Credit Union Act 1997

37D

F58 [ 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. ]

F59 [ (3) This section does not apply to credit agreements covered by the European Communities (Consumer Credit Agreements) Regulations 2010. ]

Annotations

Amendments:

F58

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.

F59

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.