Ohio Code 1112.24 – Failure to comply with chapter or refusal to allow inspection
(A)¿The superintendent of financial institutions may revoke a license issued under this chapter if, after notice and an opportunity for hearing in accordance with Chapter 119 of the Revised Code (which hearing shall not be open to the public), the superintendent finds either of the following:
Terms Used In Ohio Code 1112.24
- Family member: means all of the following, provided that the designated relative is not more than ten generations removed from the youngest generation of family members:
(a) All lineal descendants, including adopted children, stepchildren, foster children, and individuals who were a minor when another family member became a legal guardian of the individual, of the designated relative;
(b) Such lineal descendants' spouses or spousal equivalents. See Ohio Code 1112.01
- Family trust company: means a corporation or limited liability company organized under the laws of this state that meets all of the following requirements:
(1)¿It is organized to serve only family clients. See Ohio Code 1112.01
- Licensed family trust company: means a family trust company licensed under this chapter. See Ohio Code 1112.01
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Rule: includes regulation. See Ohio Code 1.59
(1) An officer or director of, or any manager or family member acting in a managerial capacity for, the licensed family trust company has failed to comply with any provision of this chapter.
(2) The licensed family trust company, or any person authorized to act on its behalf, refuses to allow the superintendent or any deputy or examiner appointed by the superintendent to inspect all books, records, papers, and effects related to the family trust company’s business.
(B) In addition to any other remedy provided under this chapter, the superintendent may impose a fine of not more than ten thousand dollars upon either of the following:
(1) A person who fails to comply with any provision of this chapter or any rule adopted thereunder;
(2) A family trust company that is not licensed under this chapter that operates in any manner that is authorized only for licensed family trust companies.
Last updated July 22, 2021 at 9:38 AM