As Passed by the House 1
123rd General Assembly 4
Regular Session Am. Sub. H. B. No. 510 5
1999-2000 6
REPRESENTATIVES EVANS-HOUSEHOLDER-VERICH-SCHULER-SALERNO- 8
BARNES-MYERS-CAREY-TIBERI-BUCHY-JOLIVETTE-HARTNETT-STEVENS- 9
FLANNERY-OLMAN-HOLLISTER-AUSTRIA-PETERSON-REDFERN 10
_________________________________________________________________ 11
A B I L L
To amend sections 1155.13, 1163.16, 1181.16, and 13
1733.32, to enact new sections 1733.329 and 14
1733.3210 and section 1181.17, and to repeal
sections 1733.329 and 1733.3210 of the Revised 16
Code to revise the qualifications and duties of
members of the Savings and Loan Associations and 17
Savings Banks Board and the Credit Union Council. 18
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO: 20
Section 1. That sections 1155.13, 1163.16, 1181.16, and 22
1733.32 be amended and new sections 1733.329 and 1733.3210 and 23
section 1181.17 of the Revised Code be enacted to read as 24
follows:
Sec. 1155.13. (A)(1) Each savings and loan association 33
subject to inspection and examination by the superintendent of 34
financial institutions and transacting business in this state as 35
of the thirty-first day of December of the prior fiscal year, or 36
the savings and loan association's successor in interest, shall 37
pay annual assessments to the superintendent as provided in this 38
section.
(2) After determining the budget of the division of 40
financial institutions for examination and regulation of savings 41
and loan associations, but prior to establishing the annual 42
assessment amount necessary to fund that budget, the
superintendent shall include any amounts collected but not yet 43
2
expended or encumbered by the superintendent in the previous 44
fiscal year's budget and remaining in the savings institutions 46
fund from the amount to be assessed. Based upon the resulting 47
budget amount AND UPON CONFIRMATION OF THE SCHEDULE OF 48
ASSESSMENTS BY THE SAVINGS AND LOAN ASSOCIATIONS AND SAVINGS 49
BANKS BOARD, the superintendent shall make an assessment upon 51
each savings and loan association based on the total assets as 52
shown on the books of the savings and loan association as of the
thirty-first day of December of the previous fiscal year. The 53
assessments shall be collected on an annual or periodic basis 54
within the fiscal year, as determined by the superintendent. 55
(3) ANNUALLY AND PRIOR TO MAKING ANY ASSESSMENT PURSUANT 57
TO DIVISION (A)(2) OF THIS SECTION, THE SUPERINTENDENT SHALL 58
PRESENT TO THE SAVINGS AND LOAN ASSOCIATIONS AND SAVINGS BANKS 59
BOARD FOR CONFIRMATION A SCHEDULE OF THE ASSESSMENTS TO BE BILLED 60
SAVINGS AND LOAN ASSOCIATIONS PURSUANT TO DIVISION (A)(2) OF THIS 61
SECTION.
(4) A savings and loan association authorized by the 63
superintendent to commence business in the period between 64
assessments shall pay the actual reasonable costs of the 65
division's examinations and visitations.
(B) Assessments and fees charged pursuant to this section 67
shall be paid within fourteen days after receiving an invoice for 68
payment of the assessment or fee. 69
Any assessment or fee collected is not refundable. 71
(C) The superintendent shall pay all assessments and fees 73
charged pursuant to this section and all forfeitures required to 74
be paid to the superintendent into the state treasury to the 75
credit of the savings institutions fund established under section 77
1181.18 of the Revised Code.
(D) Any money deposited into the state treasury to the 79
credit of the savings institutions fund, but not expended or 81
encumbered by the superintendent to defray the costs of 82
administering Chapters 1151. to 1157. of the Revised Code, shall 84
3
remain in the savings institutions fund for expenditures by the 85
superintendent in subsequent years in the administration of 87
Chapters 1151. to 1157. of the Revised Code.
