Bill > HB612

This bill amends Ohio law regarding credit union share guaranty corporations, focusing on how these organizations maintain and manage their guarantee funds. The bill clarifies and expands provisions related to capital contributions, assessments, and dissolution procedures for these corporations. Specifically, it introduces new requirements for corporations that are nonprofit organizations recognized under Section 501(c)(6) of the Internal Revenue Code, establishing detailed protocols for how such corporations should handle their assets and capital contributions if they are dissolved due to reasons outside their control. Key changes include specifying that when such a corporation dissolves, it must first return capital contributions to participating credit unions, and if assets remain, those assets can be transferred to a surviving wholly owned subsidiary or distributed among participating credit unions based on their share balances. The bill also makes minor technical modifications to existing language about capital contributions, special assessments, and the reporting of defaults, ensuring more precise and comprehensive regulatory oversight of credit union share guaranty corporations.

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https://www.legislature.ohio.gov/legislation/136/hb612