Oireachtas Joint and Select Committees
Wednesday, 21 November 2012
Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance
Credit Union Bill 2012: Committee Stage
5:40 pm
Michael Noonan (Limerick City, Fine Gael) | Oireachtas source
I move amendment No. 118:
In page 81, lines 36 to 43, to delete item 20 and substitute the following:
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| 20 | Section 37C(2) | Substitute: “(2) The credit union shall also ensure that the agreement specifies a cooling-off period under which the member has a right to withdraw from the agreement without penalty if the member gives to the credit union a written notice to that effect within 14 days after-- (a) the day on which the credit agreement was concluded, or (b) the day of which the member receives contractual terms and conditions and information in accordance with section 37C if that date is later than the date referred to in paragraph (a).”. |
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| 21 | Section 37C(3) | Delete. |
| 22 | Section 37C | Insert after subsection (4): “(5) This section does not apply to credit agreements covered by the European Communities (Consumer Credit Agreements) Regulations 2010.”. |
| 23 | Section 37D | Insert after subsection (2): “(3) This section does not apply to credit agreements covered by the European Communities (Consumer Credit Agreements) Regulations 2010.”. |
| 24 | Section 37E | Substitute: “37E.--(1) For the purposes of sections 37C and 37D 'annual percentage rate of charge', in relation to a credit agreement entered into between a credit union and a member, means the annual percentage rate of charge as defined under Regulation 6 of the European Communities (Consumer Credit Agreements) Regulations 2010. (2) The annual percentage rate of charge specified in a credit agreement shall be in accordance with Part 5 of the European Communities (Consumer Credit Agreements) Regulations 2010.”. |
| 25 | Section 37F | Delete. |
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