As Reported by House Financial Institutions Committee 1
123rd General Assembly 4
Regular Session Sub. H. B. No. 510 5
1999-2000 6
REPRESENTATIVES EVANS-HOUSEHOLDER-VERICH-SCHULER-SALERNO- 8
BARNES-MYERS 9
_________________________________________________________________ 10
A B I L L
To amend sections 1155.13, 1163.16, 1181.16, and 12
1733.32, to enact new sections 1733.329 and 13
1733.3210 and section 1181.17, and to repeal
sections 1733.329 and 1733.3210 of the Revised 15
Code to revise the qualifications and duties of
members of the Savings and Loan Associations and 16
Savings Banks Board and the Credit Union Council. 17
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO: 19
Section 1. That sections 1155.13, 1163.16, 1181.16, and 21
1733.32 be amended and new sections 1733.329 and 1733.3210 and 22
section 1181.17 of the Revised Code be enacted to read as 23
follows:
Sec. 1155.13. (A)(1) Each savings and loan association 32
subject to inspection and examination by the superintendent of 33
financial institutions and transacting business in this state as 34
of the thirty-first day of December of the prior fiscal year, or 35
the savings and loan association's successor in interest, shall 36
pay annual assessments to the superintendent as provided in this 37
section.
(2) After determining the budget of the division of 39
financial institutions for examination and regulation of savings 40
and loan associations, but prior to establishing the annual 41
assessment amount necessary to fund that budget, the
superintendent shall include any amounts collected but not yet 42
expended or encumbered by the superintendent in the previous 43
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fiscal year's budget and remaining in the savings institutions 45
fund from the amount to be assessed. Based upon the resulting 46
budget amount AND UPON CONFIRMATION OF THE SCHEDULE OF 47
ASSESSMENTS BY THE SAVINGS AND LOAN ASSOCIATIONS AND SAVINGS 48
BANKS BOARD, the superintendent shall make an assessment upon 50
each savings and loan association based on the total assets as 51
shown on the books of the savings and loan association as of the
thirty-first day of December of the previous fiscal year. The 52
assessments shall be collected on an annual or periodic basis 53
within the fiscal year, as determined by the superintendent. 54
(3) ANNUALLY AND PRIOR TO MAKING ANY ASSESSMENT PURSUANT 56
TO DIVISION (A)(2) OF THIS SECTION, THE SUPERINTENDENT SHALL 57
PRESENT TO THE SAVINGS AND LOAN ASSOCIATIONS AND SAVINGS BANKS 58
BOARD FOR CONFIRMATION A SCHEDULE OF THE ASSESSMENTS TO BE BILLED 59
SAVINGS AND LOAN ASSOCIATIONS PURSUANT TO DIVISION (A)(2) OF THIS 60
SECTION.
(4) A savings and loan association authorized by the 62
superintendent to commence business in the period between 63
assessments shall pay the actual reasonable costs of the 64
division's examinations and visitations.
(B) Assessments and fees charged pursuant to this section 66
shall be paid within fourteen days after receiving an invoice for 67
payment of the assessment or fee. 68
Any assessment or fee collected is not refundable. 70
(C) The superintendent shall pay all assessments and fees 72
charged pursuant to this section and all forfeitures required to 73
be paid to the superintendent into the state treasury to the 74
credit of the savings institutions fund established under section 76
1181.18 of the Revised Code.
(D) Any money deposited into the state treasury to the 78
credit of the savings institutions fund, but not expended or 80
encumbered by the superintendent to defray the costs of 81
administering Chapters 1151. to 1157. of the Revised Code, shall 83
remain in the savings institutions fund for expenditures by the 84
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superintendent in subsequent years in the administration of 86
Chapters 1151. to 1157. of the Revised Code.
Sec. 1163.16. (A)(1) Each savings bank subject to 97
inspection and examination by the superintendent of financial
institutions and transacting business in this state as of the 98
thirty-first day of December of the prior fiscal year, or the 99
savings bank's successor in interest, shall pay annual 100
assessments to the superintendent as provided in this section. 101
(2) After determining the budget of the division of 103
financial institutions for examination and regulation of savings 104
banks, but prior to establishing the annual assessment amount 105
necessary to fund that budget, the superintendent shall include 106
any amounts collected but not yet expended or encumbered by the 107
superintendent in the previous fiscal year's budget and remaining 108
in the savings institutions fund from the amount to be assessed. 109
Based upon the resulting budget amount AND UPON CONFIRMATION OF 110
THE SCHEDULE OF ASSESSMENTS BY THE SAVINGS AND LOAN ASSOCIATIONS 111
AND SAVINGS BANKS BOARD, the superintendent shall make an 112
assessment upon each savings bank based on the total assets as 113
shown on the books of the savings bank as of the thirty-first day 114
of December of the previous fiscal year. The assessments shall 115
be collected on an annual or periodic basis within the fiscal 116
year, as determined by the superintendent.
