- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
28.—(1) A bank account order shall be implemented within 10 working days of its service on the deposit-taker.
(2) Subject to paragraph (3), where the specified amount exceeds the credit balance in the account to which the order relates—
(a)the deposit-taker shall make payment in the amount of the credit balance, if any, and advise the collection officer accordingly; and
(b)the deposit-taker shall make further payments, as soon as is practicable, after further funds, if any, are deposited to the credit of the account until the specified amount is paid in full.
(3) A bank account order may not operate to require the making of a payment which would reduce the credit balance of the account to which the order relates below £5.00.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Rule and provides information about its policy objective and policy implications. They aim to make the Statutory Rule accessible to readers who are not legally qualified and accompany any Northern Ireland Statutory Rule or Draft Northern Ireland Statutory Rule laid before the UK Parliament during the suspension of the Northern Ireland Assembly.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: