NATIONAL CREDIT ACT - 34 of 2005
 
 
The objectives of the National Credit Act (NCA)
 
  • 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.
     
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