(3) ANNUALLY AND PRIOR TO MAKING ANY ASSESSMENT PURSUANT 118
TO DIVISION (A)(2) OF THIS SECTION, THE SUPERINTENDENT SHALL 119
PRESENT TO THE SAVINGS AND LOAN ASSOCIATIONS AND SAVINGS BANKS 120
BOARD FOR CONFIRMATION A SCHEDULE OF THE ASSESSMENTS TO BE BILLED 121
SAVINGS BANKS PURSUANT TO DIVISION (A)(2) OF THIS SECTION. 122
(4) A savings bank authorized by the superintendent to 124
commence business in the period between assessments shall pay the 125
actual reasonable costs of the division's examinations and 126
visitations.
(B) Assessments and fees charged pursuant to this section 128
shall be paid within fourteen days after receiving an invoice for 129
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payment of the assessment or fee. 130
Any assessment or fee collected is not refundable. 132
(C) The superintendent shall pay all assessments and fees 134
charged pursuant to this section and all forfeitures required to 135
be paid to the superintendent into the state treasury to the 136
credit of the savings institutions fund established under section 137
1181.18 of the Revised Code. 138
(D) Any money deposited into the state treasury to the 140
credit of the savings institutions fund, but not expended or 141
encumbered by the superintendent to defray the costs of 143
administering Chapters 1161. to 1165. of the Revised Code, shall 144
remain in the savings institutions fund for expenditures by the 145
superintendent in subsequent years in the administration of 146
Chapters 1161. to 1165. of the Revised Code.
Sec. 1181.16. (A) There is hereby created a savings and 157
loan associations and savings banks board which shall consist of
seven members. The deputy superintendent for savings and loan 159
associations and savings banks shall be a member of the board and 160
its chairperson and executive head. The governor, with the 161
advice and consent of the senate, shall appoint the remaining six 162
members, and the governor may remove any of them whenever in the 163
governor's judgment the public interest requires removal. Upon 165
such removal the governor shall file with the superintendent of 166
financial institutions a statement of the cause thereof. 167
(B) After the second Monday in January of each year, the 170
governor shall appoint two members. Terms of office shall be for
three years commencing on the first day of February and ending on 171
the thirty-first day of January. Each member shall hold office 172
from the date of appointment until the end of the term for which 173
the member was appointed. In the case of a vacancy in the office 174
of any such member, the governor shall appoint a successor who 176
shall hold office for the remainder of the term for which the 177
successor's predecessor was appointed. Any member shall continue 178
in office subsequent to the expiration date of the member's term 179
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until the member's successor takes office, or until a period of 180
sixty days has elapsed, whichever occurs first.
(C) No person appointed as a member of such board may 182
serve more than two full consecutive terms. HOWEVER, A MEMBER 184
MAY SERVE TWO FULL CONSECUTIVE TERMS FOLLOWING THE REMAINDER OF A 185
TERM FOR WHICH THE MEMBER WAS APPOINTED TO FILL A VACANCY. 186
(D)(1) At least two of the six appointive members of the 188
savings and loan associations and savings banks board shall have 189
had savings and loan association experience in a savings and loan 190
association organized and transacting business under the laws of 191
this state AUTHORITY GRANTED BY THE SUPERINTENDENT OF FINANCIAL 192
INSTITUTIONS.
(E)(2) At least two of the six appointive members of the 194
savings and loan associations and savings banks board shall have 196
had savings banks experience in a savings bank organized and 197
transacting business under the laws of this state AUTHORITY 199
GRANTED BY THE SUPERINTENDENT.
(F) Two appointed members of the savings and loan 201
associations and savings banks board shall represent the public 202
and shall not at the time of appointment or during the term of 203
appointment be engaged in the management or direction of a 204
financial institution or have a financial interest in a financial 205
institution other than as a customer or member of the financial
institution. For purposes of this division, "financial 206
institution" includes a credit union, bank, savings and loan 207
association, and savings bank. 208
(G) A majority of the board shall constitute a quorum and 210
action taken by a majority of those present at any meeting at 211
which a quorum is present shall be the action of the board. 212
No member shall participate in a proceeding before the 214
board involving any savings and loan association or savings bank 215
of which the member is or was at any time in the preceding twelve 217
months a member of the board of directors, officer, employee, or 218
stockholder. A member may disqualify himself or herself from 219
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participating in a proceeding for any other cause deemed by the 220
member to be sufficient.
