2006 Ohio Revised Code - 901.81. Effective until 10-15-07.

§ 901.81. Duties of financial institution.
 

(A)  As used in this section and sections 901.82 and 901.83 of the Revised Code: 

(1) "Financial institution" means any banking corporation; trust company; savings and loan association; building and loan association; or corporation, partnership, or other institution that is engaged in lending or investing funds for agricultural or other business purposes and that is eligible to become a depository for public moneys under section 135.03 of the Revised Code. 

(2) "Eligible applicant" means a person who has made all of the demonstrations enumerated in division (B) of section 901.82 of the Revised Code. 

(B)  A financial institution that wishes to participate in the program established under section 901.80 of the Revised Code shall accept and review applications for loans from eligible applicants. Forms and procedures involved in the application process shall comply with rules adopted under division (A)(8)(a) of section 901.82 of the Revised Code. The financial institution shall apply all usual lending standards to determine the creditworthiness of each eligible applicant, including whether the eligible applicant has the ability to repay the loan and whether adequate security exists for the loan. 
 

The financial institution shall forward to the department of agriculture the completed loan application of an eligible applicant whom the financial institution has determined to be creditworthy, along with the farm business plan and management strategy required by division (A)(5) of section 901.82 of the Revised Code, and any other information required by rules adopted under division (A)(8) of section 901.82 of the Revised Code. If a loan guarantee is involved, the financial institution also shall forward a request by the financial institution to enter into a contract of guarantee described in section 901.83 of the Revised Code. 
 

The department shall proceed with the loan application in accordance with section 901.82 of the Revised Code. 
 

HISTORY: 147 v H 621 (Eff 3-16-98); 149 v H 94. Eff 6-6-2001.
 

The provisions of § 403.11 of 151 v H 66, amending the repeal date for RC § 901.81 as set by § 3 of 147 v H 621 and amended by § 147 of 148 v H 283, § 153 of 149 v H 94, and § 137.07 of 150 v H 95, read as follows: 

SECTION 403.11. That Section 3 of Am. Sub. H.B. 621 of the 122nd General Assembly, as most recently amended by Am. Sub. H.B. 95 of the 125th General Assembly, be amended to read as follows: 

"Sec. 3. That sections 166.031, 901.80, 901.81, 901.82, and 901.83 of the Revised Code are hereby repealed, effective October 15, 2007." 

The effective date is set by section 206 of HB 94.