The online versions of legislation provided on this website are not official. Enrolled bills are the final version passed by the Ohio General Assembly and presented to the Governor for signature. The official version of acts signed by the Governor are available from the Secretary of State's Office in the Continental Plaza, 180 East Broad St., Columbus.
|
As Introduced
123rd General Assembly
Regular Session
1999-2000 | H. B. No. 510 |
REPRESENTATIVE EVANS
A BILL
To amend section 1733.32, to enact new sections 1733.329 and
1733.3210, and to repeal sections 1733.329 and 1733.3210 of the
Revised Code to revise the qualifications and duties of members of
the Credit Union Council.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 1733.32 be amended and new sections
1733.329 and 1733.3210 of the Revised Code be enacted to read as
follows:
Sec. 1733.32. (A)(1) The superintendent of financial institutions
shall see that the laws relating to
credit unions are executed and enforced.
(2) The deputy superintendent for credit unions
shall be the principal supervisor of credit unions. In that
position the deputy superintendent for credit unions shall,
notwithstanding division (A)(3)
of this section, be responsible for conducting examinations and
preparing examination reports under that division. In addition,
the deputy superintendent for credit unions shall,
notwithstanding sections 1733.191, 1733.41, 1733.411, and 1733.412 of the
Revised
Code, have the authority to
adopt rules in accordance with those sections, and, notwithstanding section
1733.05 of the Revised Code, shall have the
authority to approve issues and matters
pertaining to fields of membership. In performing or
exercising any of the examination, rule-making, or other
regulatory functions, powers, or duties vested by division
(A)(2) of this section in the
deputy superintendent for credit unions, the deputy
superintendent for credit unions shall be subject to the
control
of the superintendent of financial institutions.
(3) The superintendent shall develop and implement a system for
evaluating the safety and soundness of credit unions and for
determining when examinations and supervisory actions are
necessary. Credit unions shall be subject to periodic
examinations, as specified in rules adopted by the
superintendent, and their books, records, and accounts shall be
open to the inspection of the superintendent at all times. For
the purpose of such examination or inspection, the superintendent
may subpoena witnesses, administer oaths, receive testimony, and
order the submission of documents.
(B) Every credit union shall prepare and submit, on forms
provided by the superintendent, a financial report to the
superintendent showing its assets and liabilities whenever
requested to do so by the superintendent. Every financial report
shall be verified by the oaths of the two principal officers in
charge of the affairs of the credit union at the time of such
verification and shall be submitted to the superintendent within
thirty days after the superintendent requests the financial
report.
(C) An annual financial report of the affairs and business
of the credit union, showing its condition as of the thirty-first
day of December unless otherwise authorized by the
superintendent, shall be filed with the superintendent not later
than the date authorized in the rules adopted by the
superintendent.
(D) If a financial report or an annual financial report is
not filed with the superintendent in accordance with division (B)
or (C) of this section, the superintendent may do both of the
following:
(1) Assess a fine, determined by rule adopted by the
superintendent, for each day the report is in arrears;
(2) If the superintendent gives written notice to the
president of the credit union of the superintendent's
intention to do so, issue an
order revoking the credit union's articles of incorporation and
appointing a liquidating agent to liquidate the credit union in
accordance with section 1733.37 of the Revised Code.
(E)(1) Except as provided in division (E)(2) of this
section, each credit union doing business in this state shall
remit, semiannually and within fifteen days after billing, to the
treasurer of state, a supervisory fee in an amount determined by
the superintendent,
AND CONFIRMED BY THE CREDIT UNION COUNCIL. THE SUPERVISORY FEE
DESCRIBED IN DIVISION (E)(1) OF THIS SECTION SHALL BE
based on a percentage of the gross assets of
the credit union as shown by its last annual financial report
filed with the superintendent in accordance with division (C) of
this section. The minimum supervisory fee shall be determined by
the superintendent
AND CONFIRMED BY THE CREDIT UNION COUNCIL.
