COLUMBUS—State Senator Scott Oelslager (R-North Canton) today announced the passage of legislation to modernize Ohio’s banking law.

“The updates included in this proposal would improve internal function within our state’s financial institutions, while improving how banks are able to interact with their customers,” said Senator Oelslager.  “I was happy to work with Senator Coley and other interested parties over several months to craft a bill that will bring this area of Ohio’s code into the 21st century.”

Jointly sponsored with State Senator Bill Coley (R-Liberty Township), Senate Bill 29 passed the Ohio Senate by a vote of 32-0.

This legislation seeks to modernize Ohio’s banking code, which has largely not been updated since the 1980s. One important aspect of this bill is to acknowledge electronic banking, a practice that has become increasingly popular in recent years. Under the purview of the Department of Commerce’s Division of Financial Institutions, Senate Bill 29 would condense three chapters of the Ohio Revised Code into one, creating a new universal charter that combines the strongest characteristics of each. The bill would also streamline governing boards to decrease overhead costs for training, and merges the statutes governing commercial banks, savings and loan associations and savings banks into one.

“The need for this change is yet another example of private sector progress outpacing the speed of government,” said Senator 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.”

This legislation promotes and enhances safe and sound operations by FDIC insured depository institutions and provides a secure banking environment for Ohio consumers.

Senate Bill 29 now goes to the Ohio House of Representatives for further consideration.
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