Usury (previously Limitation and Disclosure of Finance Charges) Amendment Act 90 of 1980

The Limitation and Disclosure of Finance Charges Amendment Act 90 of 1980 intends:

• to amend the Usury (previously Limitation and Disclosure of Finance Charges) Act, 1968 [repealed in 2006], relating to definitions;
• to apply the provisions of the said Act in respect of certain leasing transactions relating to the finance charge rates which may be stipulated for or demanded or received in respect of money lending transactions, credit transactions and leasing transactions;
• to limit the finance charges in respect of money lending transactions secured by certain bonds;
• relating to the particulars,
• to be stated by certain lessors in respect of leasing transactions;
• the particulars in instruments of debt concerning the payment before the due dates of principal debts, and finance charges owing in terms of certain transactions;
• the failure of debtors to pay the principal debts and finance charges owing in terms of certain transactions on the dates in respect of which they notified the creditors in writing that they would pay such principal debts and finance charges;
• the recovery or certain costs incurred in connection with certain transactions; 
• the payment before the due dates of portions of the principal debts and finance charges in terms of certain transactions;
• the consequences of notices concerning the payment before the due dates of the principal debts and finance charges owing in terms of certain money lending transactions and credit transactions;
• the consequences of certain agreements concerning changes of the amounts of instalments and concerning the consolidation of the amounts of principal debts and finance charges payable in terms of money lending transactions and credit transactions; 
• the replacement of movable property leased in terms of certain leasing transactions;
• the consequences of agreements concerning changes of the amounts payable in terms of certain leasing transactions;
• the termination of leasing transactions before the expiry of the leases in question;
• the consequences of notices concerning payment before the due dates of the principal debts and finance charges owing in terms of certain leasing transactions in cases where such transactions have been terminated and in cases where such transactions have not been terminated; 
• the payment without notice before the due dates of the principal debts and finance charges owing in terms of certain leasing transactions in cases where such transactions have been terminated and in cases where such transactions have not been terminated;
• the money value of movable property at the expiry of the leases in terms of, or at the termination of, the leasing transactions under which such property is being leased;
• the recovery of certain additional finance charges and legal costs In respect of certain leasing transactions;
• the furnishing of certain information by moneylenders, credit grantors and lessors to borrowers, credit receivers and lessees;
• the recovery of costs in connection with the repair and maintenance of movable property leased in terms of certain leasing transactions; and
• exemptions from the provisions of the said Act; and
• to provide for the reference by the Registrar of Financial Institutions of certain questions of law for the opinion of the Supreme Court; and
• to provide for incidental matters.

Commencement

2 March 1981 (Gazette 7423 of 20 February 1981)