Submissions by topics "Should creditors be allowed to require borrowers to open or maintain accounts as part of the credit agreement for the above purposes?"
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No. A consumer should be free to choose their own payment or savings account to service a loan. Requiring a borrower to have such accounts is not good for competition and it may leave the consumer...
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For context, to obtain a loan from a credit union, the borrower must first become a member by holding a share account with at least one fully paid share, as required by the Credit Union Act 1997....
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Yes. Credit Unions have members who must join before accessing credit or using the credit union. This is set out in Section 17 of the CUA. It could be read in such a way that for the abundance of...
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Yes. This is a useful exemption for lenders, as well as facilitating the provision of credit to consumers.
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In order to obtain credit from a credit union, the borrower must first be a member. A member is required to have a share account (“at least one fully paid up share in the credit union” Section 17,...
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No Creditors should not be allowed to require a borrower to save or have an account with that lender. No product should be made contingent on the purchase of another.
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