(2) Each corporate credit union doing business in this
state shall remit, semiannually and within fifteen days after
billing, to the treasurer of state, a supervisory fee determined
by rule adopted by the superintendent
AND CONFIRMED BY THE CREDIT UNION COUNCIL. The aggregate annual
amount of the fee shall not exceed the annual operating fee that
the national credit union administration charges a federally
chartered credit union pursuant to the "Federal Credit Union
Act," 84 Stat. 994 (1970), 12 U.S.C.A. 1751.
(3) THE SUPERINTENDENT ANNUALLY SHALL PRESENT TO THE CREDIT UNION COUNCIL
FOR
CONFIRMATION THE SUPERVISORY FEES TO
BE BILLED CREDIT UNIONS AND CORPORATE CREDIT UNIONS PURSUANT TO DIVISION
(E) OF THIS SECTION.
(4) If any supervisory fee is not remitted in accordance
with division (E)(1) or (2) of this section, the superintendent
may assess a fine, determined by rule adopted by the
superintendent, for each day that each fee is in arrears.
(4) The
(5)(a) SUBJECT TO DIVISION (E)(5)(b) OF
THIS SECTION, THE
total amount of each semiannual billing to all
credit unions and corporate credit unions combined shall equal
one-half of the appropriation made by the main operating
appropriation act, including any modifications made by the
controlling board, to the division of financial institutions for the
regulation of credit unions for the
fiscal year in which the billings occur, except that the
superintendent, in determining the supervisory fees, may take
into consideration any funds lapsed from the appropriation made
in the previous fiscal year.
(b) IF DURING THE PERIOD BETWEEN THE CREDIT UNION COUNCIL'S
CONFIRMATION OF SUPERVISORY FEES AND WHEN SUPERVISORY FEES
DESCRIBED IN THIS SECTION ARE COLLECTED, THE CREDIT UNION COUNCIL
DETERMINES ADDITIONAL MONEY IS REQUIRED TO ADEQUATELY FUND THE
OPERATIONS OF THE DIVISION OF FINANCIAL INSTITUTIONS FOR THAT
FISCAL YEAR, THE CREDIT UNION COUNCIL MAY, BY THE AFFIRMATIVE VOTE
OF FIVE OF ITS MEMBERS, INCREASE THE SUPERVISORY FEES
BILLED. THE SUPERINTENDENT PROMPTLY SHALL NOTIFY EACH CREDIT
UNION AND CORPORATE CREDIT UNION OF THE INCREASED SUPERVISORY
FEES, AND EACH CREDIT UNION OR CORPORATE CREDIT UNION SHALL PAY
THE INCREASED SUPERVISORY FEES BILLED BY THE SUPERINTENDENT.
(5)(6) The fees or fines collected pursuant to this section
shall be credited to the credit unions fund created
in section 1733.321 of the Revised Code.
(F) A report of such examination shall be forwarded to the
president of each credit union after the completion of the
examination. Such report may contain comments relative to the
management of the affairs of the credit union and also as to the
general condition of its assets. Within thirty days of the
receipt of such report, a meeting of the directors shall be
called to consider matters contained in the report, and the
president shall notify the superintendent of any action taken at
such meeting.
(G)(1) The superintendent shall furnish reports of
examinations or other appropriate information to any organization
referred to in section 1733.041 of the Revised Code when
requested by such organization and authorized by the credit
union. The superintendent may charge a fee for such reports and
other information as may be established by rules adopted by the
superintendent.
(2) A report of examination furnished pursuant to division
(G)(1) of this section is the property of the division of credit
unions and may be used by the examined credit union only in the
conduct of its business. Under no circumstances may the credit
union, its current or former directors, officers, employees,
agents, shareholders, participants in the conduct of its affairs,
or their agents disclose or make public, in any manner, a report
of examination or its contents.
(H) Except as provided in this division, information
obtained by the superintendent of credit unions and the
superintendent's employees
as a result of or arising out of the examination or independent
audit of a credit union, from required reports, or because of
their official position, shall be confidential. Such information
may be disclosed only in connection with criminal proceedings or,
subject to section 1733.327 of the Revised Code, when it is
necessary for the superintendent to take official action pursuant
to Chapter 1733. of the Revised Code and the rules adopted
thereunder regarding the affairs of the credit union examined.
