The bill seeks to amend the Revised Code to establish a small defense business linked deposit program in Ohio, 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 are defined as businesses headquartered in Ohio for at least five years, with significant state presence, contracts with the armed forces, and gross receipts under $25 million. Key amendments include replacing references to sections 135.66 with 135.67, thereby integrating the new program into existing linked deposit frameworks, and outlining the responsibilities of borrowers and lenders in the application process, with a focus on job creation and preservation within the state.

Additionally, the bill introduces amendments to regulations governing credit unions, particularly regarding the establishment of student branches in schools. It permits credit unions to open student branches with school authority approval, allowing students who may not qualify for regular membership to join, with membership expiring upon graduation. 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 existing sections to streamline operations. These changes aim to enhance credit unions' operational flexibility while promoting financial education among students.

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