(E) NO PERSON WHO HAS BEEN CONVICTED OF, OR PLEADED GUILTY 222
TO, A FELONY INVOLVING DISHONESTY OR BREACH OF TRUST SHALL TAKE 223
OR HOLD OFFICE AS A MEMBER OF THE SAVINGS AND LOAN ASSOCIATIONS 224
AND SAVINGS BANKS BOARD. 225
(F) THE MEMBERS OF THE BOARD SHALL RECEIVE NO SALARY, BUT 228
THEIR EXPENSES INCURRED IN THE PERFORMANCE OF THEIR DUTIES SHALL 229
BE PAID FROM FUNDS APPROPRIATED FOR THAT PURPOSE.
(G) THE GOVERNOR MAY REMOVE ANY OF THE SIX MEMBERS 231
APPOINTED TO THE BOARD WHENEVER IN THE GOVERNOR'S JUDGMENT THE 233
PUBLIC INTEREST REQUIRES REMOVAL. UPON REMOVING A MEMBER OF THE 234
BOARD, THE GOVERNOR SHALL FILE WITH THE SUPERINTENDENT A 236
STATEMENT OF THE CAUSE FOR REMOVAL. 237
(H)(1) The savings and loan associations and savings banks 239
board shall hold regular meetings at such times and places as it 240
fixes, BUT AT LEAST ONCE EVERY SIX MONTHS, and shall meet at any 242
time on call of the deputy superintendent for savings and loan 243
associations and savings banks upon two days' notice unless the 244
board by resolution provides for a shorter notice. The members 245
of the board shall receive no salary, but their expenses incurred 246
in the performance of their duties shall be paid from funds 247
appropriated therefor.
(2) A MAJORITY OF THE FULL BOARD CONSTITUTES A QUORUM AND 249
ACTION TAKEN BY A MAJORITY OF THOSE PRESENT AT ANY MEETING AT 250
WHICH A QUORUM IS PRESENT SHALL BE THE ACTION OF THE BOARD. 251
(3) NO MEMBER SHALL PARTICIPATE IN A PROCEEDING BEFORE THE 253
BOARD INVOLVING ANY SAVINGS AND LOAN ASSOCIATION OR SAVINGS BANK 254
OF WHICH THE MEMBER IS OR WAS AT ANY TIME IN THE PRECEDING TWELVE 256
MONTHS A MEMBER OF THE BOARD OF DIRECTORS, OFFICER, EMPLOYEE, OR 257
STOCKHOLDER. A MEMBER MAY DISQUALIFY HIMSELF OR HERSELF FROM 258
PARTICIPATING IN A PROCEEDING FOR ANY OTHER CAUSE DEEMED BY THE 259
MEMBER TO BE SUFFICIENT.
(4) The board may, by a majority vote OF THOSE PRESENT AT 261
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A MEETING AT WHICH THERE IS A QUORUM, adopt and amend such bylaws 262
and rules as THE BOARD, in its judgment are, CONSIDERS necessary 264
and proper. It shall select one of its members as secretary, who 266
shall keep a record of all its proceedings.
(I) The savings and loan associations and savings banks 268
board may: 269
(a) Consider and make recommendations upon any matter 271
addressed in Chapters 1151., 1153., 1155., 1157., 1161., 1163., 273
and 1165., which the superintendent of financial institutions or 274
deputy superintendent for savings and loan associations and 275
savings banks submits to it for that purpose, and pass upon and 276
determine any matter which the superintendent or deputy 277
superintendent submits to it for determination; and
(b) Submit to the governor proposed amendments to the laws 279
of this state governing savings and loan associations and savings 280
banks.
(J) Neither the deputy superintendent for savings and loan 282
associations and savings banks, nor any other member of the 283
savings and loan associations and savings banks board, shall be 284
liable, in any civil or criminal action or proceeding, for any 285
mistake of judgment or discretion in any action taken, or in any 286
omission made, by the deputy superintendent or other member in 287
good faith.
