COLUMBUS - This week, State Senators Bill Coley (R-Liberty Township) and Scott Oelslager (R-North Canton) introduced legislation aimed at modernizing Ohio’s banking laws.
 
Last revised in 1995, Senate Bill 29 makes comprehensive updates to Ohio's banking code to meet the needs of the 21st Century banking industry.

"The need for this change is yet another example of private sector progress outpacing the speed of government," said Coley. “Advancing from tellers to ATMs to modern-day banking from the convenience of your smartphone, our statutes must adapt to ensure that our banking industry can meet the needs of today's consumers,” said Senator Coley.
 
Senate Bill 29 strengthens the administrative capacity of the state's primary banking regulator, the Ohio Division of Financial Institutions, simplifying the industry by creating a “universal” charter. The bill streamlines governing boards to decrease overhead costs for training and merges the statutes that govern commercial banks, savings and loan associations and savings banks into one.
 
Senate Bill 29 also allows banks to defer to general corporation laws in many cases, instead of creating separate state statutes to accomplish the same goal.
 
Ohio consumers and banks will benefit from a more efficient, secure banking environment as a result of this legislation.

The bill was referred to the Senate Standing Committee on Insurance and Financial Institution, chaired by State Senator Jay Hottinger (R-Newark), where it will receive further consideration. 

 
 
 
  
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"Working together, we have cut almost $1.1 billion from the original version of the budget and have brought the budget in balance without putting Ohio's economy at risk by raising taxes," said Senator Coley, who serves a member of the Senate Finance Committee, which is responsible for balancing Ohio's two-year operating budget. 



 
 

Senate Approves Awareness Legislation Aimed At Curing Pediatric Brain Tumors In Honor Of Kyler Bradley

 

"Today is another milestone in our efforts to honor Kyler and all those who suffer, both directly and indirectly, from the devastation that DIPG causes families," said Coley. 

DIPG is an aggressive, malignant brain tumor found at the base of the brain stem, affecting approximately 200 to 400 children in the U.S each year. It is the second most common malignant brain tumor and is the leading cause of childhood death due to brain tumors. The average prognosis of those diagnosed is 9 months. Symptoms include double vision, inability to close the eyelids completely, drooping of one side of the face as well as difficulty chewing and swallowing.



 
 

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"Today is another milestone in our efforts to honor Kyler and all those we've lost too soon to DIPG," said Coley. "This simple measure offers hope for families that one day we can overcome this disease and the heartbreak it causes."