Substitute House Bill 229 - Ohio Family Trust Company Act

• Creates a new licensing framework for family trust companies under Chapter 1112 of the Revised Code, allowing them to serve exclusively family clients descending from a designated common ancestor.

• Family trust companies may operate either licensed (supervised by superintendent of financial institutions) or unlicensed (with annual affidavit compliance), prohibiting them from conducting banking business or serving the general public.

• Licensed family trust companies must maintain minimum $200,000-$500,000 stockholders' equity, pledge $100,000 in securities, obtain $1,000,000 fidelity bonds and $1,000,000 directors/officers liability insurance, and meet Ohio operational requirements including holding at least two annual board meetings.

• Superintendent of financial institutions granted authority to examine, supervise, and enforce compliance with the act, including power to revoke licenses for violations, unsafe practices, or failure to comply with regulations.

• Defines "family client" and "family member" broadly to include descendants of the designated relative, their spouses/spousal equivalents, key employees, charitable organizations funded exclusively by family clients, and related trusts and business entities.