Sec. 1181.17. (A) THE SAVINGS AND LOAN ASSOCIATIONS AND 289
SAVINGS BANKS BOARD SHALL DO ALL OF THE FOLLOWING: 291
(1) MAKE RECOMMENDATIONS TO THE SUPERINTENDENT OF 294
FINANCIAL INSTITUTIONS AND THE DEPUTY SUPERINTENDENT FOR SAVINGS 295
AND LOAN ASSOCIATIONS AND SAVINGS BANKS ON MATTERS RELATING TO
THE BUSINESS OF SAVINGS AND LOAN ASSOCIATIONS AND SAVINGS BANKS; 296
(2) CONSIDER AND MAKE RECOMMENDATIONS UPON ANY MATTER 298
ADDRESSED IN CHAPTERS 1151., 1153., 1155., 1157., 1161., 1163., 299
AND 1165. OF THE REVISED CODE THAT THE SUPERINTENDENT OR DEPUTY 300
SUPERINTENDENT SUBMITS TO THE BOARD FOR THAT PURPOSE; 302
(3) PASS UPON AND DETERMINE ANY MATTER THE SUPERINTENDENT 304
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OR DEPUTY SUPERINTENDENT SUBMITS TO THE BOARD FOR DETERMINATION; 305
(4) SUBMIT TO THE GOVERNOR PROPOSED AMENDMENTS TO THE 307
SAVINGS AND LOAN ASSOCIATIONS OR SAVINGS BANKS LAWS OF THIS 308
STATE;
(5) CONSIDER AND DETERMINE WHETHER TO CONFIRM THE ANNUAL 310
SCHEDULE OF ASSESSMENTS PROPOSED BY THE SUPERINTENDENT OF 311
FINANCIAL INSTITUTIONS IN ACCORDANCE WITH DIVISION (A) OF 312
SECTIONS 1155.13 AND 1163.16 OF THE REVISED CODE. 313
Sec. 1733.32. (A)(1) The superintendent of financial 322
institutions shall see that the laws relating to credit unions 324
are executed and enforced.
(2) The deputy superintendent for credit unions shall be 327
the principal supervisor of credit unions. In that position the 328
deputy superintendent for credit unions shall, notwithstanding 329
division (A)(3) of this section, be responsible for conducting 330
examinations and preparing examination reports under that 331
division. In addition, the deputy superintendent for credit 332
unions shall, notwithstanding sections 1733.191, 1733.41, 333
1733.411, and 1733.412 of the Revised Code, have the authority to 335
adopt rules in accordance with those sections, and, 336
notwithstanding section 1733.05 of the Revised Code, shall have 337
the authority to approve issues and matters pertaining to fields 339
of membership. In performing or exercising any of the 340
examination, rule-making, or other regulatory functions, powers, 341
or duties vested by division (A)(2) of this section in the deputy 343
superintendent for credit unions, the deputy superintendent for 344
credit unions shall be subject to the control of the 346
superintendent of financial institutions.
(3) The superintendent shall develop and implement a 348
system for evaluating the safety and soundness of credit unions 349
and for determining when examinations and supervisory actions are 350
necessary. Credit unions shall be subject to periodic 351
examinations, as specified in rules adopted by the 352
superintendent, and their books, records, and accounts shall be 353
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open to the inspection of the superintendent at all times. For 354
the purpose of such examination or inspection, the superintendent 355
may subpoena witnesses, administer oaths, receive testimony, and 356
order the submission of documents. 357
(B) Every credit union shall prepare and submit, on forms 359
provided by the superintendent, a financial report to the 360
superintendent showing its assets and liabilities whenever 361
requested to do so by the superintendent. Every financial report 362
shall be verified by the oaths of the two principal officers in 363
charge of the affairs of the credit union at the time of such 364
verification and shall be submitted to the superintendent within 365
thirty days after the superintendent requests the financial 366
report. 367
(C) An annual financial report of the affairs and business 369
of the credit union, showing its condition as of the thirty-first 370
day of December unless otherwise authorized by the 371
superintendent, shall be filed with the superintendent not later 372
than the date authorized in the rules adopted by the 373
superintendent. 374
(D) If a financial report or an annual financial report is 376
not filed with the superintendent in accordance with division (B) 377
or (C) of this section, the superintendent may do both of the 378
following: 379
(1) Assess a fine, determined by rule adopted by the 381
superintendent, for each day the report is in arrears; 382
(2) If the superintendent gives written notice to the 384
president of the credit union of the superintendent's intention 386
to do so, issue an order revoking the credit union's articles of 387
incorporation and appointing a liquidating agent to liquidate the 388
credit union in accordance with section 1733.37 of the Revised 389
Code.
