State Representative Christina M. Hagan (R-Marlboro) announced that HB 479, also known as the Ohio Asset Management Modernization Act (AMMA), became law in Ohio yesterday. Rep. Hagan and former Speaker Pro Tempore of the Ohio House, Lou Blessing (R-Cincinnati) were the primary co-sponsors of AMMA, which passed unanimously in the Ohio General Assembly and was signed by Governor Kasich on December 20, 2012. The bill had widespread support among the Ohio business, banking, professional and legal community.

Regarding the bill, Rep. Hagan made the following statement:

“The AMMA legislation has two purposes; first, it is designed to allow all Ohio citizens, business owners and entrepreneurs to better protect their hard-earned assets, residences and businesses; second, it is a ‘jobs bill’ that will put in place the legal infrastructure necessary to permit Ohio financial institutions, professional service firms and other businesses to effectively compete in the newly and rapidly developing worldwide, trillion dollar trust and fiduciary services marketplace.

“We believe this legislation has the potential to create and retain thousands of jobs and revenue for Ohio and will make Ohio one of the leading trust, asset protection and business jurisdictions not only in the United States, but in the world. We also intend to form a Governor’s Task Force that will annually monitor Ohio’s progress and status as a preferred trust, asset protection and business jurisdiction. This task force will also make and recommend changes and updates to the AMMA legislation to maintain Ohio’s competitive status.

“It is my belief that the AMMA legislation created by HB 479 will greatly assist and support the image and reality we are trying to create for Ohio, that not only are there excellent benefits for our citizens who live and work here, but that Ohio is ‘open for business’ and we are striving to do all we can, to retain and support our Ohio businesses and their owners, and we are also laying the groundwork to attract more and new entrepreneurs and businesses to Ohio.”

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