Sec. 1163.16. (A)(1) Each savings bank subject to 98
inspection and examination by the superintendent of financial
institutions and transacting business in this state as of the 99
thirty-first day of December of the prior fiscal year, or the 100
savings bank's successor in interest, shall pay annual 101
assessments to the superintendent as provided in this section. 102
(2) After determining the budget of the division of 104
financial institutions for examination and regulation of savings 105
banks, but prior to establishing the annual assessment amount 106
necessary to fund that budget, the superintendent shall include 107
any amounts collected but not yet expended or encumbered by the 108
superintendent in the previous fiscal year's budget and remaining 109
in the savings institutions fund from the amount to be assessed. 110
Based upon the resulting budget amount AND UPON CONFIRMATION OF 111
THE SCHEDULE OF ASSESSMENTS BY THE SAVINGS AND LOAN ASSOCIATIONS 112
AND SAVINGS BANKS BOARD, the superintendent shall make an 113
assessment upon each savings bank based on the total assets as 114
shown on the books of the savings bank as of the thirty-first day 115
of December of the previous fiscal year. The assessments shall 116
be collected on an annual or periodic basis within the fiscal 117
year, as determined by the superintendent.
(3) ANNUALLY AND PRIOR TO MAKING ANY ASSESSMENT PURSUANT 119
TO DIVISION (A)(2) OF THIS SECTION, THE SUPERINTENDENT SHALL 120
PRESENT TO THE SAVINGS AND LOAN ASSOCIATIONS AND SAVINGS BANKS 121
BOARD FOR CONFIRMATION A SCHEDULE OF THE ASSESSMENTS TO BE BILLED 122
SAVINGS BANKS PURSUANT TO DIVISION (A)(2) OF THIS SECTION. 123
(4) A savings bank authorized by the superintendent to 125
commence business in the period between assessments shall pay the 126
actual reasonable costs of the division's examinations and 127
visitations.
(B) Assessments and fees charged pursuant to this section 129
4
shall be paid within fourteen days after receiving an invoice for 130
payment of the assessment or fee. 131
Any assessment or fee collected is not refundable. 133
(C) The superintendent shall pay all assessments and fees 135
charged pursuant to this section and all forfeitures required to 136
be paid to the superintendent into the state treasury to the 137
credit of the savings institutions fund established under section 138
1181.18 of the Revised Code. 139
(D) Any money deposited into the state treasury to the 141
credit of the savings institutions fund, but not expended or 142
encumbered by the superintendent to defray the costs of 144
administering Chapters 1161. to 1165. of the Revised Code, shall 145
remain in the savings institutions fund for expenditures by the 146
superintendent in subsequent years in the administration of 147
Chapters 1161. to 1165. of the Revised Code.
Sec. 1181.16. (A) There is hereby created a savings and 158
loan associations and savings banks board which shall consist of
seven members. The deputy superintendent for savings and loan 160
associations and savings banks shall be a member of the board and 161
its chairperson and executive head. The governor, with the 162
advice and consent of the senate, shall appoint the remaining six 163
members, and the governor may remove any of them whenever in the 164
governor's judgment the public interest requires removal. Upon 166
such removal the governor shall file with the superintendent of 167
financial institutions a statement of the cause thereof. 168
(B) After the second Monday in January of each year, the 171
governor shall appoint two members. Terms of office shall be for
three years commencing on the first day of February and ending on 172
the thirty-first day of January. Each member shall hold office 173
from the date of appointment until the end of the term for which 174
the member was appointed. In the case of a vacancy in the office 175
of any such member, the governor shall appoint a successor who 177
shall hold office for the remainder of the term for which the 178
successor's predecessor was appointed. Any member shall continue 179
5
in office subsequent to the expiration date of the member's term 180
until the member's successor takes office, or until a period of 181
sixty days has elapsed, whichever occurs first.
(C) No person appointed as a member of such board may 183
serve more than two full consecutive terms. HOWEVER, A MEMBER 185
MAY SERVE TWO FULL CONSECUTIVE TERMS FOLLOWING THE REMAINDER OF A 186
TERM FOR WHICH THE MEMBER WAS APPOINTED TO FILL A VACANCY. 187
(D)(1) At least two of the six appointive members of the 189
savings and loan associations and savings banks board shall have 190
had savings and loan association experience in a savings and loan 191
association organized and transacting business under the laws of 192
this state AUTHORITY GRANTED BY THE SUPERINTENDENT OF FINANCIAL 193
INSTITUTIONS.
(E)(2) At least two of the six appointive members of the 195
savings and loan associations and savings banks board shall have 197
had savings banks experience in a savings bank organized and 198
transacting business under the laws of this state AUTHORITY 200
GRANTED BY THE SUPERINTENDENT.
