The bill introduced by Representatives Mathews and Hiner seeks to amend the Revised Code to establish a new program called the small defense business linked deposit program. This initiative aims to provide reduced-rate loans to small businesses in the defense sector, addressing economic challenges such as limited capital and rising interest rates that may impede their growth. Eligible borrowers must be headquartered in Ohio for at least five years, maintain a majority of operations within the state, and have gross receipts of less than $25 million. The bill also outlines the criteria for eligible lending institutions, which must be capable of making commercial loans, and includes amendments to existing sections of the Revised Code to incorporate this new program.

Additionally, the bill addresses the operation of credit unions, specifically allowing them to establish student branches in schools with the necessary agreements and permissions. It permits students who do not qualify for regular membership to join these branches, with membership expiring upon graduation. The legislation also updates the legal framework for credit unions by replacing references to sections 135.66 with 135.67 and repealing several existing sections to streamline regulations. It clarifies the rights and responsibilities related to share accounts and deposits, including provisions for minors, ultimately enhancing the operational capabilities of credit unions while ensuring compliance with regulatory standards.

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