Ohio Code 1119.06 – Prohibited and authorized activities
(A) A foreign bank licensed to operate a representative office shall not conduct any banking business through the licensed representative office, including any of the following activities:
Terms Used In Ohio Code 1119.06
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- Fiduciary: A trustee, executor, or administrator.
- Foreign bank: includes , without limitation, a foreign commercial bank, foreign merchant bank, or other foreign institution that engages in banking activities usually conducted in connection with the business of banking in the country that granted its charter or countries where the foreign institution is operating. See Ohio Code 1119.01
- state: means the state of Ohio. See Ohio Code 1.59
(1) Soliciting, receiving, or accepting deposits, either directly or as agent for subsequent deposit at another office of the foreign bank;
(2) Approving any application for, disbursing any funds from, or otherwise providing credit in this state;
(3) Carrying credit balances;
(4) Exercising fiduciary powers.
(B) At or through a licensed representative office, a foreign bank may conduct activities that are connected to the foreign bank’s banking business, including the following:
(1) A representative office may contact local persons to solicit business for the foreign bank, but may not solicit, receive, or accept deposits, either directly or as agent, for subsequent deposit at another office of the foreign bank.
(2) A representative office may accept and process applications for the extension of credit, but may not approve any application.
(3) A representative office may prepare documentation and execute documents for transactions previously approved outside this state, but may not disburse any funds or otherwise provide credit in this state.
(4) A representative office may conduct credit investigations and analyses requested by persons authorized to extend credit.
(5) A representative office may provide information on local economic and business conditions.