The National Credit Act No.34 of 2005

The Act was passed into law by Parliament and signed by the President in March 2006. This aims to protect consumers taking credit or entering into consumer credit transactions.

In addition, The Act makes provision for the control and regulation of all credit transactions, including mortages, credit cards, overdrafts, micro-loans and pawnbroking transactions.

The Act also regulates all institutions that provide consumer credit, including banks, furniture companies, clothing and other retailers, micro-lenders and pawnbrokers.

Provision is made in the Act for the registration of debt counsellors and debt restructuring for over-indebted consumers.
For more information on debt counsellors

The Act also regulates credit bureaux and consumer credit information, providing for free access to this information, kept by credit bureaux, and for a process by which any errors on the credit records can be corrected.
For more information on credit bureaux

Bodies established under The Act:

The National Credit Regulator

A National Credit Regulator (NCR) was established under the Act to carry out education, research, policy development, registration of industry participants, investigate complaints, and ensure enforcement of the Act.
For more information on the NCR

The National Consumer Tribunal

The Tribunal is an independent body provided for under the Act. It is tasked with the hearing of cases arising from non-compliance with the Act as well as issuing of fines for contraventions thereof. Consumers and Credit providers may appeal to the Tribunal against the decisions of the NCR.
For more information on the Tribunal

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