Ohio Real Estate and Financial Associations support First-Time Homebuyer Savings Act
The First-Time Homebuyer Savings Act would encourage investment in Ohio’s communities
March 1, 2021 — A coalition of Ohio real estate and financial organizations have joined forces in support of Senate Bill 24, Ohio’s First-Time Homebuyer Savings Act. The legislation, SB 24, introduced by Sen. Theresa Gavarone (R-Bowling Green) and Sen. Bob Peterson (R-Washington Court House), would authorize a first-time homebuyer to open a tax-deductible savings account in which a person can deposit money that would be used toward a down payment of a home purchased in Ohio.
The coalition supporting SB 24 includes the Ohio Bankers League, Ohio Chamber of Commerce, Ohio Land Title Association, Ohio Manufactured Homes Association, Ohio Mortgage Bankers Association, Ohio REALTORS, Ohio REALTIST Association, and the Ohio Credit Union League.
A “first-time homebuyer” is defined as someone who has not purchased or owned a home within the past three years.
Ohio lawmakers debate COVID-liability protection
May 28, 2020 –Lawmakers in Ohio are debating legislation that would limit the liability of businesses that reopen in the wake of the COVID-19 pandemic. The bill, SB 308, would provide service providers, including credit unions, with protections from COVID-19 related lawsuits except in instances where the provider’s acts are “intentional, willful, or wanton misconduct.”
In testimony in support of SB 308, the Ohio Credit Union League asserts that “costly and frivolous litigation is a serious threat to a provider’s ability to confidently and reliably offer necessary support, services, and products.” The League maintains that the bill would maintain “civil recourse for those impacted by bad actors found in violation of state requirements.”
The legislation is currently pending in the Ohio Senate Judiciary Committee.
Ohio League Pursuing Legislation Targeting Cyber Criminals
The Ohio Credit Union League is seeking to advance a measure in the Buckeye State that would increase the penalties for individuals found guilty of electronic data manipulation, theft or phishing. The League cites the uptick in cyber crimes and lack of action at the federal level as rationale for the Ohio Cyber Crimes Act, House Bill 368, to promptly pass.
Another converts to private insurance: River Valley CU
Oct. 4, 2018 — As of October 1, the $344 million River Valley Credit Union, located in Miamisburg (Dayton), Ohio, converted from federal to private share insurance provided by American Share Insurance (ASI). ASI has been offering Ohio credit unions a choice in share insurance since 1974. With the addition of River Valley Credit Union, ASI now insures 51 credit unions in the state.
What’s new in your state?
Click here to submit your state-chartered credit union news stories to NASCUS today!