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Introduction
The National Credit Act
- Replaces the Usury and Credit Agreements Acts
- Is consumer focused (initially entitled the Consumer Credit Bill)
- Increases the availability of credit and reduces the cost of credit
- Improves regulation of the credit environment (more inclusive)
- Creates transparent credit processed with a focus on client education and understanding
- Creates a healthier credit market through the introduction of reckless credit and over-indebtedness
- Improves the collection and recovery process
- Promulgated: 1 April 2006
- Effective date: 1 June 2007
Purpose Of The Act
The Act aims to promote a fair and non-discriminatory marketplace for access to consumer credit through...
- General regulation of consumer credit
- Establish norms and standards relating to consumer credit
- Regulate credit information
- Promote responsible credit granting
- Prohibit reckless credit granting
- Provide for debt re-organisation in cases of over-indebtedness
- Promote a consistent enforcement framework relating to consumer credit
- Provide for registration of credit bureaus, credit providers and debt counselling services
- Improved standards of consumer information
- Prevent certain unfair credit and credit marketing practices
- Promotion of black economic empowerment and ownership in the credit industry
- Establishing the National Credit Regulator and National Consumer Tribunal
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