Ohio Revised Code
Chapter 1112 | Ohio Family Trust Company Act
Section 1112.24 | Failure to Comply With Chapter or Refusal to Allow Inspection.

Effective: September 14, 2016
Latest Legislation: House Bill 229 - 131st General Assembly
(A)¿The superintendent of financial institutions may revoke a license issued under this chapter if, after notice and an opportunity for hearing in accordance with Chapter 119. of the Revised Code (which hearing shall not be open to the public), the superintendent finds either of the following:
(1) An officer or director of, or any manager or family member acting in a managerial capacity for, the licensed family trust company has failed to comply with any provision of this chapter.
(2) The licensed family trust company, or any person authorized to act on its behalf, refuses to allow the superintendent or any deputy or examiner appointed by the superintendent to inspect all books, records, papers, and effects related to the family trust company's business.
(B) In addition to any other remedy provided under this chapter, the superintendent may impose a fine of not more than ten thousand dollars upon either of the following:
(1) A person who fails to comply with any provision of this chapter or any rule adopted thereunder;
(2) A family trust company that is not licensed under this chapter that operates in any manner that is authorized only for licensed family trust companies.
Last updated July 22, 2021 at 9:38 AM

Structure Ohio Revised Code

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 1112.03 | Licensure.

Section 1112.04 | Powers of Family Trust Company.

Section 1112.05 | Family Trust Company Acting as Fiduciary of a Trust.

Section 1112.06 | Oath.

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 1112.21 | Reports.

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 1112.25 | Revocation for Suspension or Termination of Authority, Appointment of Receiver, and Other Acts.

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.