest in and to such securities, any substitute securities, and the proceeds of those securities, in favor of such depositors.
Structure Ohio Revised Code
Title 11 | Banks-Savings and Loan Associations
Chapter 1109 | State Banks - Powers
Section 1109.01 | Bank Powers, Rights and Privileges Generally.
Section 1109.02 | Additional and Incidental Powers.
Section 1109.021 | Election to Operate as a Savings and Loan Association.
Section 1109.03 | Federal Deposit Insurance Corporation and Federal Reserve Requirements.
Section 1109.04 | Good Faith Reliance; Electronic Statements and Notice.
Section 1109.05 | Deposit Contracts.
Section 1109.06 | Designating on Signature Card Deposit Is in Trust for Another.
Section 1109.07 | Deposits Payable to Survivor - Deposits Payable on Death.
Section 1109.08 | Safes, Vaults, Safe Deposit Boxes, Night Depositories.
Section 1109.09 | Accounts and Safe Deposit Box Rentals for Minors.
Section 1109.10 | Claims Adverse to Deposits or Property.
Section 1109.11 | Deposits Entered as u.s. Money.
Section 1109.15 | Permitted Transactions.
Section 1109.151 | No Fiduciary Relationship Created.
Section 1109.16 | Standards for Extensions of Credit.
Section 1109.17 | Accepting Drafts or Bills of Exchange.
Section 1109.18 | Extending Credit Pursuant to Revolving Credit Agreement.
Section 1109.181 | Charges Under Revolving Credit Agreement.
Section 1109.20 | Interest and Finance Charge Rates.
Section 1109.22 | Total Loans and Extensions of Credit to Person Outstanding at Any One Time.
Section 1109.24 | Extending Credit to Executive Officer - Reports.
Section 1109.25 | Bank's Own Stock as Security or Payment.
Section 1109.26 | Owning or Holding Real Estate or Stock Acquired in Satisfaction of Debt.
Section 1109.31 | Real Estate Investments.
Section 1109.32 | Bonds, Notes and Other Debt Securities as Investments.
Section 1109.33 | Investing in Stock of Federally Chartered Banks.
Section 1109.34 | Investing in Securities of Domestic Insurance Company.
Section 1109.36 | Underwriting and Dealing in Guaranteed and Acceptable Debt Securities.
Section 1109.39 | Additional Stock Investments.
Section 1109.40 | Additional Authority for Loans and Investments.
Section 1109.43 | Investing in Bankers' Bank or Holding Company.
Section 1109.44 | Investing in Bank Subsidiary Corporations and Bank Service Corporations.
Section 1109.441 | Additional Investment Authority.
Section 1109.45 | Investing in Clearing Corporation.
Section 1109.47 | Limiting Investing in One Issuer.
Section 1109.48 | Investing in Firms Owned and Controlled by Minorities or Women.
Section 1109.49 | Furnishing Financial Information to Superintendent.
Section 1109.53 | Transactions With Affiliates Definitions.
Section 1109.54 | Conditions for Engage in Covered Transaction With Affiliate.
Section 1109.55 | Permitted Transactions With Affiliate.
Section 1109.56 | Rules for Transactions With Affiliates.
Section 1109.59 | Authority to Borrow.
Section 1109.61 | Paying Management and Consulting Fees.
Section 1109.62 | Selling Insurance.
Section 1109.63 | Coin and Bullion.
Section 1109.64 | Travel Services.
Section 1109.65 | Tax Certificate Purchase.
Section 1109.68 | Using Copying or Reproduction Processes.
Section 1109.69 | Record Retention.