Ohio HB612 amends the operations of credit union share guaranty corporations.

Ohio HB612 amends the operations of credit union share guaranty corporations by establishing procedures for maintaining a guarantee fund, managing capital contributions, and handling special assessments and dividends. The bill specifies that the fund must be maintained at a normal operating level set by the corporation's board of directors and approved by the superintendent of insurance. It outlines the process for levying and collecting capital contributions and special premium assessments, and mandates reporting to the superintendent of credit unions and the superintendent of insurance.

Ohio HB612 amends the operations of credit union share guaranty corporations.

Ohio HB612 amends the operations of credit union share guaranty corporations by establishing procedures for maintaining a guarantee fund, managing capital contributions, and handling special assessments and dividends. The bill specifies that the fund must be maintained at a normal operating level set by the corporation's board of directors and approved by the superintendent of insurance. It outlines the process for levying and collecting capital contributions and special premium assessments, and mandates reporting to the superintendent of credit unions and the superintendent of insurance.