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)
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I move amendment No. 119:
In page 81, between lines 43 and 44, to insert the following:
"
| 21 | Section 38(2) | Substitute: “(2) If a credit union knowingly charges or accepts interest on a loan at a rate greater than that permitted under this section-- (a) all the interest agreed to be paid by the member shall be deemed to have been waived by the credit union; and (b) any interest paid on the loan shall be recoverable summarily by the member (or his personal representative) as a simple contract debt.”. |
".