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Credit Act – Very limited opportunity to engage on possible reviews

LegalBrief recently shared that comment is required by 27 September on a discussion document emerging from a routine mandatory assessment of National Credit Act regulations and identifying several possibly requiring amendment.

According to LegalBrief the comment document was released on 19 September 2019 and seeks to create an informal platform for the Department of Trade & Industry (dti) and members of the public ‘to engage on possible reviews’. While it does not explicitly propose new regulations giving practical effect to the recently promulgated 2019 National Credit Amendment Act, some proposals in the discussion document may well have implications for that process. Among other things, it deals with

the affordability assessment criteria used by credit providers;
the advertising and marketing practices of debt counsellors;
the unlawful enrolment of consumers in debt review processes; and
debt rearrangement rules.

Subsequently, the dti website has been updated with the following news:

Discussion Document: Proposed amendments to the National Credit Regulations issued in terms of the National Credit Act, 34 of 2005

The Consumer and Corporate Regulation Division of the Department of Trade and Industry (the dti) is analysing areas of review in the Regulations issued in terms of the National Credit Act 34 of 2005 (NCA), as amended. A Discussion Document has been published to create an informal platform for the dti and the public to engage on possible reviews areas. Closing date for comments: 16 October 2019.

Click here to access the discussion document.

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