The National Credit Bill was introduced into Parliament during May 2005 and is expected to become an Act by the end of this year. The Bill proposes a number of significant and far reaching changes to our consumer credit laws, which we have summarised in this publication. The Bill may be amended following public hearings, which are due to take place during August. The writers wish to thank Bridget Sesele and Brian Price who assisted in the preparation of the materials for this publication.
Introduction
Current indications are that the National Credit Bill, B18 of 2005 ("Bill") will be enacted during October this year, although the legislation may only come into force at a later date as determined by the State President by proclamation in the Government Gazette. Credit providers will be required to be registered within forty business days after the date of commencement of the Act, or relevant part. Once in force, the Bill will repeal the Usury Act No. 23 of 1968 (including the Usury
