Ohio Admin. Code 113-7-03 - Eligibility of credit unions

Current through all regulations passed and filed through December 3, 2021

(A) Pursuant to division (A)(8) of section 135.143 of the Revised Code, the treasurer of state may invest or execute transactions for any part or all of the interim funds of the state in agricultural linked deposits as defined in section 135.71 of the Revised Code, and the business linked deposits as defined in section 135.77 of the Revised Code, and the adoption linked deposits as defined in section 135.79 of the Revised Code subject to section 135.63 of the Revised Code.
(B) No eligible lending institution shall receive or have on deposit at any one time public moneys in an aggregate amount in excess of thirty per cent of its total assets, as shown in its latest report to the national credit union administration.
(C) No eligible lending institution is eligible to become a public depository or to receive any new interim moneys pursuant to sections 135.01 to 135.20 135.21 of the Revised Code, if the eligible lending institution 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 lending institution is eligible to receive or hold any active deposit or inactive deposit as defined in section 135.01 of the Revised Code.
(E) Eligible lending institutions may not engage in the redeposit of public moneys pursuant to section 135.145 of the Revised Code.

Replaces: 113-07-03


Ohio Admin. Code 113-7-03
Effective: 11/7/2021
Five Year Review (FYR) Dates: 11/5/2024
Promulgated Under: 119.03
Statutory Authority: R.C. 135.78; R.C. 135.795
Rule Amplifies: R.C. 135.78; R.C. 135.79 -.796
Prior Effective Dates: 11/05/2019

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