The National Credit Act

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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