Comment: Draft National Credit Act Amendment Bill (Private Member's Bill)

Call for comments opened 08 April 2013 Share this page:

Private Members' Legislative Proposals and Special Petitions

In terms of Rules 241(1)(c) and 241(2) of the Rules of the National Assembly, Mario Gaspare Oriani-Ambrosini, MP gives notice that he intends introducing a Private Member's Bill called the National Credit Act Amendment Draft Billinto the National Assembly shortly, and invites interested parties and institutions to submit written comments to the Secretary of Parliament within 40 days of publication of this notice.

The Bill seeks to:
▪ To clarify the definition of consumer to avoid unintended applications of the Act so that the Act applies only in respect of consumers at the retail level or as end users, which will make the Act consistent with international and comparative practices; and

▪ To provide economic relief to deserving consumers under debt rearrangement by giving the discretion to a Magistrate acting on the recommendation of the relevant debt counsellor to suspend the accrual of interest on the debt(s) concerned for a period of up to five years, if granted under the circumstances of the case, so as to avoid that the cost of serving such debt becomes in itself beyond the debtor's financial capabilities, especially in the case of increased interest rates or diminished earning on the debtor's side on account of the current economic downturn.

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