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Provision affected or inserted |
Amendment |
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1. |
Insert the following sections after section 37: |
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"Member to receive written notice of loan approval. |
37A.—(1) On approving a loan in accordance with section 36 or 37, a credit union shall, in writing, notify the member who applied for the loan of the approval and of any time limit within which the approval will expire. |
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(2) A notice under subsection (1) may be in a form that, when endorsed by the member on accepting a loan offered by the credit union, constitutes a credit agreement for the purposes of section 37B and 37C. |
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Credit agreement in respect of loans exceeding €200. |
37B.—(1) If the amount of a loan approved by a credit union exceeds €200, the credit union shall ensure that— |
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(a) a credit agreement is entered into in writing and signed by the member concerned and by or on behalf of all other parti | |
Version status: Partly in force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2018 - onwards