This division does not prevent the superintendent from properly
exchanging information relating to an examined credit union
pursuant to division (F) or (G) of this section or with officials
of properly authorized state or federal supervisory authorities
or with any insurer recognized under section 1733.041 or any
surety recognized under section 1733.23 of the Revised Code.
This division also does not prevent the superintendent from
disclosing information contained in the financial reports or
annual financial reports described in division (B) or (C) of this
section to recognized credit union trade associations.
Sec. 1733.329. (A) THERE IS HEREBY CREATED IN THE DIVISION OF
FINANCIAL INSTITUTIONS THE CREDIT UNION COUNCIL, WHICH SHALL
CONSIST OF SEVEN MEMBERS. THE DEPUTY SUPERINTENDENT FOR CREDIT
UNIONS SHALL BE A MEMBER OF THE COUNCIL AND ITS CHAIRPERSON. THE
GOVERNOR, WITH THE ADVICE AND CONSENT OF THE SENATE, SHALL APPOINT
THE REMAINING SIX MEMBERS.
(B)(1) AT LEAST FIVE OF THE SIX MEMBERS APPOINTED TO THE COUNCIL
SHALL HAVE HAD CREDIT UNION EXPERIENCE.
(2) AT LEAST FOUR OF THE SIX MEMBERS APPOINTED TO THE COUNCIL
SHALL BE, AT THE TIME OF APPOINTMENT, INDIVIDUALS CURRENTLY ENGAGED IN
THE EXERCISE OF DUTIES, RESPONSIBILITIES, RIGHTS, AND POWERS OF A
DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A STATE-CHARTERED CREDIT
UNION HAVING ITS PRINCIPAL OFFICE IN THIS STATE AND DOING BUSINESS
IN THIS STATE PURSUANT TO THIS CHAPTER UNDER THE AUTHORITY OF THE
SUPERINTENDENT OF FINANCIAL INSTITUTIONS.
(3) AT LEAST ONE OF THE SIX MEMBERS APPOINTED TO THE COUNCIL SHALL
BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A STATE-CHARTERED, FEDERALLY
INSURED CREDIT UNION.
(4) AT LEAST ONE OF THE SIX MEMBERS APPOINTED TO THE COUNCIL SHALL
BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A STATE-CHARTERED, PRIVATELY
INSURED CREDIT UNION.
(5) AT LEAST ONE OF THE SIX MEMBERS APPOINTED TO THE COUNCIL SHALL
BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A STATE-CHARTERED CREDIT
UNION WITH FIVE MILLION DOLLARS OR LESS IN ASSETS.
(6) AT LEAST ONE OF THE SIX MEMBERS APPOINTED TO THE COUNCIL SHALL
BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A STATE-CHARTERED CREDIT
UNION WITH MORE THAN FIVE MILLION DOLLARS IN ASSETS.
(C)(1) INITIAL APPOINTMENTS TO THE COUNCIL SHALL BE MADE WITHIN
SIXTY DAYS AFTER THE EFFECTIVE DATE OF THIS SECTION. OF THE
INITIAL APPOINTMENTS, TWO SHALL EXPIRE ONE YEAR AFTER THE
EFFECTIVE DATE OF THIS SECTION, TWO SHALL EXPIRE TWO YEARS AFTER
THE EFFECTIVE DATE OF THIS SECTION, AND TWO SHALL EXPIRE THREE
YEARS AFTER THE EFFECTIVE DATE OF THIS SECTION. THEREAFTER, TERMS
OF OFFICE SHALL BE FOR THREE YEARS.
