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National Credit Act 34 of 2005

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34 of 2005

The National Credit Act 34 of 2005 intends:

  • 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; and
  • to provide for related incidental matters.

Amends

Commencement

  • 1 June 2006, Chapter 1, Chapter 2 Part A, C and D, Chapter 3, Sections 69 and 73, Chapter 7, Chapter 8 excluding Section 163, Chapter 9, Schedule 1, Schedule 2 and Schedule 3 (Gazette 28824 of 11 May 2006)
  • 1 September 2006, Chapter 2 part B, Sections 67, 68, 70 and 72 (Gazette 28824 of 11 May 2006)
  • 1 June 2007, Chapter 4 part A, Section 71, Chapter 4 parts C and D, Chapter 5, Chapter 6 and Section 163 (Gazette 28824 of 11 May 2006)

Amendments