SB 115 Summary

• Amends section 135.182 of the Revised Code to modify the Ohio Pooled Collateral Program established by the state treasurer to secure public deposits at participating banks and financial institutions.

• Expands the definitions of "public depository" and "public depositor" to include counties and municipal corporations that have adopted charters under Article XVIII of the Ohio Constitution.

• Requires public depositories to pledge eligible securities worth at least 102% of uninsured public deposits or an alternative amount determined by treasurer rules based on prudent capital management and third-party safety ratings.

• Establishes that public depositories have two business days to pledge additional securities if collateral falls below required amounts, and authorizes the state treasurer to impose reasonable fees on participating institutions to cover program administration costs.

• Provides liability protections for public depositors, treasurers, and their sureties when a depository fails to maintain required collateral levels as specified in their agreement with the state treasurer.