(2) EACH MEMBER SHALL HOLD OFFICE FROM THE DATE OF APPOINTMENT
UNTIL THE END OF THE TERM FOR WHICH THE MEMBER WAS APPOINTED. IN THE
CASE OF A VACANCY IN THE OFFICE OF ANY MEMBER, THE GOVERNOR SHALL
APPOINT A SUCCESSOR, WHO SHALL HOLD OFFICE FOR THE REMAINDER OF THE
TERM FOR WHICH THE SUCCESSOR'S PREDECESSOR WAS APPOINTED. ANY
MEMBER SHALL CONTINUE IN OFFICE SUBSEQUENT TO THE EXPIRATION DATE
OF THE MEMBER'S TERM UNTIL THE MEMBER'S SUCCESSOR TAKES OFFICE, OR
UNTIL SIXTY DAYS HAS ELAPSED, WHICHEVER OCCURS FIRST.
(3) IF DURING A MEMBER'S TERM ON THE COUNCIL, THE MEMBER CEASES TO
BE A DIRECTOR OR CHIEF EXECUTIVE OFFICER OF A CREDIT UNION AS DESCRIBED
IN DIVISIONS (B)(2) TO (6) OF THIS SECTION FOR A PERIOD EXCEEDING
NINETY DAYS, THE MEMBER SHALL BE INELIGIBLE TO CONTINUE TO SERVE AS A MEMBER
OF THE COUNCIL, AND THE MEMBER'S POSITION ON
THE COUNCIL SHALL BE CONSIDERED VACANT.
(D) NO PERSON APPOINTED AS A MEMBER OF THE CREDIT UNION COUNCIL
MAY SERVE MORE THAN TWO CONSECUTIVE FULL TERMS. HOWEVER, A MEMBER MAY SERVE
TWO CONSECUTIVE FULL TERMS FOLLOWING THE REMAINDER
OF A TERM FOR WHICH THE MEMBER WAS APPOINTED TO FILL A VACANCY OR
FOLLOWING ANY TERM FOR WHICH THE MEMBER WAS APPOINTED PRIOR TO THE
EFFECTIVE DATE OF THIS SECTION.
(E)(1) THE COUNCIL SHALL HOLD REGULAR MEETINGS AT THE TIME AND
PLACE IT FIXES, BUT AT LEAST ONCE EVERY SIX MONTHS, AND SHALL MEET AT ANY TIME
ON CALL OF THE DEPUTY SUPERINTENDENT TO CONDUCT
ITS BUSINESS AND TO DECIDE BY VOTE OF THE MEMBERS THE LOCATION OF
FUTURE MEETINGS. EACH MEMBER SHALL BE PROVIDED WITH WRITTEN
NOTICE OF THE TIME AND LOCATION OF EACH COUNCIL MEETING AT LEAST
TWO DAYS PRIOR TO THE SCHEDULED DATE OF THE MEETING, UNLESS THE
COUNCIL BY RESOLUTION PROVIDES FOR A SHORTER TIME. FOUR OF THE
MEMBERS OF THE COUNCIL CONSTITUTE A QUORUM TO TRANSACT AND VOTE
ON ALL BUSINESS COMING BEFORE THE COUNCIL.
(2) THE COUNCIL, BY A MAJORITY VOTE OF THOSE PRESENT AT A MEETING
AT WHICH THERE IS A QUORUM, MAY ADOPT AND AMEND BYLAWS AND RULES THE
COUNCIL CONSIDERS NECESSARY AND PROPER. THE COUNCIL SHALL SELECT ONE OF
ITS MEMBERS AS SECRETARY, WHO SHALL KEEP A RECORD OF ALL ITS
PROCEEDINGS.
(3) NO MEMBER SHALL PARTICIPATE IN A PROCEEDING BEFORE THE COUNCIL
INVOLVING ANY CREDIT UNION OF WHICH THE MEMBER IS OR WAS AT ANY
TIME IN THE PRECEDING TWELVE MONTHS A MEMBER OF THE BOARD OF
DIRECTORS, AN OFFICER, AN EMPLOYEE, OR A SHAREHOLDER. A MEMBER
MAY REFRAIN FROM PARTICIPATING IN THE PROCEEDINGS OF THE COUNCIL
FOR ANY OTHER CAUSE THE MEMBER CONSIDERS SUFFICIENT.
