Regulations Pursuant to the National Credit Act No. 34 of 2005

South Africa

(enacted in 2006)

The Regulations Pursuant to the National Credit Act No. 34 of 2005 were promulgated in May 2006 by the Department of Trade and Industry and regulate the provision of credit in South Africa.

The regulations are organized as follows:

  • Chapter 1 Interpretation and Application of Act;
  • Chapter 2 Registration Requirements, Criteria and Procedures;
    • A. Registration requirements for all registrants;
    • B. Cancellation of registration;
    • C. Debt counsellor;
    • D. Compliance procedures;
  • Chapter 3 Consumer Credit Policy;
    • A. Credit information;
    • B. Consumer rights;
    • C. Credit marketing practices;
    • D. Over-indebtedness, reckless lending and debt counselling;
  • Chapter 4 Consumer Credit Agreements;
    • A. Pre-agreement disclosure;
    • B. Form of credit agreements;
  • Chapter 5 Interest and Fees;
    • A. Interpretation;
    • B. General Stipulations;
    • C. Interest applicable to different products;
    • D. Other fees, costs and charges;
  • Chapter 6 Dispute Resolution;
  • Chapter 7 Record-Keeping and Registers;
    • A. Record-Keeping;
    • B. Registers;
  • Chapter 8 Compliance and Reporting;
    • A. Credit provider compliance reports;
    • B. Debt counselor compliance reports;
    • C. Credit bureau compliance report;
    • D. Insurers’ Periodic Synoptic Report;
  • Chapter 9 Transitional Provisions; and
  • Chapter 10 Prescribed Forms;

Amendments to these regulations from November 2006 are included at the end of the document. The National Credit Act No. 34 of 2005 under which these regulations were promulgated can be found under “Related Laws/Regulations.”