SB1 BILL SUMMARY
Creates the OhioMeansJobs Workforce Development Revolving Loan Program and Fund.
Requires the Chancellor of the Ohio Board of Regents to administer the Program and to award funds to specified educational institutions so that the institutions may award loans to participants in approved workforce training programs.
Requires the Chancellor to give preference to a workforce training program in which an educational institution partners with a business to repay all or part of the program participant's loan or partners with a business that also provides funding for the program over a program that does not have such a partnership.
Requires the Chancellor to consider a program that has employment opportunities in areas that are in demand, including energy exploration.
Requires the Chancellor to consider several additional factors in determining whether to award funds to an institution for a workforce training program.
Requires the Chancellor, in awarding additional funds to educational institutions after the initial funds have been awarded, to give greater weight to the success rate of the institution's program than to any of the other additional factors.
Requires an institution receiving funds under the Program to establish eligibility requirements that a participant in a workforce training program must satisfy to receive a loan.
Requires an institution to disburse loans of up to $10,000 each to program participants who satisfy eligibility requirements.
Requires the Chancellor to adopt rules to prescribe procedures necessary to carry out the Program.
Requires the Treasurer of State to serve as the Chancellor's agent in making deposits and withdrawals and maintaining the records of the Fund.
Requires the Chancellor, a third party chosen by the Chancellor, the Treasurer of State (if designated by the Chancellor), or a third party chose n by the Treasurer of State, to service loans disbursed under the Program.
Requires the Chancellor, under the Administrative Procedure Act, or the Treasurer, under R.C. 111.15, depending on which one of those officers or their designees are servicing the loans, to establish a loan servicing fee.
Permits the Treasurer to adopt additional rules the Treasurer considers necessary to implement the loan servicing duties designated.
Requires the Chancellor to prepare and submit to the Governor, the Speaker and Minority Leader of the House of Representatives, and the President and Minority Leader of the Senate a report outlining the awards made under the Program.
Makes an appropriation.