SALT LAKE CITY – Gov. Jon Huntsman signed the credit union business loan reform bill into law Friday, putting the finishing touches on a rare compromise between traditional rivals banks and credit unions.
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The law will allow new members to immediately apply for a business loan, instead of waiting for six months under current law. It also will increase the maximum amount a credit union can offer for a business loan from the current $250,000 to an amount that will be indexed each year to inflation.
It also would increase the amount allowed to be lent for personal loans from the current 1% to 4% of a member's savings plus earned income.
