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Favorable Outlook Seen on Utah Business Loan Bill

SALT LAKE CITY -- The Utah Senate Monday appeared to be moving swiftly to adopt a compromise bill to ease restrictions on member business lending for state-chartered credit unions after a unanimous vote late Friday on the measure by the Senate Workforce Services/Community and Economic Development Committee.

By Jim Rubenstein | Updated on February 25, 2008

SALT LAKE CITY — The Utah Senate Monday appeared to be moving swiftly to adopt a compromise bill to ease restrictions on member business lending for state-chartered credit unions after a unanimous vote late Friday on the measure by the Senate Workforce Services/Community and Economic Development Committee.

The Utah League of Credit Unions has said the bill, which eliminates a six month wait before a new member can obtain a loan and increases the $250,000 cap on individual business loans, is acceptable.

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