National credit amendment bill

2018-11-09 06:00

The Economic Development and Tourism Portfolio Committee of the KwaZulu-Natal Legislature invites all members of the public and other relevant stakeholders to attend public hearings of the National Credit Amendment Bill.

This is to amend the National Credit Act of 2005 for the following reasons: to provide for debt intervention; to insert new definitions; to include the evaluation and referral of debt intervention applications as a function of the National Credit Regulator and to provide for the creation of capacity within the National Credit Regulator and logistical arrangements to execute this function; to include the consideration of a referral as a function of the Tribunal to provide for the recordal of information related to debts intervention or make an order related to debt intervention; to provide for a Magistrate’s Court and the Tribunal to determine the maximum interest, fees or other charges when re-arranging debt and for guidance to be prescribed in this regard; to provide for the Tribunal to re-arrange a consumer’s obligations and make an order in respect of an unlawful credit agreement; to provide for orders related to debt interventions and rehabilitation in respect of such an order; to provide for mandatory credit life insurance to be prescribed; to provide for offences to debt related interventions, prohibited credit practises, selling or collecting prescribed debt and related to failure to register as required by the Act; to provide for measures when an offence is committed by a person other than a natural person; to provide for penalties in relation to the newly created offences; to provide for the Tribunal to change or rescind an order under certain circumstances; to require the minister to make regulations related to a financial literacy programme; to provide in a transitional provision for the application of this Amendment Act to credit agreements entered into before its commencements; and to provide for matters connected therewith.

The Public hearings for The National Credit Amendment Bill are scheduled to be held at select venues.


SUBMISSIONS MUST BE ADDRESSED TO:

MR NKOSI DIMBA

KwaZulu-Natal Legislature

P/Bag x 9112

PIETERMARITZBURG

3200

Submissions can be sent via e-mail to Dimbad@kznlegislature.gov.za

Contact 033 355 77081 or fax 033 355 7758/073 001 4026. Copies of the Bill are available on the KZN Legislature’s website and all District Municipalities as well as on the official eThekwini Metro website www.kznlegislature.gov.za
—Supplied.

Date Time Area Confirmed venue
30 October 2018 10.00 Kokstad Kokstad Town Hall
1 November 2018 10.00 Margate Uvongo Hall
2 November 2018 10.00 Phongola Magudu Community Hall
6 November 2018 10.00 Newcastle Fairlegh Hall
9 November 2018 10.00 Mpangeni Dlangezwa Hall

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