LegalizeThe Credit Unions (Maximum Interest Rate on Loans) Order 2013
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[^f00001], make the following Order:
Citation and commencement
1
This Order may be cited as the Credit Unions (Maximum Interest Rate on Loans) Order 2013 and comes into force on 1st April 2014.
Maximum interest rate
2
The rate specified for the purposes of section 11(5) of the Credit Unions Act 1979 is three per cent per month.
Revocation
3
This Order revokes the Credit Unions (Maximum Interest Rate on Loans) Order 2006[^f00002].
Signed
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)
EXPLANATORY NOTE
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.
Footnotes
[^f00001]: 1979 c. 34; section 11(7) was amended by S.I. 2001/2617.
[^f00002]: S.I. 2006/1276.
Reading this document does not replace reading the official text published on legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. We assume no responsibility for any inaccuracies arising from the conversion of the original CLML XML to this format.
This text is published under legislation.gov.uk's own terms of reuse, not a Legalize or public-domain licence.
legislation.gov.uk
Open Government Licence v3.0 (attribution required)
© Crown and database right. Derived from content available under the Open Government Licence v3.0 from legislation.gov.uk.