Credit Union Act 1997

37A

F50 [ 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.

F51 [ (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

( a ) sections 37B and 37C , or

( b ) where the loan is for an amount between 200 and 75,000, the European Communities (Consumer Credit Agreements) Regulations 2010 ( S.I. No. 281 of 2010 ). ] ]

Annotations

Amendments:

F50

Inserted (1.01.2005) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 33 and sch. 3 pt. 14 item 1, S.I. No. 455 of 2004.

F51

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 20, S.I. No. 393 of 2013.