The Credit Unions (Increase in Limits on Deposits by persons too young to be members and of Periods for the Repayment of Loans) Order 2001 No. 811

Increase in periods for the repayment of loans

4.—(1) The specified periods for the purposes of subsection (4) of section 11 of the 1979 Act (maximum periods for repayment of loans) are—

(a) in relation to a secured loan, seven years; and

(b) in relation to an unsecured loan, three years.

(2) The specified periods for the purposes of subsection (4A) of that section (which, as a result of section 11B(1) and (4) of the 1979 Act, has effect if the credit union has a certificate of approval under section 11C of that Act) are—

(a) in relation to a secured loan, twelve years; and

(b) in relation to an unsecured loan, five years.