Effective: September 27, 2002 Latest Legislation: House Bill 506 – 124th General Assembly As used in this chapter: (A) “Account” means the total of all amounts credited to a participating credit union for paid-in capital contribution, and other credits, net of any charges to that participating credit union. “Account” is an “advancement” as that term […]
Effective: September 27, 2002 Latest Legislation: House Bill 506 – 124th General Assembly (A) A credit union share guaranty corporation may be established, licensed, and operated in compliance with this chapter. (B)(1) A credit union share guaranty corporation may be organized as a corporation under this chapter. Chapter 1701. or 1702. of the Revised Code, […]
Effective: September 27, 2002 Latest Legislation: House Bill 506 – 124th General Assembly The general purposes of a credit union share guaranty corporation are: (A) To guarantee payment of all or a part of participating credit union share accounts of an individual member or, as described in division (B)(2) of section 1761.02 of the Revised […]
Effective: September 29, 2011 Latest Legislation: House Bill 153 – 129th General Assembly (A) The licensing and operation of a credit union share guaranty corporation is subject to the regulation of the superintendent of insurance pursuant to Chapters 3901., 3903., 3905., 3925., 3927., 3929., 3937., 3941., and 3999. of the Revised Code to the extent […]
Effective: March 23, 2015 Latest Legislation: House Bill 652 – 130th General Assembly (A) No person shall guarantee to a credit union payment of a credit union share account of an individual member or, as described in division (B)(2) of section 1761.02 of the Revised Code, a nonmember of a credit union or otherwise issue […]
Effective: March 23, 2015 Latest Legislation: House Bill 562 – 130th General Assembly (A) In carrying out its general purposes as set forth in section 1761.03 of the Revised Code, a credit union share guaranty corporation may do any of the following: (1) Guarantee to participating credit unions the payment of any deficiency in the […]
Effective: September 27, 2002 Latest Legislation: House Bill 506 – 124th General Assembly (A) Any credit union chartered by this state or any credit union chartered by a state that, as described in division (B) of this section, allows its credit unions to be eligible for participation in a credit union share guaranty corporation or […]
Effective: March 23, 2015 Latest Legislation: House Bill 652 – 130th General Assembly (A)(1) In order to permit the credit union share guaranty corporation to assess the financial condition and performance of a credit union, upon the written request of the corporation, the superintendent of credit unions or other credit union supervisory authority or the […]
Effective: March 23, 2015 Latest Legislation: House Bill 652 – 130th General Assembly (A) Each credit union share account of an individual member or, as described in division (B)(2) of section 1761.02 of the Revised Code, a nonmember of a participating credit union shall be guaranteed in amounts established from time to time by the […]
Effective: March 23, 2015 Latest Legislation: House Bill 652 – 130th General Assembly (A)(1) A credit union share guaranty corporation shall establish and maintain a guarantee fund. The fund shall be maintained at a normal operating level as defined by the board of directors of the corporation and approved by the superintendent of insurance, except […]
Effective: September 14, 1988 Latest Legislation: House Bill 796 – 117th General Assembly (A) The superintendent of credit unions shall give prompt notice to the applicable credit union share guaranty corporation whenever he takes possession of the property and assets of a participating credit union. The superintendent shall give further prompt notice whenever he determines […]
Effective: March 23, 2015 Latest Legislation: House Bill 652 – 130th General Assembly (A) A credit union share guaranty corporation may terminate the participation in the corporation of a participating credit union for any of the following reasons: (1) The participating credit union fails to satisfy the risk eligibility standards established by the corporation and […]
Effective: March 23, 2015 Latest Legislation: House Bill 652 – 130th General Assembly (A) A credit union share guaranty corporation shall invest or deposit its funds in the following manner: (1) In banks incorporated under the laws of this or any other state, or the United States; (2) In negotiable certificates of deposit and bankers […]
Effective: September 14, 1988 Latest Legislation: House Bill 796 – 117th General Assembly (A) A credit union share guaranty corporation shall record income from investments in an income account, and may use such income to defray expenses of operations. Income from all sources that exceeds an amount determined by the board of directors to be […]
Effective: September 14, 1988 Latest Legislation: House Bill 796 – 117th General Assembly A credit union share guaranty corporation shall establish a reserve for guaranty losses on an incurred basis in accordance with generally accepted accounting principles during the period in which such losses become evident. Such reserve shall provide for losses reported to the […]
Effective: August 8, 1991 Latest Legislation: Senate Bill 137 – 119th General Assembly (A) A credit union share guaranty corporation shall file with the superintendent of credit unions an annual report containing audited financial statements, prepared in accordance with generally accepted accounting principles or such other accounting requirements determined by the superintendent of credit unions, […]
Effective: March 23, 2015 Latest Legislation: House Bill 652 – 130th General Assembly (A) The superintendent of credit unions or the superintendent of insurance may forthwith take possession of the property and business of the credit union share guaranty corporation and retain possession until the corporation satisfies the superintendent that it will operate in conformity […]
Effective: September 14, 1988 Latest Legislation: House Bill 796 – 117th General Assembly (A)(1) If, in the opinion of the superintendent of credit unions, a credit union share guaranty corporation or a director, officer, or employee of the corporation is engaged in any unsafe or unsound practice in conducting the business of the corporation, has […]
Effective: September 14, 1988 Latest Legislation: House Bill 796 – 117th General Assembly (A) If, at any time, the superintendent of credit unions or the superintendent of insurance has cause to believe that the actions or practices of a credit union share guaranty corporation or its officers, directors, or employees may cause harm to the […]
Effective: September 14, 1988 Latest Legislation: House Bill 796 – 117th General Assembly (A)(1) If a credit union share guaranty corporation or a director, officer, or employee of the corporation fails to comply with any agreement concluded with the superintendent of credit unions under section 1761.19 of the Revised Code, or any final or summary […]