(F) Two appointed members of the savings and loan 202
associations and savings banks board shall represent the public 203
and shall not at the time of appointment or during the term of 204
appointment be engaged in the management or direction of a 205
financial institution or have a financial interest in a financial 206
institution other than as a customer or member of the financial
institution. For purposes of this division, "financial 207
institution" includes a credit union, bank, savings and loan 208
association, and savings bank. 209
(G) A majority of the board shall constitute a quorum and 211
action taken by a majority of those present at any meeting at 212
which a quorum is present shall be the action of the board. 213
No member shall participate in a proceeding before the 215
board involving any savings and loan association or savings bank 216
of which the member is or was at any time in the preceding twelve 218
months a member of the board of directors, officer, employee, or 219
6
stockholder. A member may disqualify himself or herself from 220
participating in a proceeding for any other cause deemed by the 221
member to be sufficient.
(E) NO PERSON WHO HAS BEEN CONVICTED OF, OR PLEADED GUILTY 223
TO, A FELONY INVOLVING DISHONESTY OR BREACH OF TRUST SHALL TAKE 224
OR HOLD OFFICE AS A MEMBER OF THE SAVINGS AND LOAN ASSOCIATIONS 225
AND SAVINGS BANKS BOARD. 226
(F) THE MEMBERS OF THE BOARD SHALL RECEIVE NO SALARY, BUT 229
THEIR EXPENSES INCURRED IN THE PERFORMANCE OF THEIR DUTIES SHALL 230
BE PAID FROM FUNDS APPROPRIATED FOR THAT PURPOSE.
(G) THE GOVERNOR MAY REMOVE ANY OF THE SIX MEMBERS 232
APPOINTED TO THE BOARD WHENEVER IN THE GOVERNOR'S JUDGMENT THE 234
PUBLIC INTEREST REQUIRES REMOVAL. UPON REMOVING A MEMBER OF THE 235
BOARD, THE GOVERNOR SHALL FILE WITH THE SUPERINTENDENT A 237
STATEMENT OF THE CAUSE FOR REMOVAL. 238
(H)(1) The savings and loan associations and savings banks 240
board shall hold regular meetings at such times and places as it 241
fixes, BUT AT LEAST ONCE EVERY SIX MONTHS, and shall meet at any 243
time on call of the deputy superintendent for savings and loan 244
associations and savings banks upon two days' notice unless the 245
board by resolution provides for a shorter notice. The members 246
of the board shall receive no salary, but their expenses incurred 247
in the performance of their duties shall be paid from funds 248
appropriated therefor.
(2) A MAJORITY OF THE FULL BOARD CONSTITUTES A QUORUM AND 250
ACTION TAKEN BY A MAJORITY OF THOSE PRESENT AT ANY MEETING AT 251
WHICH A QUORUM IS PRESENT SHALL BE THE ACTION OF THE BOARD. 252
(3) NO MEMBER SHALL PARTICIPATE IN A PROCEEDING BEFORE THE 254
BOARD INVOLVING ANY SAVINGS AND LOAN ASSOCIATION OR SAVINGS BANK 255
OF WHICH THE MEMBER IS OR WAS AT ANY TIME IN THE PRECEDING TWELVE 257
MONTHS A MEMBER OF THE BOARD OF DIRECTORS, OFFICER, EMPLOYEE, OR 258
STOCKHOLDER. A MEMBER MAY DISQUALIFY HIMSELF OR HERSELF FROM 259
PARTICIPATING IN A PROCEEDING FOR ANY OTHER CAUSE DEEMED BY THE 260
MEMBER TO BE SUFFICIENT.
7
(4) The board may, by a majority vote OF THOSE PRESENT AT 262
A MEETING AT WHICH THERE IS A QUORUM, adopt and amend such bylaws 263
and rules as THE BOARD, in its judgment are, CONSIDERS necessary 265
and proper. It shall select one of its members as secretary, who 267
shall keep a record of all its proceedings.
(I) The savings and loan associations and savings banks 269
board may: 270
(a) Consider and make recommendations upon any matter 272
addressed in Chapters 1151., 1153., 1155., 1157., 1161., 1163., 274
and 1165., which the superintendent of financial institutions or 275
deputy superintendent for savings and loan associations and 276
savings banks submits to it for that purpose, and pass upon and 277
determine any matter which the superintendent or deputy 278
superintendent submits to it for determination; and
(b) Submit to the governor proposed amendments to the laws 280
of this state governing savings and loan associations and savings 281
banks.
(J) Neither the deputy superintendent for savings and loan 283
associations and savings banks, nor any other member of the 284
savings and loan associations and savings banks board, shall be 285
liable, in any civil or criminal action or proceeding, for any 286
mistake of judgment or discretion in any action taken, or in any 287
omission made, by the deputy superintendent or other member in 288
good faith.
