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House approves credit-union overhaul; task force and fee delay included
Summary
The Utah House concurred with Senate amendments to the fourteenth substitute of House Bill 162, approving changes to how credit unions are classified and delaying an immediate 5% franchise/equity fee while setting a two-year task force to study the issue. Vote: 55 yes, 20 no.
The Utah House on the floor concurred with Senate amendments to the fourteenth substitute of House Bill 162, a package of changes to the state Credit Union Act that alters how credit unions become ‘‘nonexempt’’ and delays implementation of a proposed franchise/equity fee.
Representative Jason B. Alexander, the bill sponsor, said the substitute clarifies that a ‘‘nonexempt’’ credit union is one whose field of membership is a full county — and that to meet that test a union would need members from two counties with at least two being first- or second-class counties. He said the bill preserves an asset-based exemption structure for…
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