Ohio Code 1733.412 – Powers of federal credit unions granted to state chartered credit unions
(A) Notwithstanding any provision in Chapter 1733 of the Revised Code, if a credit union operating in this state that is organized or chartered under this chapter or the laws of the United States possesses any right, power, privilege, or benefit by virtue of a statute, rule, policy, regulation, interpretation, or judicial decision, the superintendent of credit unions shall adopt a rule under section 111.15 of the Revised Code granting any credit union doing business under authority granted by the superintendent authority to exercise the respective right, power, privilege, or benefit.
Terms Used In Ohio Code 1733.412
- Credit union: means a corporation organized and qualified as such under this chapter. See Ohio Code 1733.01
- Rule: includes regulation. See Ohio Code 1.59
- State: means the United States, any state, territory, insular possession, or other political subdivision of the United States, including the District of Columbia. See Ohio Code 1733.01
- Statute: A law passed by a legislature.
- Superintendent of credit unions: means the "division of financial institutions" the "superintendent of financial institutions of this state" or the "deputy superintendent for credit unions"; and whenever the context requires it, may be read as "director of commerce. See Ohio Code 1733.01
- United States: includes all the states. See Ohio Code 1.59
(B) The rule adopted by the superintendent pursuant to the authority of this section becomes effective on the later of the following dates:
(1) The date the superintendent issues the rule;
(2) The date the statute, rule, policy, regulation, interpretation, or judicial decision on which the superintendent’s rule is based becomes effective.
(C) If the rule adopted by the superintendent pursuant to this section is not enacted into law or adopted in accordance with Chapter 119 of the Revised Code within thirty months from its effective date, the rule shall thereupon no longer be of any force or effect; however, the superintendent may adopt the rule under section 111.15 of the Revised Code pursuant to this section for an additional thirty-month period.
(D) The superintendent, upon thirty days’ written notice to state-chartered credit unions, may revoke any rule issued by virtue of the authority of this section.