Ohio Admin. Code 113-7-02 - Eligibility of credit unions

(A) Pursuant to division (A)(8) of section 135.143 of the Revised Code, the treasurer of state may invest or execute transactions for the interim funds of the state in the various linked deposit programs subject to the limitations and provisions set forth in section 135.61 of the Revised Code.

(B) The state board of deposit shall designate eligible credit unions as public depositories pursuant to section 135.12 of the Revised Code. Such designation applies only for interim deposits, not for active deposits, in accordance with section 135.143 of the Revised Code.

(C) No eligible credit union is eligible to become a public depository or to receive any new interim funds if the eligible credit union or any of its directors, officers, employees, or controlling shareholders or persons is currently a party to an active final or temporary cease-and-desist order issued to ensure the safety and soundness of the institution.

(D) No eligible credit union is eligible to receive or hold interim deposits other than those invested by the treasurer of state through the various linked deposit programs authorized under section 135.61 of the Revised Code.

(E) Eligible credit unions may not engage in the redeposit of public moneys pursuant to section 135.145 of the Revised Code.

Replaces: 113-7-03

Notes

Ohio Admin. Code 113-7-02

Effective: 1/1/2024
Five Year Review (FYR) Dates: 12/31/2028
Promulgated Under: 111.15
Statutory Authority: 135.61
Rule Amplifies: 135.61, 135.62, 135.70
Prior Effective Dates: 11/05/2019, 11/07/2021, 02/16/2023