COLUMBUS, Ohio (7/6/12)--The Ohio Credit Union League is monitoring a bill that would increase the exemption for property used as a residence to $500,000 from the current $20,200 as it progresses through the Ohio General Assembly.
House Bill 479, which would create the Ohio Legacy Trust Act, could impact credit unions, said the league in its newsletter (eLumination Newsletter June 27).
HB 479 could negatively affect creditors' ability to enforce and college judgment liens, said the league. "The league has been and continues to work with legislators and interested parties to address its concerns in order to minimize the effects on credit unions," the league said.
The bill states it would modify certain property rights in the Ohio Trust Code, require the recording of personal property transfers with the county recorder upon request, regulate the temporary conveyance of trust real property for financing purposes, and make changes in the state's exempt interests law, its fraudulent transfers law, a secured transactions recording law, and a rule against perpetuities.
The Ohio legislature is recessed, and no further action is expected on the bill until after the November election, said the league.