(E)(1) Except as provided in division (E)(2) of this 391
section, each credit union doing business in this state shall 392
remit, semiannually and within fifteen days after billing, to the 393
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treasurer of state, a supervisory fee in an amount determined by 394
the superintendent, AND CONFIRMED BY THE CREDIT UNION COUNCIL. 396
THE SUPERVISORY FEE DESCRIBED IN DIVISION (E)(1) OF THIS SECTION 397
SHALL BE based on a percentage of the gross assets of the credit 399
union as shown by its last annual financial report filed with the 400
superintendent in accordance with division (C) of this section. 401
The minimum supervisory fee shall be determined by the 402
superintendent AND CONFIRMED BY THE CREDIT UNION COUNCIL. 403
(2) Each corporate credit union doing business in this 405
state shall remit, semiannually and within fifteen days after 406
billing, to the treasurer of state, a supervisory fee determined 407
by rule adopted by the superintendent AND CONFIRMED BY THE CREDIT 409
UNION COUNCIL. The aggregate annual amount of the fee shall not 410
exceed the annual operating fee that the national credit union 411
administration charges a federally chartered credit union 412
pursuant to the "Federal Credit Union Act," 84 Stat. 994 (1970), 413
12 U.S.C.A. 1751.
(3) THE SUPERINTENDENT ANNUALLY SHALL PRESENT TO THE 415
CREDIT UNION COUNCIL FOR CONFIRMATION THE SUPERVISORY FEES TO BE 418
BILLED CREDIT UNIONS AND CORPORATE CREDIT UNIONS PURSUANT TO
DIVISION (E) OF THIS SECTION. 419
(4) If any supervisory fee is not remitted in accordance 421
with division (E)(1) or (2) of this section, the superintendent 422
may assess a fine, determined by rule adopted by the 423
superintendent, for each day that each fee is in arrears. 424
(4) The (5)(a) SUBJECT TO DIVISION (E)(5)(b) OF THIS 428
SECTION, THE total amount of each semiannual billing to all 429
credit unions and corporate credit unions combined shall equal 430
one-half of the appropriation made by the main operating 431
appropriation act, including any modifications made by the 432
controlling board, to the division of financial institutions for 433
the regulation of credit unions for the fiscal year in which the 435
billings occur, except that the superintendent, in determining 436
the supervisory fees, may take into consideration any funds 437
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lapsed from the appropriation made in the previous fiscal year. 438
(b) IF DURING THE PERIOD BETWEEN THE CREDIT UNION 440
COUNCIL'S CONFIRMATION OF SUPERVISORY FEES AND WHEN SUPERVISORY 441
FEES DESCRIBED IN THIS SECTION ARE COLLECTED, THE CREDIT UNION 442
COUNCIL DETERMINES ADDITIONAL MONEY IS REQUIRED TO ADEQUATELY 443
FUND THE OPERATIONS OF THE DIVISION OF FINANCIAL INSTITUTIONS FOR 444
THAT FISCAL YEAR, THE CREDIT UNION COUNCIL MAY, BY THE 445
AFFIRMATIVE VOTE OF FIVE OF ITS MEMBERS, INCREASE THE SUPERVISORY 446
FEES BILLED. THE SUPERINTENDENT PROMPTLY SHALL NOTIFY EACH 447
CREDIT UNION AND CORPORATE CREDIT UNION OF THE INCREASED 448
SUPERVISORY FEES, AND EACH CREDIT UNION OR CORPORATE CREDIT UNION 449
SHALL PAY THE INCREASED SUPERVISORY FEES BILLED BY THE 450
SUPERINTENDENT.
(5)(6) The fees or fines collected pursuant to this 452
section shall be credited to the credit unions fund created in 454
section 1733.321 of the Revised Code.
