SALT LAKE CITY — Utah credit unions at last will be getting relief in making business loans following passage of a compromise bill hammered out between the Utah League of Credit Unions and the Utah Bankers Association and now ready for the signature of Governor John Huntsman, Jr.
The bill, lifting the $250,000 limit and eliminating a six month wait for new members to apply for loans, passed the Utah House 69-0 March 3.
Underscoring weariness with the bank/CU battle, the major parties including banks, CUs and House/Senate leadership reached an agreement that the measure will be the last legislative action for five years.
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