Sec. 1181.17. THE SAVINGS AND LOAN ASSOCIATIONS AND 290
SAVINGS BANKS BOARD SHALL DO ALL OF THE FOLLOWING: 292
(A) MAKE RECOMMENDATIONS TO THE SUPERINTENDENT OF 295
FINANCIAL INSTITUTIONS AND THE DEPUTY SUPERINTENDENT FOR SAVINGS 296
AND LOAN ASSOCIATIONS AND SAVINGS BANKS ON MATTERS RELATING TO
THE BUSINESS OF SAVINGS AND LOAN ASSOCIATIONS AND SAVINGS BANKS; 297
(B) CONSIDER AND MAKE RECOMMENDATIONS UPON ANY MATTER 299
ADDRESSED IN CHAPTERS 1151., 1153., 1155., 1157., 1161., 1163., 301
AND 1165. OF THE REVISED CODE THAT THE SUPERINTENDENT OR DEPUTY 302
SUPERINTENDENT SUBMITS TO THE BOARD FOR THAT PURPOSE; 304
8
(C) PASS UPON AND DETERMINE ANY MATTER THE SUPERINTENDENT 306
OR DEPUTY SUPERINTENDENT SUBMITS TO THE BOARD FOR DETERMINATION; 307
(D) SUBMIT TO THE GOVERNOR PROPOSED AMENDMENTS TO THE 309
SAVINGS AND LOAN ASSOCIATIONS OR SAVINGS BANKS LAWS OF THIS 311
STATE;
(E) CONSIDER AND DETERMINE WHETHER TO CONFIRM THE ANNUAL 313
SCHEDULE OF ASSESSMENTS PROPOSED BY THE SUPERINTENDENT OF 315
FINANCIAL INSTITUTIONS IN ACCORDANCE WITH DIVISION (A) OF 316
SECTIONS 1155.13 AND 1163.16 OF THE REVISED CODE. 317
Sec. 1733.32. (A)(1) The superintendent of financial 326
institutions shall see that the laws relating to credit unions 328
are executed and enforced.
(2) The deputy superintendent for credit unions shall be 331
the principal supervisor of credit unions. In that position the 332
deputy superintendent for credit unions shall, notwithstanding 333
division (A)(3) of this section, be responsible for conducting 334
examinations and preparing examination reports under that 335
division. In addition, the deputy superintendent for credit 336
unions shall, notwithstanding sections 1733.191, 1733.41, 337
1733.411, and 1733.412 of the Revised Code, have the authority to 339
adopt rules in accordance with those sections, and, 340
notwithstanding section 1733.05 of the Revised Code, shall have 341
the authority to approve issues and matters pertaining to fields 343
of membership. In performing or exercising any of the 344
examination, rule-making, or other regulatory functions, powers, 345
or duties vested by division (A)(2) of this section in the deputy 347
superintendent for credit unions, the deputy superintendent for 348
credit unions shall be subject to the control of the 350
superintendent of financial institutions.
(3) The superintendent shall develop and implement a 352
system for evaluating the safety and soundness of credit unions 353
and for determining when examinations and supervisory actions are 354
necessary. Credit unions shall be subject to periodic 355
examinations, as specified in rules adopted by the 356
9
superintendent, and their books, records, and accounts shall be 357
open to the inspection of the superintendent at all times. For 358
the purpose of such examination or inspection, the superintendent 359
may subpoena witnesses, administer oaths, receive testimony, and 360
order the submission of documents. 361
(B) Every credit union shall prepare and submit, on forms 363
provided by the superintendent, a financial report to the 364
superintendent showing its assets and liabilities whenever 365
requested to do so by the superintendent. Every financial report 366
shall be verified by the oaths of the two principal officers in 367
charge of the affairs of the credit union at the time of such 368
verification and shall be submitted to the superintendent within 369
thirty days after the superintendent requests the financial 370
report. 371
(C) An annual financial report of the affairs and business 373
of the credit union, showing its condition as of the thirty-first 374
day of December unless otherwise authorized by the 375
superintendent, shall be filed with the superintendent not later 376
than the date authorized in the rules adopted by the 377
superintendent. 378
(D) If a financial report or an annual financial report is 380
not filed with the superintendent in accordance with division (B) 381
or (C) of this section, the superintendent may do both of the 382
following: 383
(1) Assess a fine, determined by rule adopted by the 385
superintendent, for each day the report is in arrears; 386
(2) If the superintendent gives written notice to the 388
president of the credit union of the superintendent's intention 390
to do so, issue an order revoking the credit union's articles of 391
incorporation and appointing a liquidating agent to liquidate the 392
credit union in accordance with section 1733.37 of the Revised 393
Code.
