Ohio § 5126.57 Approving or disapproving application for residential facility linked deposit loan

Ohio Statutes

§ 5126.57 — Approving or disapproving application for residential facility linked deposit loan

Ohio § 5126.57

Title 51Public Welfare

Ch. 5126County Boards of Developmental Disabilities

This text of Ohio § 5126.57 (Approving or disapproving application for residential facility linked deposit loan) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 5126.57 (2026).

Text

In reviewing an application for a residential facility linked deposit loan, the eligible lending institution shall apply the same lending standards as it customarily applies to applications for loans for the development of residential property. The lending institution shall either approve or disapprove an application for a residential facility linked deposit loan within a reasonable time, in accordance with commercial practice. If the lending institution approves an application, it shall prepare and transmit each of the following to the county board of developmental disabilities:

(A)A certification that it is an eligible lending institution;

(B)A statement that it has approved a residential facility linked deposit loan to the eligible

Free access — add to your briefcase to read the full text and ask questions with AI

In reviewing an application for a residential facility linked deposit loan, the eligible lending institution shall apply the same lending standards as it customarily applies to applications for loans for the development of residential property. The lending institution shall either approve or disapprove an application for a residential facility linked deposit loan within a reasonable time, in accordance with commercial practice.

If the lending institution approves an application, it shall prepare and transmit each of the following to the county board of developmental disabilities:

(A) A certification that it is an eligible lending institution;

(B) A statement that it has approved a residential facility linked deposit loan to the eligible organization and the amount of the loan;

(C) A copy of the eligible organization's loan application and a copy of the resolution of the eligible organization's board of trustees included with the loan application;

(D) Any other information the board of county commissioners requires in the resolution adopted under sections135.801and135.802of the Revised Code.

If the lending institution does not approve an application for a residential facility linked deposit loan, it shall promptly notify the county board of developmental disabilities of such disapproval.