37A. Member to receive written notice of loan approval.

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Credit Union Act, 1997 (No. 15)
Part III Operation of Credit Unions (ss. 26-52)
Loans (ss. 35-38)
37A. Member to receive written notice of loan approval.

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Version status: In force | Document consolidation status: Updated to reflect all known changes

Version date: 11 October 2013 - onwards

Version 2 of 2

(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.

(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).

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