Effective: September 11, 2008
Latest Legislation: Senate Bill 247 - 127th General Assembly
(A) On the terms and conditions the credit union prescribes, a credit union may do all of the following:
(1) Provide safes, vaults, safe deposit boxes, night depositories, and other secure receptacles for the uses, purposes, and benefits of its members;
(2) Receive tangible property and evidence of tangible or intangible property for safekeeping using the credit union's safes, vaults, secure receptacles, or safekeeping system; the safes, vaults, secure receptacles, or safekeeping system of another credit union; or the safekeeping system of a safekeeping agent or custodian.
(B)(1) A credit union may enter into an agreement to rent a safe deposit box to a minor and accept the appointment of a minor as agent or deputy on any deposit or safe deposit box by any person, including a minor, maintaining the deposit or safe deposit box.
(2) When a credit union enters into a safe deposit box rental agreement with a minor pursuant to division (B)(1) of this section, all of the following apply:
(a) The terms and conditions of the safe deposit box rental agreement are binding on the minor the same as a person of legal age who rents a safe deposit box.
(b) The relationship between the credit union and the minor regarding the safe deposit box rental agreement is in all respects the same as if the minor were a person of legal age.
(c) The credit union shall incur no liability for any transaction regarding the safe deposit box solely because of doing business with a minor.
(3) Nothing in divisions (B)(1) and (2) of this section shall be construed to limit the parental rights provided under section 2111.08 of the Revised Code or to limit the rights of a guardian appointed pursuant to Chapter 2111. of the Revised Code.
(C) The superintendent of financial institutions shall promulgate rules to qualify a credit union, safekeeping agent, or custodian that may receive from another credit union tangible property and evidence of tangible or intangible property for safekeeping pursuant to division (A) of this section.
Structure Ohio Revised Code
Title 17 | Corporations-Partnerships
Section 1733.01 | Credit Union Definitions.
Section 1733.02 | Purpose of Chapter.
Section 1733.03 | Purpose of Credit Union.
Section 1733.04 | Authority of Credit Union.
Section 1733.041 | Insurance Protection for Members' Accounts.
Section 1733.042 | Posting Notice of Insurance.
Section 1733.051 | Grounds for Termination of Services.
Section 1733.06 | Statutory Agent.
Section 1733.07 | Forming a Credit Union.
Section 1733.08 | Accepting Articles by Secretary of State.
Section 1733.09 | Meeting of Incorporators.
Section 1733.10 | Initial Meeting of Board of Directors.
Section 1733.11 | Action Taken Without Meeting.
Section 1733.12 | Annual Meeting.
Section 1733.14 | Quorum at Member Meeting.
Section 1733.15 | Board of Directors.
Section 1733.152 | Appointment of Associate Directors.
Section 1733.16 | Board Meetings.
Section 1733.17 | Quorum of Board.
Section 1733.18 | Vacancies on Board - Removal of Director.
Section 1733.181 | Removal From Office.
Section 1733.19 | Establishment of Committees - Advisory Board.
Section 1733.191 | Notice of Outside Auditor.
Section 1733.20 | Officers - Duties.
Section 1733.21 | Binding Effect of Acts of Minor Officer.
Section 1733.22 | Compensation and Benefits.
Section 1733.23 | Fidelity Bond.
Section 1733.24 | Deposits; Shares and Accounts; Withdrawals.
Section 1733.241 | Payment on Joint Account - Contract for Payment on Death.
Section 1733.242 | Acceptance of Property for Safekeeping - Transactions With Minors.
Section 1733.243 | Claims to Property in Safekeeping - Bond of Claimant.
Section 1733.25 | Loans - Interest.
Section 1733.251 | Alternative Interest Rate.
Section 1733.252 | Compliance With Secure and Fair Enforcement for Mortgage Licensing Act.
Section 1733.253 | Permissible Charges Under a Revolving Credit Agreement.
Section 1733.27 | Fiscal Year.
Section 1733.28 | Financial Statement.
Section 1733.29 | Permanent Records.
Section 1733.291 | Preservation of Records - Retention Period - Disposal.
Section 1733.292 | Process for Retention of Documents - Approval - Use as Evidence.
Section 1733.30 | Investments.
Section 1733.31 | Reserve Accounts - Liquidity Fund.
Section 1733.32 | Powers of Superintendent of Financial Institutions.
Section 1733.321 | Credit Unions Fund.
Section 1733.322 | Requesting Outside Auditor to Review Results of Examination.
Section 1733.323 | Issuing Administrative Guidelines.
Section 1733.324 | Issuing Cease-and-Desist Order.
Section 1733.325 | Setting Supervisory Conference.
Section 1733.326 | Forfeiture and Civil Penalty for Noncompliance With Order or Agreement.
Section 1733.327 | Confidentiality.
Section 1733.328 | Frequency of Credit Union Examinations.
Section 1733.329 | Credit Union Council.
Section 1733.3210 | Duties of Council.
Section 1733.33 | Amendments to Articles or Regulations.
Section 1733.34 | Merger of Credit Unions.
Section 1733.341 | Conversions.
Section 1733.35 | Dissolution.
Section 1733.361 | Appointment and Removal of Conservator - Duties of Conservator.
Section 1733.37 | Liquidation.
Section 1733.38 | Qualification of Foreign Credit Union.
Section 1733.39 | Requirements for Doing Business.
Section 1733.40 | Annual Report.
Section 1733.41 | Additional Rules and Regulations.
Section 1733.411 | Adoption of Administrative Rules.
Section 1733.412 | Powers of Federal Credit Unions Granted to State Chartered Credit Unions.
Section 1733.42 | Computing Time for Giving Notice.
Section 1733.43 | Exemption From Franchise Tax and Report.
Section 1733.44 | Prohibition Against Use of Words Credit Union.
Section 1733.441 | False Advertising.
Section 1733.45 | Applicability of General Corporation Laws.
Section 1733.47 | Criminal Records Check to Be Requested by Superintendent.