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| To enact sections 1109.181, 1151.2911, 1161.441, and | 1 |
| 1733.253 of the Revised Code to permit Ohio banks, | 2 |
| savings and loan associations, savings banks, and | 3 |
| credit unions to charge the same or lower rates or | 4 |
| amounts of interest, fees, or other charges under | 5 |
| a revolving credit agreement that the respective | 6 |
| out-of-state financial institutions may charge | 7 |
| Ohio revolving credit customers. | 8 |
| Section 1. That sections 1109.181, 1151.2911, 1161.441, and | 9 |
| 1733.253 of the Revised Code be enacted to read as follows: | 10 |
| Sec. 1109.181. (A) As used in this section: | 11 |
| (1) "Revolving credit agreement" means an agreement pursuant | 12 |
| to which a bank contemplates repeated transactions and the amount | 13 |
| of credit that may be extended pursuant to the agreement is made | 14 |
| available to the extent that any outstanding balance is repaid. | 15 |
| "Revolving credit agreement" does not include an agreement secured | 16 |
| by a residential mortgage. | 17 |
| (2) "Residential mortgage" means an obligation to pay a sum | 18 |
| of money evidenced by a note or agreement and secured by a lien | 19 |
| upon real property located within this state containing two or | 20 |
| fewer residential units or on which two or fewer residential units | 21 |
| are to be constructed, including such an obligation on a | 22 |
| residential condominium or cooperative unit. | 23 |
| (B) Notwithstanding any limitations contained in sections | 24 |
| 1109.18, 1109.20, or any other section of the Revised Code, a bank | 25 |
| may charge interest, fees, and other charges under a revolving | 26 |
| credit agreement at the same or lower rates or amounts that a bank | 27 |
| located in another state may charge its revolving credit customers | 28 |
| in this state. | 29 |
| Sec. 1151.2911. (A) As used in this section: | 30 |
| (1) "Revolving credit agreement" means an agreement pursuant | 31 |
| to which a savings and loan association contemplates repeated | 32 |
| transactions and the amount of credit that may be extended | 33 |
| pursuant to the agreement is made available to the extent that any | 34 |
| outstanding balance is repaid. "Revolving credit agreement" does | 35 |
| not include an agreement secured by a residential mortgage. | 36 |
| (2) "Residential mortgage" has the same meaning as in section | 37 |
| 1109.181 of the Revised Code. | 38 |
| (B) Notwithstanding any limitations contained in the Revised | 39 |
| Code, a savings and loan association may charge interest, fees, | 40 |
| and other charges under a revolving credit agreement at the same | 41 |
| or lower rates or amounts that an association located in another | 42 |
| state may charge its revolving credit customers in this state. | 43 |
| Sec. 1161.441. (A) As used in this section: | 44 |
| (1) "Revolving credit agreement" means an agreement pursuant | 45 |
| to which a savings bank contemplates repeated transactions and the | 46 |
| amount of credit that may be extended pursuant to the agreement is | 47 |
| made available to the extent that any outstanding balance is | 48 |
| repaid. "Revolving credit agreement" does not include an agreement | 49 |
| secured by a residential mortgage. | 50 |
| (2) "Residential mortgage" has the same meaning as in section | 51 |
| 1109.181 of the Revised Code. | 52 |
| (B) Notwithstanding any limitations contained in the Revised | 53 |
| Code, a savings bank may charge interest, fees, and other charges | 54 |
| under a revolving credit agreement at the same or lower rates or | 55 |
| amounts that a savings bank located in another state may charge | 56 |
| its revolving credit customers in this state. | 57 |
| Sec. 1733.253. (A) As used in this section: | 58 |
| (1) "Revolving credit agreement" means an agreement pursuant | 59 |
| to which a credit union contemplates repeated transactions and the | 60 |
| amount of credit that may be extended pursuant to the agreement is | 61 |
| made available to the extent that any outstanding balance is | 62 |
| repaid. "Revolving credit agreement" does not include an agreement | 63 |
| secured by a residential mortgage. | 64 |
| (2) "Residential mortgage" has the same meaning as in section | 65 |
| 1109.181 of the Revised Code. | 66 |
| (B) Notwithstanding any limitations contained in sections | 67 |
| 1733.25, 1733.251, or any other section of the Revised Code, a | 68 |
| credit union may charge interest, fees, and other charges under a | 69 |
| revolving credit agreement at the same or lower rates or amounts | 70 |
| that a credit union located in another state may charge its | 71 |
| revolving credit customers in this state. | 72 |