National Credit Amendment Draft Bill, 2018

The Portfolio Committee on Trade and Industry has published the Draft National Credit Amendment Bill, 2018 and the Memorandum on the Objects of the Bill, and is asking you to comment.

Find here: Parliament Media Statement

The Bill seeks to amend the National Credit Act, 2005, so as to:
▪ provide for debt intervention;
▪ include the evaluation and referral of debt intervention applications and the suspension of agreements considered to be reckless as part of the enforcement functions of the National Credit Regulator;
▪ include the consideration of a referral as a function of the Tribunal;
▪ require a credit provider and debt counsellor to determine whether an agreement is reckless;
▪ provide for a court to refer a matter for debt intervention;
▪ provide for an application for debt intervention and evaluation thereof;
▪ provide for orders related to debt intervention and rehabilitation in respect of such an order;
▪ enable the Minister to prescribe a debt intervention; to provide for mandatory credit life insurance;
▪ provide for offences related to debt intervention, prohibited credit practices, reckless lending, selling or collecting prescribed debt and related to failure to register;
▪ provide for measures when an offence is committed by a company;
▪ provide for penalties in relation to the created offences;
▪ provide for the Tribunal to change or rescind an order under certain circumstances;
▪ require the Minister to prescribe a financial literacy and budgeting skills programme; and to provide for matters connected therewith.

Public hearings have been scheduled for 30 January 2018 and 6 and 7 February 2018

Comments can be emailed to Mr A Hermans at [email protected] or Mr T Madima at [email protected] by no later than Monday, 15 January 2018.

Enquiries can be directed to Mr A Hermans on tel (021) 403 3776 or cell 083 709 8482 or Mr T Madima on tel (021) 403 3822 or cell 083 709 8419

Issued by Parliamentary Communication Services on Behalf of the Chairperson of the Portfolio Committee on Trade And Industry, Ms Joanmariae Fubbs