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Utah House substitutes major rewrite of HB162 on credit unions, adds task force and deletes proposed tax
Summary
The Utah House on Feb. 14 substituted a tenth version of House Bill 162 to clarify credit union membership rules, add a task force to study competitive-equity and field‑of‑membership issues, limit immediate expansions and remove a proposed corporate franchise tax; multiple amendments passed and debate will continue when the House reconvenes.
SALT LAKE CITY — After hours of debate, the Utah House of Representatives on Feb. 14 substituted a major rewrite of House Bill 162, a package of changes to the state Credit Union Act that lawmakers said aims to define membership, curb rapid expansion and create a task force to study more complex policy choices.
Representative Alex (Representative Alexander) brought the motion to delete the fourth substitute and replace it with the tenth substitute, which sponsors said delays controversial elements — including a competitive-equity fee and county-expansion triggers — until a legislatively appointed task force studies the issues. “This bill will not allow for expansion into other counties until after the task force does their work,” Alexander said, urging members to support the substitution.
Why it matters: HB162 touches on tax and regulatory distinctions between banks and credit unions, loan limits, and how broadly a credit union may recruit members across county lines. Sponsors and opponents said the questions are complex and could affect many Utah residents and local financial institutions.
What changed and why
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