# The Credit Unions (Maximum Interest Rate on Loans) Order 2013

S.I. 2013/2589 · made 8 October 2013

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.

Made under: Credit Unions Act 1979 (Section 11)

PDFs: Printed copy https://openlegislation.uk/credit-unions-maximum-interest-rate-on-loans-order-2013/pdf/uksi_20132589_en.pdf; UK Explanatory Memorandum https://openlegislation.uk/credit-unions-maximum-interest-rate-on-loans-order-2013/pdf/uksiem_20132589_en.pdf

## Introductory text

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 1979, make the following Order:

## 1 Citation 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.

## 2 Maximum interest rate

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

## 3 Revocation

This Order revokes the Credit Unions (Maximum Interest Rate on Loans) Order 2006.

## 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.

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Source: https://www.legislation.gov.uk/uksi/2013/2589 (the official version)
Page: https://openlegislation.uk/credit-unions-maximum-interest-rate-on-loans-order-2013
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.