(E)(1) Except as provided in division (E)(2) of this 395
section, each credit union doing business in this state shall 396
10
remit, semiannually and within fifteen days after billing, to the 397
treasurer of state, a supervisory fee in an amount determined by 398
the superintendent, AND CONFIRMED BY THE CREDIT UNION COUNCIL. 400
THE SUPERVISORY FEE DESCRIBED IN DIVISION (E)(1) OF THIS SECTION 401
SHALL BE based on a percentage of the gross assets of the credit 403
union as shown by its last annual financial report filed with the 404
superintendent in accordance with division (C) of this section. 405
The minimum supervisory fee shall be determined by the 406
superintendent AND CONFIRMED BY THE CREDIT UNION COUNCIL. 407
(2) Each corporate credit union doing business in this 409
state shall remit, semiannually and within fifteen days after 410
billing, to the treasurer of state, a supervisory fee determined 411
by rule adopted by the superintendent AND CONFIRMED BY THE CREDIT 413
UNION COUNCIL. The aggregate annual amount of the fee shall not 414
exceed the annual operating fee that the national credit union 415
administration charges a federally chartered credit union 416
pursuant to the "Federal Credit Union Act," 84 Stat. 994 (1970), 417
12 U.S.C.A. 1751.
(3) THE SUPERINTENDENT ANNUALLY SHALL PRESENT TO THE 419
CREDIT UNION COUNCIL FOR CONFIRMATION THE SUPERVISORY FEES TO BE 422
BILLED CREDIT UNIONS AND CORPORATE CREDIT UNIONS PURSUANT TO
DIVISION (E) OF THIS SECTION. 423
(4) If any supervisory fee is not remitted in accordance 425
with division (E)(1) or (2) of this section, the superintendent 426
may assess a fine, determined by rule adopted by the 427
superintendent, for each day that each fee is in arrears. 428
(4) The (5)(a) SUBJECT TO DIVISION (E)(5)(b) OF THIS 432
SECTION, THE total amount of each semiannual billing to all 433
credit unions and corporate credit unions combined shall equal 434
one-half of the appropriation made by the main operating 435
appropriation act, including any modifications made by the 436
controlling board, to the division of financial institutions for 437
the regulation of credit unions for the fiscal year in which the 439
billings occur, except that the superintendent, in determining 440
11
the supervisory fees, may take into consideration any funds 441
lapsed from the appropriation made in the previous fiscal year. 442
(b) IF DURING THE PERIOD BETWEEN THE CREDIT UNION 444
COUNCIL'S CONFIRMATION OF SUPERVISORY FEES AND WHEN SUPERVISORY 445
FEES DESCRIBED IN THIS SECTION ARE COLLECTED, THE CREDIT UNION 446
COUNCIL DETERMINES ADDITIONAL MONEY IS REQUIRED TO ADEQUATELY 447
FUND THE OPERATIONS OF THE DIVISION OF FINANCIAL INSTITUTIONS FOR 448
THAT FISCAL YEAR, THE CREDIT UNION COUNCIL MAY, BY THE 449
AFFIRMATIVE VOTE OF FIVE OF ITS MEMBERS, INCREASE THE SUPERVISORY 450
FEES BILLED. THE SUPERINTENDENT PROMPTLY SHALL NOTIFY EACH 451
CREDIT UNION AND CORPORATE CREDIT UNION OF THE INCREASED 452
SUPERVISORY FEES, AND EACH CREDIT UNION OR CORPORATE CREDIT UNION 453
SHALL PAY THE INCREASED SUPERVISORY FEES BILLED BY THE 454
SUPERINTENDENT.
(5)(6) The fees or fines collected pursuant to this 456
section shall be credited to the credit unions fund created in 458
section 1733.321 of the Revised Code.
