{
  "url": "https://openlegislation.uk/building-societies-money-transmission-services-order-1989/note",
  "json_url": "https://openlegislation.uk/building-societies-money-transmission-services-order-1989/note.json",
  "legislation": "uksi/1989/730",
  "legislation_title": "The Building Societies (Money Transmission Services) Order 1989",
  "legislation_url": "https://openlegislation.uk/building-societies-money-transmission-services-order-1989",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Order)\nThis Order empowers building societies with commercial assets of at least £100 million to operate accounts on which a person other than an individual can overdraw, temporarily or occasionally, in the course of receiving money transmission services. Any such indebtedness will count as a class 3 asset. Class 3 assets may not currently exceed more than 5 per cent of a society’s total commercial assets.\nThe Order also amends article 7 of the Building Societies (Limited Credit Facilities) Order 1987 so that the aggregation of facility debts for the purposes of calculating the limits applicable to class 3 assets is made in the same manner as the aggregation of money transmission service debts under article 6 of this Order.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1989/730/note",
    "retrieved_at": "2026-10-29T15:45:04.120552+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}