Credit Union Act 1997

37D

F95[Notice of important information to be included in credit agreements.

37D.(1) A credit union shall not enter into a credit agreement with a member, unless the agreement and the notice referred to in section 37A(1) display prominently on their respective front pages, in a form approved by the Bank, the following information:

(a) the amount of the loan;

(b) the period of the agreement;

(c) the number of repayment instalments;

(d) the total amount repayable to the credit union;

(e) the cost of the loan to the member;

(f) the APR in respect of the loan;

(g) particulars of the cooling-off period.

(2) A credit union that contravenes subsection (1) commits an offence.]

F96[(3) This section does not apply to credit agreements covered by the European Communities (Consumer Credit Agreements) Regulations 2010.]

Annotations

Amendments:

F95

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.

F96

Inserted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 25, S.I. No. 393 of 2013.