The bill establishes a small defense business linked deposit program aimed at providing reduced-rate loans to defense-oriented businesses, including subcontractors, to support their growth amid economic challenges. Eligible borrowers must be Ohio-based for at least five years, maintain a majority of operations in the state, have contracts with the armed forces or related agencies, and have gross receipts of less than fifty million dollars in the preceding year. The bill also amends existing linked deposit regulations, changing references from sections 135.66 to 135.67, and outlines the responsibilities of lending institutions in processing loan applications. Borrowers are required to certify that the loans will be used to create or preserve jobs in Ohio, while confidentiality regarding linked deposit records is emphasized.

Additionally, the bill amends laws governing credit unions, allowing them to establish service facilities beyond their home offices and acquire real estate for operational purposes, with a requirement to notify the superintendent before such purchases. It introduces provisions for credit unions to open student branches in collaboration with schools, enabling student membership regardless of eligibility in the main credit union. The bill also updates regulations on share accounts and deposits, clarifying the classification of shares and allowing credit unions to maintain a single class of membership shares without certificates. Furthermore, it outlines the rights of minors in purchasing shares and repeals several existing sections of the Revised Code to streamline the regulatory framework for credit unions.

Statutes affected:
As Introduced: 135.61, 135.62, 135.621, 135.623, 1733.04, 1733.24
As Reported By House Committee: 135.61, 135.62, 135.621, 135.623, 1733.04, 1733.24
As Passed By House: 135.61, 135.62, 135.621, 135.623, 1733.04, 1733.24