(F) A report of such examination shall be forwarded to the 460
president of each credit union after the completion of the 461
examination. Such report may contain comments relative to the 462
management of the affairs of the credit union and also as to the 463
general condition of its assets. Within thirty days of the 464
receipt of such report, a meeting of the directors shall be 465
called to consider matters contained in the report, and the 466
president shall notify the superintendent of any action taken at 467
such meeting. 468
(G)(1) The superintendent shall furnish reports of 470
examinations or other appropriate information to any organization 471
referred to in section 1733.041 of the Revised Code when 472
requested by such organization and authorized by the credit 473
union. The superintendent may charge a fee for such reports and 474
other information as may be established by rules adopted by the 475
superintendent. 476
(2) A report of examination furnished pursuant to division 478
12
(G)(1) of this section is the property of the division of credit 479
unions and may be used by the examined credit union only in the 480
conduct of its business. Under no circumstances may the credit 481
union, its current or former directors, officers, employees, 482
agents, shareholders, participants in the conduct of its affairs, 483
or their agents disclose or make public, in any manner, a report 484
of examination or its contents. 485
(H) Except as provided in this division, information 487
obtained by the superintendent of credit unions and the 488
superintendent's employees as a result of or arising out of the 490
examination or independent audit of a credit union, from required 491
reports, or because of their official position, shall be 492
confidential. Such information may be disclosed only in 493
connection with criminal proceedings or, subject to section 494
1733.327 of the Revised Code, when it is necessary for the 495
superintendent to take official action pursuant to Chapter 1733. 496
of the Revised Code and the rules adopted thereunder regarding 497
the affairs of the credit union examined. This division does not 498
prevent the superintendent from properly exchanging information 499
relating to an examined credit union pursuant to division (F) or 500
(G) of this section or with officials of properly authorized 501
state or federal supervisory authorities or with any insurer 502
recognized under section 1733.041 or any surety recognized under 503
section 1733.23 of the Revised Code. This division also does not 504
prevent the superintendent from disclosing information contained 505
in the financial reports or annual financial reports described in 506
division (B) or (C) of this section to recognized credit union 507
trade associations.
Sec. 1733.329. (A) THERE IS HEREBY CREATED IN THE 509
DIVISION OF FINANCIAL INSTITUTIONS THE CREDIT UNION COUNCIL, 510
WHICH SHALL CONSIST OF SEVEN MEMBERS. THE DEPUTY SUPERINTENDENT 511
FOR CREDIT UNIONS SHALL BE A MEMBER OF THE COUNCIL AND ITS 512
CHAIRPERSON. THE GOVERNOR, WITH THE ADVICE AND CONSENT OF THE 513
SENATE, SHALL APPOINT THE REMAINING SIX MEMBERS. 514
13
(B)(1) AT LEAST FIVE OF THE SIX MEMBERS APPOINTED TO THE 516
COUNCIL SHALL HAVE HAD CREDIT UNION EXPERIENCE. 517
(2) AT LEAST FOUR OF THE SIX MEMBERS APPOINTED TO THE 519
COUNCIL SHALL BE, AT THE TIME OF APPOINTMENT, INDIVIDUALS 520
CURRENTLY ENGAGED IN THE EXERCISE OF DUTIES, RESPONSIBILITIES, 521
RIGHTS, AND POWERS OF A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A 522
STATE-CHARTERED CREDIT UNION HAVING ITS PRINCIPAL OFFICE IN THIS 523
STATE AND DOING BUSINESS IN THIS STATE PURSUANT TO THIS CHAPTER 524
UNDER THE AUTHORITY OF THE SUPERINTENDENT OF FINANCIAL 525
INSTITUTIONS.
(3) 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, FEDERALLY INSURED CREDIT UNION. 529
(4) 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, PRIVATELY INSURED CREDIT UNION. 533
(5) 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 FIVE MILLION DOLLARS OR LESS IN 537
ASSETS.
(6) AT LEAST ONE OF THE SIX MEMBERS APPOINTED TO THE 539
COUNCIL SHALL BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A 540
STATE-CHARTERED CREDIT UNION WITH MORE THAN FIVE MILLION DOLLARS 541
IN ASSETS.