(F) A report of such examination shall be forwarded to the 456
president of each credit union after the completion of the 457
examination. Such report may contain comments relative to the 458
management of the affairs of the credit union and also as to the 459
general condition of its assets. Within thirty days of the 460
receipt of such report, a meeting of the directors shall be 461
called to consider matters contained in the report, and the 462
president shall notify the superintendent of any action taken at 463
such meeting. 464
(G)(1) The superintendent shall furnish reports of 466
examinations or other appropriate information to any organization 467
referred to in section 1733.041 of the Revised Code when 468
requested by such organization and authorized by the credit 469
union. The superintendent may charge a fee for such reports and 470
other information as may be established by rules adopted by the 471
superintendent. 472
(2) A report of examination furnished pursuant to division 474
(G)(1) of this section is the property of the division of credit 475
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unions and may be used by the examined credit union only in the 476
conduct of its business. Under no circumstances may the credit 477
union, its current or former directors, officers, employees, 478
agents, shareholders, participants in the conduct of its affairs, 479
or their agents disclose or make public, in any manner, a report 480
of examination or its contents. 481
(H) Except as provided in this division, information 483
obtained by the superintendent of credit unions and the 484
superintendent's employees as a result of or arising out of the 486
examination or independent audit of a credit union, from required 487
reports, or because of their official position, shall be 488
confidential. Such information may be disclosed only in 489
connection with criminal proceedings or, subject to section 490
1733.327 of the Revised Code, when it is necessary for the 491
superintendent to take official action pursuant to Chapter 1733. 492
of the Revised Code and the rules adopted thereunder regarding 493
the affairs of the credit union examined. This division does not 494
prevent the superintendent from properly exchanging information 495
relating to an examined credit union pursuant to division (F) or 496
(G) of this section or with officials of properly authorized 497
state or federal supervisory authorities or with any insurer 498
recognized under section 1733.041 or any surety recognized under 499
section 1733.23 of the Revised Code. This division also does not 500
prevent the superintendent from disclosing information contained 501
in the financial reports or annual financial reports described in 502
division (B) or (C) of this section to recognized credit union 503
trade associations.
Sec. 1733.329. (A) THERE IS HEREBY CREATED IN THE 505
DIVISION OF FINANCIAL INSTITUTIONS THE CREDIT UNION COUNCIL, 506
WHICH SHALL CONSIST OF SEVEN MEMBERS. THE DEPUTY SUPERINTENDENT 507
FOR CREDIT UNIONS SHALL BE A MEMBER OF THE COUNCIL AND ITS 508
CHAIRPERSON. THE GOVERNOR, WITH THE ADVICE AND CONSENT OF THE 509
SENATE, SHALL APPOINT THE REMAINING SIX MEMBERS. 510
(B)(1) AT LEAST FIVE OF THE SIX MEMBERS APPOINTED TO THE 512
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COUNCIL SHALL HAVE HAD CREDIT UNION EXPERIENCE. 513
(2) AT LEAST FOUR OF THE SIX MEMBERS APPOINTED TO THE 515
COUNCIL SHALL BE, AT THE TIME OF APPOINTMENT, INDIVIDUALS 516
CURRENTLY ENGAGED IN THE EXERCISE OF DUTIES, RESPONSIBILITIES, 517
RIGHTS, AND POWERS OF A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A 518
STATE-CHARTERED CREDIT UNION HAVING ITS PRINCIPAL OFFICE IN THIS 519
STATE AND DOING BUSINESS IN THIS STATE PURSUANT TO THIS CHAPTER 520
UNDER THE AUTHORITY OF THE SUPERINTENDENT OF FINANCIAL 521
INSTITUTIONS.
(3) AT LEAST ONE OF THE SIX MEMBERS APPOINTED TO THE 523
COUNCIL SHALL BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A 524
STATE-CHARTERED, FEDERALLY INSURED CREDIT UNION. 525
(4) AT LEAST ONE OF THE SIX MEMBERS APPOINTED TO THE 527
COUNCIL SHALL BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A 528
STATE-CHARTERED, PRIVATELY INSURED CREDIT UNION. 529
(5) AT LEAST ONE OF THE SIX MEMBERS APPOINTED TO THE 531
COUNCIL SHALL BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A 532
STATE-CHARTERED CREDIT UNION WITH FIVE MILLION DOLLARS OR LESS IN 533
ASSETS.
(6) AT LEAST ONE OF THE SIX MEMBERS APPOINTED TO THE 535
COUNCIL SHALL BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A 536
STATE-CHARTERED CREDIT UNION WITH MORE THAN FIVE MILLION DOLLARS 537
IN ASSETS.
