Credit Union Bill 1996

Public bill · Government · Presented

The proposal would replace the older law on credit unions with a single, updated framework for their registration, membership, loans, savings, investments and day-to-day management. It would require stronger governance, independent oversight, annual accounts and audits, fraud insurance, savings protection and safeguards against conflicts of interest. The Registrar would receive wider powers to inspect credit unions, require information, restrict risky activities, suspend or cancel registration, and remove unsuitable directors. It would also provide ways to handle complaints, mergers and financial difficulty, including court-supervised administration or restructuring aimed at protecting members’ savings and keeping a viable credit union operating.

Formal long title

Bill entitled an Act to make new provision in relation to credit unions and for connected purposes

Last updated 20 November 2019