Notices / Circulars

Implications for Lenders registered in terms of the Usury Act and Exemption Notice
The provisions made by the Usury Act (No.73 of 1968) and the Credit Agreements Act (No.75 of 1980) and the Exemption Notice remain legally binding on credit providers until 01/06/2007.

At that date the compliance sections of the National Credit Act become effective.



Lenders registered with the MFRC can continue
providing exempted loans until 01/06/2007 providing they still comply with the
Exemption Notice.



Registered Lenders who operate under the Usury Act and the Credit Agreement Act must continue to comply with the regulations of these acts until the compliance provisions of the National Credit Act come into effect on 01/06/2007



To continue benefiting from the Exemption Notice, lenders must register with the NCR. Failure to comply will result in their not being permitted to provide exempted loans.



For further information refer to:

Schedule 3 clause 7



Implications for consumers with credit agreements or complaints regarding credit agreements signed before 1 June 2006

All agreements which were entered into under the Usury Act, Exemption Notice or the Credit Agreements Act will from 1 June 2006 be dealt with by the NCR



How do I lodge a complaint?



For further information refer to:

Schedule3 clauses 7-10