Social Welfare and Pensions Act 2015
Budgeting in relation to social welfare payments - amendment | ||
20. Section 290 of the Principal Act is amended— | ||
(a) in subsection (1), by the insertion of “, subject to subsection (3A),” after “paid”, | ||
(b) in subsection (3), by the insertion of the following paragraph after paragraph (bc) (inserted by section 19 of the Social Welfare and Pensions Act 2012 ): | ||
“(bd) a credit union within the meaning of the Credit Union Act 1997 ,”, | ||
and | ||
(c) by the insertion of the following subsections after subsection (3): | ||
“(3A) For the purposes of subsection (1), a payment to a credit union referred to in subsection (3)(bd) may be made— | ||
(a) in respect of a scheme that— | ||
(i) is approved by the Minister, and | ||
(ii) relates to a class or classes of borrowings from a credit union as may be prescribed, | ||
and | ||
(b) where the beneficiary concerned is a member of the credit union to which the payment is made under this section. | ||
(3B) Without prejudice to subsections (1) or (2), for the purposes of subsection (3A), the Minister may, in regulations made under this section, prescribe— | ||
(a) a class or classes of borrowings by a beneficiary from a credit union in respect of which payments under this section are to be made, | ||
(b) the maximum amount of such borrowings which shall not exceed €2,000, | ||
(c) the interest rate charged in respect of such borrowings, the maximum amount of which shall not exceed 1 per cent for each month, and | ||
(d) the duration of the period for repayment, by the beneficiary concerned, of the borrowings.”. |