Ohio § 1121.06

§ 1121.06.

(A) Notwithstanding any provision of the Revised Code, if any regulation, rule, interpretation,

procedure, or guideline of the office of the comptroller of the currency, federal

deposit insurance corporation, federal reserve board, consumer financial protection

bureau, national credit union administration, or any other bank regulatory authority

of the United States, or the bank regulatory authority of any other state of the United

States, puts a bank or trust company doing business under authority granted by the

superintendent of financial institutions at a disadvantage to any other type of financial

institution, the superintendent may adopt a rule that reduces or eliminates the disadvantage

to a bank or trust company doing business under authority granted by the superintendent. (B) The superintendent shall adopt rules authorized by division (A) of this section in

accordance with section 111.15 of the Revised Code . (C) A rule adopted by the superintendent pursuant to the authority of this section is

effective on the later of the following dates: (1) The date the superintendent issues the rule; (2) The date the regulation, rule, interpretation, procedure, or guideline the superintendent's

rule is based on becomes effective. (D)(1) The superintendent may, upon thirty days' written notice, revoke any rule adopted

under the authority of this section.  A rule adopted under the authority of this section and not revoked by the superintendent,

enacted into law, or adopted in accordance with Chapter 119. of the Revised Code,

lapses and has no further force and effect thirty months after its effective date;

 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. (2) The superintendent may require a bank or trust company that has acted in reliance

on a rule adopted and later revoked or lapsed under the authority of this section

to bring its affected activities in compliance with the law.  Unless the activities will or may result in harm to the bank or trust company as

determined by the superintendent, the bank or trust company shall be granted a reasonable

period of time of not less than one year nor more than two years from the date the

rule is revoked or lapsed, to bring its affected activities in compliance with the

law.  The superintendent may, upon the written request of a bank or trust company, grant

the bank or trust company a longer period of time in which to bring its affected activities

in compliance with the law.