(C)(1) INITIAL APPOINTMENTS TO THE COUNCIL SHALL BE MADE 543
WITHIN SIXTY DAYS AFTER THE EFFECTIVE DATE OF THIS SECTION. OF 544
THE INITIAL APPOINTMENTS, TWO SHALL EXPIRE ONE YEAR AFTER THE 545
EFFECTIVE DATE OF THIS SECTION, TWO SHALL EXPIRE TWO YEARS AFTER 546
THE EFFECTIVE DATE OF THIS SECTION, AND TWO SHALL EXPIRE THREE 547
YEARS AFTER THE EFFECTIVE DATE OF THIS SECTION. THEREAFTER, 548
TERMS OF OFFICE SHALL BE FOR THREE YEARS. 549
(2) EACH MEMBER SHALL HOLD OFFICE FROM THE DATE OF 551
APPOINTMENT UNTIL THE END OF THE TERM FOR WHICH THE MEMBER WAS 552
APPOINTED. IN THE CASE OF A VACANCY IN THE OFFICE OF ANY MEMBER, 553
14
THE GOVERNOR SHALL APPOINT A SUCCESSOR, WHO SHALL HOLD OFFICE FOR 554
THE REMAINDER OF THE TERM FOR WHICH THE SUCCESSOR'S PREDECESSOR 555
WAS APPOINTED. ANY MEMBER SHALL CONTINUE IN OFFICE SUBSEQUENT TO 556
THE EXPIRATION DATE OF THE MEMBER'S TERM UNTIL THE MEMBER'S 557
SUCCESSOR TAKES OFFICE, OR UNTIL SIXTY DAYS HAS ELAPSED, 558
WHICHEVER OCCURS FIRST.
(3) IF DURING A MEMBER'S TERM ON THE COUNCIL, THE MEMBER 560
CEASES TO BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A CREDIT 561
UNION AS DESCRIBED IN DIVISIONS (B)(2) TO (6) OF THIS SECTION FOR 562
A PERIOD EXCEEDING NINETY DAYS, THE MEMBER SHALL BE INELIGIBLE TO 563
CONTINUE TO SERVE AS A MEMBER OF THE COUNCIL, AND THE MEMBER'S 564
POSITION ON THE COUNCIL SHALL BE CONSIDERED VACANT. 565
(D) NO PERSON APPOINTED AS A MEMBER OF THE CREDIT UNION 567
COUNCIL MAY SERVE MORE THAN TWO CONSECUTIVE FULL TERMS. HOWEVER, 568
A MEMBER MAY SERVE TWO CONSECUTIVE FULL TERMS FOLLOWING THE 569
REMAINDER OF A TERM FOR WHICH THE MEMBER WAS APPOINTED TO FILL A 570
VACANCY OR FOLLOWING ANY TERM FOR WHICH THE MEMBER WAS APPOINTED 571
PRIOR TO THE EFFECTIVE DATE OF THIS SECTION. 572
(E)(1) THE COUNCIL SHALL HOLD REGULAR MEETINGS AT THE TIME 574
AND PLACE IT FIXES, BUT AT LEAST ONCE EVERY SIX MONTHS, AND SHALL 575
MEET AT ANY TIME ON CALL OF THE DEPUTY SUPERINTENDENT TO CONDUCT 576
ITS BUSINESS AND TO DECIDE BY VOTE OF THE MEMBERS THE LOCATION OF 577
FUTURE MEETINGS. EACH MEMBER SHALL BE PROVIDED WITH WRITTEN 578
NOTICE OF THE TIME AND LOCATION OF EACH COUNCIL MEETING AT LEAST 579
TWO DAYS PRIOR TO THE SCHEDULED DATE OF THE MEETING, UNLESS THE 580
COUNCIL BY RESOLUTION PROVIDES FOR A SHORTER TIME. FOUR OF THE 581
MEMBERS OF THE COUNCIL CONSTITUTE A QUORUM TO TRANSACT AND VOTE 582
ON ALL BUSINESS COMING BEFORE THE COUNCIL. 583
(2) THE COUNCIL, BY A MAJORITY VOTE OF THOSE PRESENT AT A 585
MEETING AT WHICH THERE IS A QUORUM, MAY ADOPT AND AMEND BYLAWS 586
AND RULES THE COUNCIL CONSIDERS NECESSARY AND PROPER. THE 587
COUNCIL SHALL SELECT ONE OF ITS MEMBERS AS SECRETARY, WHO SHALL 588
KEEP A RECORD OF ALL ITS PROCEEDINGS. 589
(3) NO MEMBER SHALL PARTICIPATE IN A PROCEEDING BEFORE THE 591
15
COUNCIL INVOLVING ANY CREDIT UNION OF WHICH THE MEMBER IS OR WAS 592
AT ANY TIME IN THE PRECEDING TWELVE MONTHS A MEMBER OF THE BOARD 593
OF DIRECTORS, AN OFFICER, AN EMPLOYEE, OR A SHAREHOLDER. A 594
MEMBER MAY REFRAIN FROM PARTICIPATING IN THE PROCEEDINGS OF THE 595
