Credit Union Act 1997

37A

F52[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.

F53[(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:

F52

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.

F53

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.