(C)(1) INITIAL APPOINTMENTS TO THE COUNCIL SHALL BE MADE 539
WITHIN SIXTY DAYS AFTER THE EFFECTIVE DATE OF THIS SECTION. OF 540
THE INITIAL APPOINTMENTS, TWO SHALL EXPIRE ONE YEAR AFTER THE 541
EFFECTIVE DATE OF THIS SECTION, TWO SHALL EXPIRE TWO YEARS AFTER 542
THE EFFECTIVE DATE OF THIS SECTION, AND TWO SHALL EXPIRE THREE 543
YEARS AFTER THE EFFECTIVE DATE OF THIS SECTION. THEREAFTER, 544
TERMS OF OFFICE SHALL BE FOR THREE YEARS. 545
(2) EACH MEMBER SHALL HOLD OFFICE FROM THE DATE OF 547
APPOINTMENT UNTIL THE END OF THE TERM FOR WHICH THE MEMBER WAS 548
APPOINTED. IN THE CASE OF A VACANCY IN THE OFFICE OF ANY MEMBER, 549
THE GOVERNOR SHALL APPOINT A SUCCESSOR, WHO SHALL HOLD OFFICE FOR 550
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THE REMAINDER OF THE TERM FOR WHICH THE SUCCESSOR'S PREDECESSOR 551
WAS APPOINTED. ANY MEMBER SHALL CONTINUE IN OFFICE SUBSEQUENT TO 552
THE EXPIRATION DATE OF THE MEMBER'S TERM UNTIL THE MEMBER'S 553
SUCCESSOR TAKES OFFICE, OR UNTIL SIXTY DAYS HAS ELAPSED, 554
WHICHEVER OCCURS FIRST.
(3) IF DURING A MEMBER'S TERM ON THE COUNCIL, THE MEMBER 556
CEASES TO BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A CREDIT 557
UNION AS DESCRIBED IN DIVISIONS (B)(2) TO (6) OF THIS SECTION FOR 558
A PERIOD EXCEEDING NINETY DAYS, THE MEMBER SHALL BE INELIGIBLE TO 559
CONTINUE TO SERVE AS A MEMBER OF THE COUNCIL, AND THE MEMBER'S 560
POSITION ON THE COUNCIL SHALL BE CONSIDERED VACANT. 561
(D) NO PERSON APPOINTED AS A MEMBER OF THE CREDIT UNION 563
COUNCIL MAY SERVE MORE THAN TWO CONSECUTIVE FULL TERMS. HOWEVER, 564
A MEMBER MAY SERVE TWO CONSECUTIVE FULL TERMS FOLLOWING THE 565
REMAINDER OF A TERM FOR WHICH THE MEMBER WAS APPOINTED TO FILL A 566
VACANCY OR FOLLOWING ANY TERM FOR WHICH THE MEMBER WAS APPOINTED 567
PRIOR TO THE EFFECTIVE DATE OF THIS SECTION. 568
(E)(1) THE COUNCIL SHALL HOLD REGULAR MEETINGS AT THE TIME 570
AND PLACE IT FIXES, BUT AT LEAST ONCE EVERY SIX MONTHS, AND SHALL 571
MEET AT ANY TIME ON CALL OF THE DEPUTY SUPERINTENDENT TO CONDUCT 572
ITS BUSINESS AND TO DECIDE BY VOTE OF THE MEMBERS THE LOCATION OF 573
FUTURE MEETINGS. EACH MEMBER SHALL BE PROVIDED WITH WRITTEN 574
NOTICE OF THE TIME AND LOCATION OF EACH COUNCIL MEETING AT LEAST 575
TWO DAYS PRIOR TO THE SCHEDULED DATE OF THE MEETING, UNLESS THE 576
COUNCIL BY RESOLUTION PROVIDES FOR A SHORTER TIME. FOUR OF THE 577
MEMBERS OF THE COUNCIL CONSTITUTE A QUORUM TO TRANSACT AND VOTE 578
ON ALL BUSINESS COMING BEFORE THE COUNCIL. 579
(2) THE COUNCIL, BY A MAJORITY VOTE OF THOSE PRESENT AT A 581
MEETING AT WHICH THERE IS A QUORUM, MAY ADOPT AND AMEND BYLAWS 582
AND RULES THE COUNCIL CONSIDERS NECESSARY AND PROPER. THE 583
COUNCIL SHALL SELECT ONE OF ITS MEMBERS AS SECRETARY, WHO SHALL 584
KEEP A RECORD OF ALL ITS PROCEEDINGS. 585
(3) NO MEMBER SHALL PARTICIPATE IN A PROCEEDING BEFORE THE 587
COUNCIL INVOLVING ANY CREDIT UNION OF WHICH THE MEMBER IS OR WAS 588
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AT ANY TIME IN THE PRECEDING TWELVE MONTHS A MEMBER OF THE BOARD 589
OF DIRECTORS, AN OFFICER, AN EMPLOYEE, OR A SHAREHOLDER. A 590
MEMBER MAY REFRAIN FROM PARTICIPATING IN THE PROCEEDINGS OF THE 591