(F) THE MEMBERS OF THE COUNCIL SHALL RECEIVE NO SALARY, BUT THEIR
EXPENSES INCURRED IN PERFORMANCE OF THEIR DUTIES SHALL BE PAID FROM FUNDS
APPROPRIATED FOR THAT PURPOSE.
(G) THE GOVERNOR MAY REMOVE ANY OF THE SIX MEMBERS APPOINTED TO
THE COUNCIL WHENEVER IN THE GOVERNOR'S JUDGMENT THE PUBLIC
INTEREST REQUIRES REMOVAL. UPON REMOVING A MEMBER OF THE COUNCIL,
THE GOVERNOR SHALL FILE WITH THE SUPERINTENDENT OF FINANCIAL
INSTITUTIONS A STATEMENT OF THE CAUSE FOR THE REMOVAL.
Sec. 1733.3210. (A) THE CREDIT UNION COUNCIL SHALL DO ALL OF THE
FOLLOWING:
(1) CONSULT WITH, ADVISE, AND MAKE RECOMMENDATIONS TO THE
SUPERINTENDENT OF FINANCIAL INSTITUTIONS AND THE DEPUTY SUPERINTENDENT
FOR CREDIT UNIONS ON MATTERS RELATING TO THE BUSINESS FOR CREDIT UNIONS,
INCLUDING FIELD OF MEMBERSHIP, REGULATION, EXAMINATION, SAFETY AND
SOUNDNESS, AND APPLICATIONS OF CREDIT UNIONS UNDER THIS CHAPTER;
(2) CONSIDER AND MAKE RECOMMENDATIONS UPON ANY MATTER ADDRESSED IN
CHAPTERS 1733. AND 1761. OF THE REVISED CODE THAT
THE
SUPERINTENDENT OR DEPUTY SUPERINTENDENT SUBMITS TO THE COUNCIL FOR THAT
PURPOSE;
(3) PASS UPON AND DETERMINE ANY MATTER THE SUPERINTENDENT OR
DEPUTY SUPERINTENDENT SUBMITS TO THE COUNCIL FOR DETERMINATION;
(4) SUBMIT TO THE GOVERNOR RECOMMENDATIONS CONCERNING AMENDMENTS
TO THE CREDIT UNION LAWS OF THIS STATE OR RULES ADOPTED PURSUANT TO
THOSE LAWS THAT THE COUNCIL CONSIDERS APPROPRIATE;
(5) CONSIDER AND DETERMINE WHETHER TO CONFIRM THE SUPERVISORY FEES
PROPOSED BY THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS IN ACCORDANCE
WITH DIVISION (E) OF SECTION 1733.32 OF THE REVISED
CODE.
(6) WITH RESPECT TO THE ADOPTION, AMENDMENT, OR RECISSION OF RULES
ADOPTED PURSUANT TO THIS CHAPTER, BE PRESENT AT THE PUBLIC HEARING
REQUIRED BY SECTION 119.03 OF THE REVISED CODE AND PROVIDE
RECOMMENDATIONS, ADVICE, OR ASSISTANCE AT THE PUBLIC HEARING.
(B) NEITHER THE DEPUTY SUPERINTENDENT, NOR ANY OTHER MEMBER OF
THE
COUNCIL, SHALL BE LIABLE, IN ANY CIVIL OR CRIMINAL ACTION OR PROCEEDING, FOR
ANY MISTAKE OF JUDGMENT OR DISCRETION IN ANY ACTION
TAKEN, OR IN ANY OMISSION MADE, IN GOOD FAITH BY THE DEPUTY
SUPERINTENDENT OR OTHER MEMBER.
Section 2. That existing section 1733.32 and sections 1733.329 and 1733.3210
of the Revised
Code are hereby repealed.
Section 3. The Credit Union Council as it existed prior to the
effective date of this act, within sixty days after the effective
date of this act, shall conclude any pending matters for which the council was
responsible under law prior to the effective date of this act and for which
the council is not responsible under this act.
|