SALT LAKE CITY — The Utah Senate Monday appeared to be movingswiftly to adopt a compromise bill to ease restrictions on memberbusiness lending for state-chartered credit unions after aunanimous vote late Friday on the measure by the Senate WorkforceServices/Community and Economic Development Committee.
The Utah League of Credit Unions has said the bill, whicheliminates a six month wait before a new member can obtain a loanand increases the $250,000 cap on individual business loans, isacceptable.
The measure, which has the blessing of Senate Majority LeaderCurtis Bramble (R. Provo) who helped negotiate a pact between theleague and the Utah Bankers Association, would also raise the capon personal loans from the current 1% of members' savings plusretained earnings to 4%.
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