The Credit Unions (Maximum Interest Rate on Loans) Order 2013
S.I. 2013/2589 · Made 8 October 2013
Credit Unions
Made 8th October 2013
Laid before Parliament 9th October 2013
Coming into force 1st April 2014
The Treasury, in exercise of the powers conferred by section 11(5) and (7) of the Credit Unions Act 1979f1, make the following Order:
Annotations to the whole text
Footnotes
- f1
-
1979 c. 34; section 11(7) was amended by S.I. 2001/2617.
Contents
1Citation and commencement
This Order may be cited as the Credit Unions (Maximum Interest Rate on Loans) Order 2013 and comes into force on 1st April 2014.
2Maximum interest rate
The rate specified for the purposes of section 11(5) of the Credit Unions Act 1979 is three per cent per month.
3Revocation
This Order revokes the Credit Unions (Maximum Interest Rate on Loans) Order 2006f1.
Signature
Desmond Swayne
Stephen Crabb
Two of the Lords Commissioners of Her Majesty’s Treasury
9th October 2013
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 under the Credit Unions Act 1979 (c.34) from 2% to 3% per month.
An impact assessment has not been produced for this instrument as no impact on the costs of business or the voluntary sector is foreseen.