Department of Commerce - Supervision and Examination - Definitions.

Published: 2012-03-22

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.

(A) "Business day" means any calendar day that is not a Saturday or Sunday or a legal holiday. "Legal holiday" has the same meaning as in section 1.14 of the Revised Code.

(B) "Current earnings" means revenues less operating expenses before all insurance assessments or corporate stabilization expenses.

(C) "File" or "filing" means the day on which any correspondence or other document is received at the Ohio department of commerce, division of financial institutions.

(D) "GAAP" stands for "Generally Accepted Accounting Principles."

(E) "Immediate family" includes a spouse of the official or employee, or the official or employee's child, parent, grandchild, grandparent, brother or sister, or the spouse of any such individual.

(F) "Mail ballot" includes an electronic ballot.

(G) "Net worth" means retained earnings as defined by the American institute of certified public accountants ("AICPA"). Retained earnings normally include undivided earnings, regular reserves and any other forms of capital approved or appropriations designated by regulatory authority.

(H) "Service facility or service facilities" as used in Chapter 1733. of the Revised Code includes a shared service facility and any additional credit union office, agency, or any branch place of business at which member accounts are established or loans are made.