SALT LAKE CITY -- The House yesterday passed a bill providing expanded business lending powers for state chartered credit unions, sending the measure on to the Governor for his signature.
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The bill, the result of a compromise between the Utah League of CUs and the Utah Bankers Association, will allow new members to immediately apply for a business loan, instead of waiting for six months, as under current law. It will also increase the amount a credit union can offer for a business loan from the current $250,000 to be indexed each year to inflation.
It would also increase the amount allowed to be lent for personal loans from the current 1% to 4% of a member's savings plus earned income.
The Governor is expected to sign the bill into law.
