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Sub. H. B. No. 322 As Reported by the Senate Financial Institutions CommitteeAs Reported by the Senate Financial Institutions Committee
129th General Assembly | Regular Session | 2011-2012 |
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Cosponsors:
Representatives Kozlowski, Henne, Combs, Wachtmann, Stebelton, Adams, R., Hackett, Ruhl
Senator Coley
A BILL
To enact sections 1109.181, 1151.2911, 1161.441, and
1733.253 of the Revised Code to permit Ohio banks,
savings and loan associations, savings banks, and
credit unions to charge the same or lower rates or
amounts of interest, fees, or other charges under
a revolving credit agreement that the respective
out-of-state financial institutions may charge
Ohio revolving credit customers.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 1109.181, 1151.2911, 1161.441, and
1733.253 of the Revised Code be enacted to read as follows:
Sec. 1109.181. (A) As used in this section:
(1) "Revolving credit agreement" means an agreement pursuant
to which a bank contemplates repeated transactions and the amount
of credit that may be extended pursuant to the agreement is made
available to the extent that any outstanding balance is repaid.
"Revolving credit agreement" does not include an agreement secured
by a residential mortgage.
(2) "Residential mortgage" means an obligation to pay a sum
of money evidenced by a note or agreement and secured by a lien
upon real property located within this state containing two or
fewer residential units or on which two or fewer residential units
are to be constructed, including such an obligation on a
residential condominium or cooperative unit.
(B) Notwithstanding any limitations contained in sections
1109.18, 1109.20, or any other section of the Revised Code, a bank
may charge interest, fees, and other charges under a revolving
credit agreement at the same or lower rates or amounts that a bank
located in another state may charge its revolving credit customers
in this state.
Sec. 1151.2911. (A) As used in this section:
(1) "Revolving credit agreement" means an agreement pursuant
to which a savings and loan association contemplates repeated
transactions and the amount of credit that may be extended
pursuant to the agreement is made available to the extent that any
outstanding balance is repaid. "Revolving credit agreement" does
not include an agreement secured by a residential mortgage.
(2) "Residential mortgage" has the same meaning as in section
1109.181 of the Revised Code.
(B) Notwithstanding any limitations contained in the Revised
Code, a savings and loan association may charge interest, fees,
and other charges under a revolving credit agreement at the same
or lower rates or amounts that an association located in another
state may charge its revolving credit customers in this state.
Sec. 1161.441. (A) As used in this section:
(1) "Revolving credit agreement" means an agreement pursuant
to which a savings bank contemplates repeated transactions and the
amount of credit that may be extended pursuant to the agreement is
made available to the extent that any outstanding balance is
repaid. "Revolving credit agreement" does not include an agreement
secured by a residential mortgage.
(2) "Residential mortgage" has the same meaning as in section
1109.181 of the Revised Code.
(B) Notwithstanding any limitations contained in the Revised
Code, a savings bank may charge interest, fees, and other charges
under a revolving credit agreement at the same or lower rates or
amounts that a savings bank located in another state may charge
its revolving credit customers in this state.
Sec. 1733.253. (A) As used in this section:
(1) "Revolving credit agreement" means an agreement pursuant
to which a credit union contemplates repeated transactions and the
amount of credit that may be extended pursuant to the agreement is
made available to the extent that any outstanding balance is
repaid. "Revolving credit agreement" does not include an agreement
secured by a residential mortgage.
(2) "Residential mortgage" has the same meaning as in section
1109.181 of the Revised Code.
(B) Notwithstanding any limitations contained in sections
1733.25, 1733.251, or any other section of the Revised Code, a
credit union may charge interest, fees, and other charges under a
revolving credit agreement at the same or lower rates or amounts
that a credit union located in another state may charge its
revolving credit customers in this state.
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