Ohio Senate unveils substitute budget bill; Movement impact remains limited
Published by: Andrew Canan
June 3, 2021 | Government Affairs
The State of Ohio’s biennial operating budget can directly impact your credit union’s operations, as it determines where local tax dollars might go as well as other policy decisions. To ensure credit unions can continue to best serve your members, the League diligently monitors the process for any potential issues that might appear throughout the budget process in order to take necessary action to protect that ability. After passing the Ohio House of Representatives 70-27, the next step for the state budget bill (House Bill 110) was for the Ohio Senate to release its version of the bill, which occurred on Tuesday. The League has reviewed the latest language proposed by the Senate, and there are two provisions from our previous update that remain:
- Eliminates the Office of Budget and Management’s ability to oversee the Credit Unions Fund, protecting state-chartered credit union assessment fees.
- Increases the initial registration and renewal fees for mortgage brokers, lenders, and servicers to $700 (up from $500) and increases the original license and renewal fees for mortgage loan originators to $200 (up from $150).
However, one provision that was flagged as problematic was removed in this version:
- The House version established an ownership income reporting requirement within the Ohio Department of Insurance for any joint venture title company.
The Senate is expected to consider the legislation over the course of the next week or so with hearings in the Senate Finance Committee, followed by additional amendments and eventual committee and chamber votes later next week. At that point, the chambers will have nearly three weeks to come to an agreement before the June 30 deadline.
As the League monitors the bill through the final passage, please don’t hesitate to reach out to Senior Manager of Political and Grassroots Affairs, Andrew Canan, with any questions or reactions to the current proposal.
Contact Andrew Canan for questions or assistance.
