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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Credit Unions (Maximum Interest Rate on Loans) Order 2013 No. 2589 URL: http://www.bailii.org/uk/legis/num_reg/2013/uksi_20132589_en_1.html |
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Statutory Instruments
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(1), make the following Order:
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.
2. The rate specified for the purposes of section 11(5) of the Credit Unions Act 1979 is three per cent per month.
3. This Order revokes the Credit Unions (Maximum Interest Rate on Loans) Order 2006(2).
Desmond Swayne
Stephen Crabb
Two of the Lords Commissioners of Her Majesty's Treasury
9th October 2013
(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.
1979 c. 34; section 11(7) was amended by S.I. 2001/2617.
