Credit Union Act 1997


F51 [ Contents of credit agreements.

37C. (1) When entering into a credit agreement with a member, a credit union shall ensure that it contains a statement setting out the following particulars:

( a ) the name and address of each party to the agreement;

( b ) the amount of the loan provided under the agreement and the total amount payable in respect of the loan;

( c ) details of the security (if any) given in respect of the loan;

( d ) the date or dates on which the loan is to be provided (unless unascertainable at the time of the agreement);

( e ) the number of repayment instalments under the agreement and amount of each of those instalments;

( f ) the date, or the method of determining the date, on which each repayment instalment is payable;

( g ) the rate of interest charged in respect of the loan and the relevant APR;

( h ) the circumstances in which that APR may be amended;

( i ) any charges that, although not included in the calculation of the APR, must be paid by the member in specified circumstances;

( j ) the date on which the loan expires;

( k ) the manner in which the member can terminate the agreement before the final repayment instalment is payable and the cost to the member of terminating the agreement;

( l ) any cost or penalty that the member may incur for failing to comply with the agreement.

F52 [ (2) The credit union shall also ensure that the agreement specifies a cooling-off period under which the member has a right to withdraw from the agreement without penalty if the member gives to the credit union a written notice to that effect within 14 days after

( a ) the day on which the credit agreement was concluded, or

( b ) the day on which the member receives contractual terms and conditions and information in accordance with sections 37C and 37D if that date is later than the date referred to in paragraph (a) . ]

(3) F53 [ ]

(4) A credit union that fails to comply with subsection (1) or (2) commits an offence. ]

F54 [ (5) This section does not apply to credit agreements covered by the European Communities (Consumer Credit Agreements) Regulations 2010. ]