COUNCIL FOR ANY OTHER CAUSE THE MEMBER CONSIDERS SUFFICIENT. 596
(F) THE MEMBERS OF THE COUNCIL SHALL RECEIVE NO SALARY, 598
BUT THEIR EXPENSES INCURRED IN PERFORMANCE OF THEIR DUTIES SHALL 599
BE PAID FROM FUNDS APPROPRIATED FOR THAT PURPOSE. 600
(G) THE GOVERNOR MAY REMOVE ANY OF THE SIX MEMBERS 602
APPOINTED TO THE COUNCIL WHENEVER IN THE GOVERNOR'S JUDGMENT THE 603
PUBLIC INTEREST REQUIRES REMOVAL. UPON REMOVING A MEMBER OF THE 604
COUNCIL, THE GOVERNOR SHALL FILE WITH THE SUPERINTENDENT OF 605
FINANCIAL INSTITUTIONS A STATEMENT OF THE CAUSE FOR THE REMOVAL. 606
Sec. 1733.3210. (A) THE CREDIT UNION COUNCIL SHALL DO ALL 608
OF THE FOLLOWING: 609
(1) CONSULT WITH, ADVISE, AND MAKE RECOMMENDATIONS TO THE 611
SUPERINTENDENT OF FINANCIAL INSTITUTIONS AND THE DEPUTY 612
SUPERINTENDENT FOR CREDIT UNIONS ON MATTERS RELATING TO THE 613
BUSINESS FOR CREDIT UNIONS, INCLUDING FIELD OF MEMBERSHIP, 614
REGULATION, EXAMINATION, SAFETY AND SOUNDNESS, AND APPLICATIONS 615
OF CREDIT UNIONS UNDER THIS CHAPTER;
(2) CONSIDER AND MAKE RECOMMENDATIONS UPON ANY MATTER 617
ADDRESSED IN CHAPTERS 1733. AND 1761. OF THE REVISED CODE THAT 618
THE SUPERINTENDENT OR DEPUTY SUPERINTENDENT SUBMITS TO THE 620
COUNCIL FOR THAT PURPOSE; 621
(3) PASS UPON AND DETERMINE ANY MATTER THE SUPERINTENDENT 623
OR DEPUTY SUPERINTENDENT SUBMITS TO THE COUNCIL FOR 624
DETERMINATION;
(4) SUBMIT TO THE GOVERNOR RECOMMENDATIONS CONCERNING 626
AMENDMENTS TO THE CREDIT UNION LAWS OF THIS STATE OR RULES 627
ADOPTED PURSUANT TO THOSE LAWS THAT THE COUNCIL CONSIDERS 628
APPROPRIATE;
(5) CONSIDER AND DETERMINE WHETHER TO CONFIRM THE 630
SUPERVISORY FEES PROPOSED BY THE SUPERINTENDENT OF FINANCIAL 631
16
INSTITUTIONS IN ACCORDANCE WITH DIVISION (E) OF SECTION 1733.32 632
OF THE REVISED CODE. 633
(6) WITH RESPECT TO THE ADOPTION, AMENDMENT, OR RECISSION 635
OF RULES ADOPTED PURSUANT TO THIS CHAPTER, BE PRESENT AT THE 636
PUBLIC HEARING REQUIRED BY SECTION 119.03 OF THE REVISED CODE AND 637
PROVIDE RECOMMENDATIONS, ADVICE, OR ASSISTANCE AT THE PUBLIC 638
HEARING.
(B) NEITHER THE DEPUTY SUPERINTENDENT, NOR ANY OTHER 640
MEMBER OF THE COUNCIL, SHALL BE LIABLE, IN ANY CIVIL OR CRIMINAL 642
ACTION OR PROCEEDING, FOR ANY MISTAKE OF JUDGMENT OR DISCRETION 643
IN ANY ACTION TAKEN, OR IN ANY OMISSION MADE, IN GOOD FAITH BY 644
THE DEPUTY SUPERINTENDENT OR OTHER MEMBER. 645
Section 2. That existing sections 1155.13, 1163.16, 647
1181.16, and 1733.32 and sections 1733.329 and 1733.3210 of the 648
Revised Code are hereby repealed.
Section 3. The Savings and Loan Associations and Savings 650
Banks Board as it existed prior to the effective date of this act 651
shall be reorganized in accordance with this act within sixty 652
days after the effective date of this act. 653
Section 4. The Credit Union Council as it existed prior to 655
the effective date of this act, within sixty days after the 656
effective date of this act, shall conclude any pending matters 657
for which the council was responsible under law prior to the 658
effective date of this act and for which the council is not 659
responsible under this act.