COUNCIL FOR ANY OTHER CAUSE THE MEMBER CONSIDERS SUFFICIENT. 592
(F) THE MEMBERS OF THE COUNCIL SHALL RECEIVE NO SALARY, 594
BUT THEIR EXPENSES INCURRED IN PERFORMANCE OF THEIR DUTIES SHALL 595
BE PAID FROM FUNDS APPROPRIATED FOR THAT PURPOSE. 596
(G) THE GOVERNOR MAY REMOVE ANY OF THE SIX MEMBERS 598
APPOINTED TO THE COUNCIL WHENEVER IN THE GOVERNOR'S JUDGMENT THE 599
PUBLIC INTEREST REQUIRES REMOVAL. UPON REMOVING A MEMBER OF THE 600
COUNCIL, THE GOVERNOR SHALL FILE WITH THE SUPERINTENDENT OF 601
FINANCIAL INSTITUTIONS A STATEMENT OF THE CAUSE FOR THE REMOVAL. 602
Sec. 1733.3210. (A) THE CREDIT UNION COUNCIL SHALL DO ALL 604
OF THE FOLLOWING: 605
(1) CONSULT WITH, ADVISE, AND MAKE RECOMMENDATIONS TO THE 607
SUPERINTENDENT OF FINANCIAL INSTITUTIONS AND THE DEPUTY 608
SUPERINTENDENT FOR CREDIT UNIONS ON MATTERS RELATING TO THE 609
BUSINESS FOR CREDIT UNIONS, INCLUDING FIELD OF MEMBERSHIP, 610
REGULATION, EXAMINATION, SAFETY AND SOUNDNESS, AND APPLICATIONS 611
OF CREDIT UNIONS UNDER THIS CHAPTER;
(2) CONSIDER AND MAKE RECOMMENDATIONS UPON ANY MATTER 613
ADDRESSED IN CHAPTERS 1733. AND 1761. OF THE REVISED CODE THAT 614
THE SUPERINTENDENT OR DEPUTY SUPERINTENDENT SUBMITS TO THE 616
COUNCIL FOR THAT PURPOSE; 617
(3) PASS UPON AND DETERMINE ANY MATTER THE SUPERINTENDENT 619
OR DEPUTY SUPERINTENDENT SUBMITS TO THE COUNCIL FOR 620
DETERMINATION;
(4) SUBMIT TO THE GOVERNOR RECOMMENDATIONS CONCERNING 622
AMENDMENTS TO THE CREDIT UNION LAWS OF THIS STATE OR RULES 623
ADOPTED PURSUANT TO THOSE LAWS THAT THE COUNCIL CONSIDERS 624
APPROPRIATE;
(5) CONSIDER AND DETERMINE WHETHER TO CONFIRM THE 626
SUPERVISORY FEES PROPOSED BY THE SUPERINTENDENT OF FINANCIAL 627
INSTITUTIONS IN ACCORDANCE WITH DIVISION (E) OF SECTION 1733.32 628
16
OF THE REVISED CODE. 629
(6) WITH RESPECT TO THE ADOPTION, AMENDMENT, OR RECISSION 631
OF RULES ADOPTED PURSUANT TO THIS CHAPTER, BE PRESENT AT THE 632
PUBLIC HEARING REQUIRED BY SECTION 119.03 OF THE REVISED CODE AND 633
PROVIDE RECOMMENDATIONS, ADVICE, OR ASSISTANCE AT THE PUBLIC 634
HEARING.
(B) NEITHER THE DEPUTY SUPERINTENDENT, NOR ANY OTHER 636
MEMBER OF THE COUNCIL, SHALL BE LIABLE, IN ANY CIVIL OR CRIMINAL 638
ACTION OR PROCEEDING, FOR ANY MISTAKE OF JUDGMENT OR DISCRETION 639
IN ANY ACTION TAKEN, OR IN ANY OMISSION MADE, IN GOOD FAITH BY 640
THE DEPUTY SUPERINTENDENT OR OTHER MEMBER. 641
Section 2. That existing sections 1155.13, 1163.16, 643
1181.16, and 1733.32 and sections 1733.329 and 1733.3210 of the 644
Revised Code are hereby repealed.
Section 3. The Savings and Loan Associations and Savings 646
Banks Board as it existed prior to the effective date of this act 647
shall be reorganized in accordance with this act within sixty 648
days after the effective date of this act. 649
Section 4. The Credit Union Council as it existed prior to 651
the effective date of this act, within sixty days after the 652
effective date of this act, shall conclude any pending matters 653
for which the council was responsible under law prior to the 654
effective date of this act and for which the council is not 655
responsible under this act.