# The Credit Unions (Maximum Interest Rate on Loans) Order 2006

S.I. 2006/1276 · made 10 May 2006

This Order increases the limit on the interest which a credit union may charge on loans made by it. The maximum rate of interest is increased from 1% to 2% per month.

Made under: Credit Unions Act 1979 (Section 11)

PDFs: Printed copy https://openlegislation.uk/credit-unions-maximum-interest-rate-on-loans-order-2006/pdf/uksi_20061276_en.pdf; Explanatory Memorandum https://openlegislation.uk/credit-unions-maximum-interest-rate-on-loans-order-2006/pdf/uksiem_20061276_en.pdf

## Introductory text

INDUSTRIAL AND PROVIDENT SOCIETIES
Made 10th May 2006
Laid before Parliament 10th May 2006
Coming into force 1st June 2006
The Treasury, in exercise of the powers conferred by section 11(7) of the Credit Unions Act 1979, make the following Order:

## 1 Citation and commencement

This Order may be cited as the Credit Unions (Maximum Interest Rate on Loans) Order 2006 and comes into force on 1st June 2006.

## 2 Maximum interest rate

The rate specified for the purposes of section 11(5) of the Credit Unions Act 1979 is two per cent per month.

## Signature

Gordon Brown
Dave Watts
Two of the Lords Commissioners of Her Majesty’s Treasury
10th May 2006

## Explanatory note

(This note is not part of the Order)
This Order increases the limit on the interest which a credit union may charge on loans made by it. The maximum rate of interest is increased from 1% to 2% per month.
A full regulatory impact assessment of the effect that this instrument will have on the costs of business is available from the Payments and Inclusion Team, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ or at www.hm-treasury.gov.uk. Copies have been placed in the libraries of both Houses of Parliament.

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Source: https://www.legislation.gov.uk/uksi/2006/1276 (the official version)
Page: https://openlegislation.uk/credit-unions-maximum-interest-rate-on-loans-order-2006
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.