Call for Comment: Draft National Credit Act Policy Review Framework

Call for Comment: Draft National Credit Act Policy Review Framework

Having obtained Cabinet approval, the Department and Minister of Trade and Industry has published in the Government Gazettecredit-application (29 May 2013) and invited comment on the Draft NCA Policy Review Framework within 30 days.  The review aims to cautiously and carefully identify remedial actions for considering and addressing problems that have hampered the proper achievement of the intended outcomes of the National Credit Act (34 of 2005) in proper consultation with key stakeholders, interested and affected parties.

Key issues include:

  • The role of credit in the South African socio-economic environment
  • Awareness raising and education
  • Addressing over-indebtedness and reckless lending
  • The global financial crisis
  • Access to credit
  • Legislative harmonisation and alignment
  • Addressing ineffective legislative provisions
  • Enhancing institutional enforcement and industry participation
  • Registration of credit providers
  • Enhancing responsibility and redress
  • Credit information, disclosure and transparency
  • Charges for credit and other services
  • Fixed interest rates
  • Third parties and agents
  • Credit life insurance
  • Debt relief and review