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.

F48 [ (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 ). ] ]