Ohio CU Reform Signed IntoLaw

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COLUMBUS, - (01/11/06) – State chartered credit unionswill be able to open student-run branches, hold board meetings andconduct voting electronically, and get new powers to accept probateguardianship funds under the first major reform of thestate’s credit union statute since 1987, which was signedinto law Tuesday by Gov. Robert Taft. The new law, which will takeeffect in 90 days, will also ease restrictions on short-term loansa allow credit unions to apply with the Secretary of State todesignate any person to act as a police officer at their premises,which is currently allowed for banks and savings and loans. Amongthe provisions the credit unions gave up to get the final bill wasone allowing them to provide check cashing and wire transfers tonon-members within their fields of membership. The new law willapply to about 230 state chartered credit unions.

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