Effective: September 14, 2016
Latest Legislation: House Bill 229 - 131st General Assembly
Each licensed family trust company shall do all of the following:
(A) Maintain office space in this state for the transaction of trust business and for the storage of, and access to, family trust company records;
(B) Hold in this state at least two governing board meetings per year at which a quorum of the board members are physically present;
(C) Employ, engage, or contract with at least one individual, on a part-time basis, to provide services in this state for the family trust company;
(D) Perform at least three of the following trust administration activities wholly or partly in this state for the accounts under the management, administration, or custody of the family trust company:
(1) Annual account reviews;
(2) Annual investment reviews;
(3) Trust accountings;
(4) Account correspondence;
(5) Completion of trust account tax returns;
(6) Distribution of account statements.
(E) Maintain all of the following:
(1) A minimum of three directors or managers, at least one of whom is a resident of this state;
(2) A minimum stockholders' equity of an amount determined by the division of financial institutions, which amount shall be at least two hundred thousand dollars but not more than five hundred thousand dollars. The equity may be comprised of cash, securities, including stock of a nonpublicly traded business entity, or other reasonably liquid assets exclusive of all organization expenses.
(3) All applicable state and local business licenses and permits;
(4) A bank account with a state chartered or national bank having a principal or branch office in this state.
Structure Ohio Revised Code
Title 11 | Banks-Savings and Loan Associations
Chapter 1112 | Ohio Family Trust Company Act
Section 1112.01 | Definitions.
Section 1112.02 | Applicability to Family Trust Company.
Section 1112.04 | Powers of Family Trust Company.
Section 1112.05 | Family Trust Company Acting as Fiduciary of a Trust.
Section 1112.07 | Application for License.
Section 1112.08 | Issuance of License.
Section 1112.09 | Transfer and Assignment Prohibited.
Section 1112.10 | More Than One Place of Business.
Section 1112.11 | Limitation of Powers Before Licensure.
Section 1112.12 | Pledge of Securities.
Section 1112.13 | Fidelity Bonds; Liability Insurance.
Section 1112.14 | Duties of Licensed Family Trust Company.
Section 1112.15 | Board Meetings.
Section 1112.16 | Other Licensing and Regulation Requirements.
Section 1112.17 | Voluntary Surrender of License.
Section 1112.18 | Recordkeeping.
Section 1112.19 | Retention and Reproduction of Documents.
Section 1112.20 | Remedies and Sanctions.
Section 1112.22 | Examination of Records and Affairs.
Section 1112.23 | Confidentiality.
Section 1112.24 | Failure to Comply With Chapter or Refusal to Allow Inspection.
Section 1112.26 | Taking Possession by Superintendent.
Section 1112.27 | Ownership Interest by Superintendent Prohibited.
Section 1112.28 | Adoption of Rules.
Section 1112.99 | Penalty for Divulgence of Confidential Material.