HB317 Summary

• Expands public depository eligibility: Authorizes federal credit unions, state-chartered credit unions, and credit unions licensed under Ohio law to serve as public depositories for state and local government funds, subject to the same requirements as banks and savings institutions under Chapter 135 of the Revised Code.

• Includes credit unions in economic development programs: Adds credit unions to the definition of "financial institution" in the capital access loan program (Section 122.60) and the industrial development program (Section 122.71), making credit union loans eligible for economic development assistance.

• Permits public fund investments through credit unions: Allows treasurers and governing boards to invest interim moneys in credit union certificates of deposit and to conduct other public fund investments through credit unions operating as depositories.

• Extends credit union authorities: Authorizes credit unions to act as public depositories under Chapter 135 (Section 1733.04) and to receive public deposits consistent with Chapter 135 requirements (Section 1733.24).

• Adds credit union exemptions to anti-terrorism provisions: Excludes credit unions insured by the National Credit Union Administration or state share guaranty corporations from certain anti-terrorism disclosure requirements for state licensing and contracting purposes (Sections 2909.32-2909.33).