The bill, introduced by Representatives Mathews and Hiner, seeks to amend the Revised Code to establish a new small defense business linked deposit program aimed at providing reduced-rate loans to small businesses in the defense sector. This initiative addresses economic challenges such as limited capital and rising interest rates that may impede growth. Eligible borrowers must be Ohio-based for at least five years, conduct a majority of their operations within the state, and have gross receipts under $25 million. They must also certify that the loan will be utilized to create or preserve jobs in Ohio. The bill includes amendments to existing sections of the Revised Code, specifically changing references from sections 135.66 to 135.67, and introduces new definitions and requirements for lending institutions and borrowers.

Additionally, the bill modifies regulations governing credit unions, particularly regarding the establishment of student branches in schools. It permits credit unions to open student branches with the consent of school authorities, allowing students who do not qualify for regular membership to join these branches until they graduate from secondary school. The bill also updates the legal framework for credit unions concerning share accounts and deposits, replacing references to sections 135.66 with 135.67 and repealing several outdated sections. These amendments aim to enhance the operational capabilities of credit unions while ensuring compliance with current regulations.

Statutes affected:
As Introduced: 135.61, 135.62, 135.621, 135.623, 1733.04, 1733.24