NCA Chapter 5

National Credit Act, 2005 (Act No. 34 of 2005)

Chapter 5 : Consumer Credit Agreements

Chapter 5, consumer credit agreements, includes unlawful agreements and provisions, disclosure of credit agreements, Consumer’s liability, interest, charges and fees, Statements of account, Alteration of credit agreement, Rescission and termination of credit agreements.

Part A : Unlawful agreements and provisions

89. Unlawful credit agreements

90. Unlawful provisions of credit agreement

91. Supplementary requirements and documents

Part B : Disclosure, form and effect of credit agreements

92. Pre-agreement disclosure

93. Form of credit agreements

94. Liability for lost or stolen cards or other identification devices

95. Changes, deferrals and waivers

96. Address for notice

97. Consumer must disclose location of goods

98. Agreement attaches to substituted goods

99. Obligations of pawn brokers

Part C : Consumer’s liability, interest, charges and fees

100. Prohibited charges

101. Cost of credit

102. Fees or charges

103. Interest

104. Changes to interest, credit fees or charges

105. Maximum rates of interest, fees and charges

106. Credit insurance

Part D : Statements of account

107. Limited application of this Part

108. Statement of account

109. Form and content of statement of account

110. Statement of amount owing and related matters

111. Disputed entries in accounts

112. Dating and adjustment of debits and credits in accounts

113. Statement of settlement amount

114. Tribunal may order statement to be provided

115. Disputes concerning statements

Part E : Alteration of credit agreement

116. Alteration of original or amended agreement document

117. Changes by agreement

118. Reductions to credit limit under credit facility

119. Increases in credit limit under credit facility

120. Unilateral changes by credit provider

Part F : Rescission and termination of credit agreements

121. Consumer’s right to rescind credit agreement

122. When consumer may terminate agreement

123. Termination of agreement by credit provider