Parliament of South Africa - National Credit Act, No. 35 of 2005

The Parliament of South Africa's National Credit Act, No. 35 of 2005 seeks to promote a fair and non-discriminatory market place for access to consumer credit, regulate consumer credit and improve standards of consumer information. The act establishes the National Credit Regulator (NCR) to regulate the entire credit market. In addition, National Consumer Tribunal (NCT) is created to adjudicate on consumer complaints and disputes with credit providers, contraventions of the act and decisions of the regulator. Moreover, the act simplifies and standardizes credit agreements and information disclosure, and provides for the use of simple language that is easy to understand for comparing credit agreements from different credit providers. The act is divided into several chapters, and covers the following topics:

1. Consumer Credit Institutions
2. Consumer Credit Industry Regulation
3. Consumer Credit Policy
4. Consumer Credit Agreements
5. Collection, Repayment, Surrender and Debt Enforcement
6. Dispute Settlement Other Than Debt Enforcement
7. Enforcement of Act
8. Disputes and Complaints
9. Rules Concerning Conflicting Legislation
10. Amendment of Laws

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Wednesday, March 15, 2006
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Parliament of South Africa

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