Ohio Code 1733.38 – Qualification of foreign credit union
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A credit union organized and duly qualified as a credit union in another state or territory may qualify to do business as a credit union in this state provided:
Terms Used In Ohio Code 1733.38
- 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
- Credit union: means a corporation organized and qualified as such under this chapter. See Ohio Code 1733.01
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- 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
(A) Such credit union is organized under credit union law substantially similar to sections 1733.01 to 1733.45 of the Revised Code;
(B) The interest rate of such credit union on loans made to members in this state does not exceed the maximum interest rate permitted by sections 1733.01 to 1733.45 of the Revised Code;
(C) A credit union organized and doing business under the laws of this state is permitted to do business in such other state or territory under conditions substantially similar to the provisions of this section.