Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly As used in this chapter: (A) “Affiliate” means any individual or entity controlling, controlled by, or under common control with a family trust company. (B) “Business entity” means a partnership, corporation, limited liability company, or other entity. (C) “Control” means the power […]
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly Except as otherwise provided in this chapter or in any other provision of the Revised Code, a family trust company is subject to this chapter only to the extent that the family trust company transacts trust business in this state.
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly (A)(1) A family trust company may be, but is not required to be, licensed under this chapter. If a family trust company does not apply for a license under this chapter, it is not subject to supervision by the superintendent of financial […]
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly (A)¿A family trust company may do any of the following for the benefit of family clients only: (1)¿Act as a fiduciary, including as a personal representative, within and outside this state; (2)¿Act within and outside this state as advisory agent, agent, assignee, […]
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly (A)¿¿Notwithstanding any other provision of law to the contrary, while acting as the fiduciary of a trust, a family trust company may do all of the following: (1)¿Invest in a security of an investment company or investment trust for which the family […]
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly Each member of the governing board of a family trust company shall take and subscribe an oath that the member will administer the affairs of the family trust company diligently and honestly and that the member will not knowingly or willfully permit […]
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly (A) A family trust company wishing to be licensed under this chapter shall file an application with the superintendent of financial institutions. The application shall be in the form prescribed by the superintendent and shall be accompanied by a nonrefundable application fee […]
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly (A) Upon the conclusion of the investigation required under section 1112.07 of the Revised Code, the superintendent of financial institutions shall issue a license to the applicant if the superintendent finds that all of the following conditions are met: (1) The applicant […]
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly A family trust company’s license to engage in trust business in this state is not transferable or assignable.
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly Not more than one place of business shall be maintained under the same license issued under this chapter, but the superintendent of financial institutions may issue additional licenses to the same licensee. For every additional place of business in this state, the […]
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly The existence of any licensed family trust company shall date from the filing of its articles of incorporation or articles of organization, from which time it shall have and may exercise the incidental powers conferred by law upon corporations or limited liability […]
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly (A) Prior to transacting any business as a licensed family trust company, a family trust company shall pledge to the treasurer of state interest-bearing securities authorized in division (B) of this section, having a par value, not including unaccrued interest, of one […]
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly (A)¿Each licensed family trust company shall obtain and maintain all of the following: (1) Fidelity bonds in such amounts as it considers advisable, but not less than an aggregate amount of one million dollars, on any active officer, manager, family member acting […]
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 […]
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly The governing board of a licensed family trust company shall hold at least one regular meeting during each calendar quarter. At each of the quarterly meetings, the board, or an auditor selected by the board, shall thoroughly review the books, records, funds, […]
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly Except as otherwise provided in section 1112.04 of the Revised Code, a licensed family trust company has all the rights, privileges, and exemptions from licensing and regulation requirements that are granted by any law of this state to trust companies licensed under […]
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly (A) A family trust company licensed under this chapter may cease doing trust business and voluntarily surrender its license to engage in trust business in this state, and as a consequence be relieved of the necessity to comply with the requirements of […]
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly (A) A family trust company shall keep separate and complete records for each fiduciary account or relationship, including a record of any securities constituting assets of each particular estate, trust, or account. (B) A family trust company may place securities it holds […]
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly (A) A family trust company may, for any business purpose, retain a document, paper, or other instrument. A family trust company may record by use of a process to record, copy, photograph, or store a representation of the original document, paper, or […]
Effective: September 14, 2016 Latest Legislation: House Bill 229 – 131st General Assembly (A) Any licensed family trust company is subject to all powers of, and remedies and sanctions available to, the superintendent of financial institutions and the division of financial institutions under Chapters 1101. to 1127. of the Revised Code, in addition to the […]
