The bill introduced by Representative Stephens seeks to enact two new sections, 1115.30 and 1733.54, into the Revised Code of Ohio. These sections explicitly prohibit credit unions, whether chartered in Ohio or foreign credit unions as defined in the existing law, from acquiring a bank that is chartered in Ohio. This includes any agreements related to the purchase and assumption of a bank's assets or liabilities, particularly in the context of the bank's dissolution or surrender of its charter.

The legislation aims to clarify and reinforce the restrictions on credit unions regarding bank acquisitions, ensuring that such financial institutions cannot engage in these transactions under any circumstances outlined in the new sections. This move is intended to maintain the separation between credit unions and banks within the state's financial regulatory framework.