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OH SB250
Bill
Status
5/27/2010
Primary Sponsor
Bob Gibbs
Click for details
AI Summary
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Increases the maximum amount the Treasurer of State may invest in agricultural linked deposits from $125 million to $200 million.
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Raises the maximum loan amount per eligible agricultural business from $100,000 to $150,000.
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Changes the interest rate reduction requirement from "equal to" the percentage rate reduction below market rates to "proportional to" that reduction, providing more flexibility in loan pricing.
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Removes the specific formula language requiring exact matching of loan rate reductions to deposit rate reductions, allowing the Treasurer to establish rates reflecting market conditions in the lending institution's area.
Legislative Description
To modify the Agricultural Linked Deposit Program with respect to the maximum amount the Treasurer of State may invest in agricultural linked deposits, the interest rate at which loans are made under the Program, and the maximum loan amount.
Agricultural Linked Deposit Program-modify
Last Action
Passed 3rd Consideration House
5/27/2010