Download the Draft Amendment Bill and Have Your Say
The National Credit Act (NCA) sets out the law in regard to how credit providers and consumers interact with regard to credit usage. It also empowers the National Credit Regulator and National Consumer Tribunal and allows for the registration of Debt Counsellors, Payment Distribution Agents, Credit Providers and Credit Bureaus (and Alternative Dispute Resolution Agents). The Original Act was published a decade ago and is amended from time to time as the industry changes and drafting changes are needed to stay current with current related legislation.
Changes to Come?
The Portfolio Committee on Trade and Industry have recently published a draft amendment bill to the NCA for comment in 2018.
You can Download the draft bill here:
DOWNLOAD IT NOW
Have Your Say
The Portfolio committee has said they invite written comments on the bill by Jan 15th next year and have scheduled public hearings on the 30th of Jan and 6 and 7th of Feb 2018.
Written comment submissions can be sent to firstname.lastname@example.org and can be addressed to Ms J Fubbs (the Chairperson of the Portfolio Committee).
What Might The NCA Amendments Bring? Since the National Credit Act came into effect with it’s updated and much improved Section 103(5) Induplum rule credit providers have avoided understanding the complex x by 2 formula. Section 103(5) sets a limit … read more
Treasury and NCR Discuss “Extinguishing” Debt at Parliament Efforts to garner votes in the past has led to strange political publicity stunts like the so-called credit “amnesty” which confused the living daylights out of consumers (as it was intended to). In that … read more
DCASA Webinar on NCA Sect 101(3) The Debt Counsellors Association of South Africa (DCASA) provide ongoing training for members. Recently this has been done via very successful online webinars. This month’s webinar discussed when an overdraft is linked to a … read more
Edcon Could Lose Billions After the recent ruling by the National Consumer Tribunal (NCT) that Edcon (and other credit providers) should not charge a club fee since it is not provided for in the National Credit Act, Edcon could face a … read more
Edcon to Appeal NCT Ruling on Club Fees The National Credit Regulator (NCR) asked the National Consumer Tribunal (NCT) to rule on whether Edcon’s “club fee” and charges on it, were permissible under the National Credit Act. The NCA sets out … read more
NCR Circular Calls For Comment On Call Centre Operations Many Debt Counsellors work together in a joint office to share expenses or work for a single business with lots of support staff. These are commonly known as ‘call centres’. Even … read more
NCR Catch Out Naughty Unregistered Credit Providers Recent changes to the National Credit Act aimed at shutting down loan sharks, require anyone who loans others money or extends credit for a fee or profit must register with the National Credit … read more
NCR Goes To Court Over “Set Off” When you first took out a credit agreement with your bank you probably signed all those terms and conditions and never even read them (foolish, but..man, who really has the time?). One of … read more