The National Credit Act of 2005
The purpose of the National Credit Act of 2005 is:
- To promote a fair and non-discriminatory marketplace for access to consumer credit and for that purpose to provide for the general regulation of consumer credit and improved standards of consumer information
- To promote black economic empowerment and ownership within the consumer credit industry
- To prohibit certain unfair credit and credit-marketing practices; to promote responsible credit granting and use and for that purpose to prohibit reckless credit granting
- To provide for debt re-organisation in cases of over-indebtedness
- To regulate credit information
- To provide for registration of credit bureaux, credit providers and debt counselling services
- To establish national norms and standards relating to consumer credit
- To promote a consistent enforcement framework relating to consumer credit
- To establish the National Credit Regulator and the National Consumer Tribunal
- To repeal the Usury Act, 1968, and the Credit Agreements Act, 1980
- To provide for related incidental matters.
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