National Credit Amendment Draft Bill, 2018

The Portfolio Committee on Trade and Industry has published specific clauses of the Draft National Credit Amendment Bill, 2018 and the Memorandum on the Objects of the Bill for public comment. The specific clauses are as follow:

▪ Clause 12(b) regarding the powers of the Court to reduce interest rates, charges and fees to zero for the period in 86A(6)(d) (5 years).
▪ Clause 29(a) iro the consultation between the Minister of Trade and Industry and the Minister of Finance on funding for financial literacy and capability programmes.
▪ Clause 29(b) iro the new subsection (2B) regarding an adjustment to--
▪ Maximum gross income figure (clause 1 – definition of “debt intervention applicant”, par (b)) in respect of the longer term debt intervention measure set out in clause 13 – section 86A(6)(d) read with clause 14(b) – section 87(1A);
▪ Maximum total unsecured debt (clause 13 – section 86A(1)) in respect of the longer term debt intervention measure set out in clause 13 – section 86A(6)(d) read with clause 14(b) – section 87(1A).

This adjustment in respect of the longer term debt intervention measure must be read with clause 13 – section 86A(12)(a) and clause 15 – section 87A, which clause shows that in respect of the shorter term measure as set out in section 87A, the amounts above may not be adjusted.

Members of the public are invited to submit written comment on only these clauses by 11 June 2018. Comments received after the closing date will not be considered.

All correspondence should be addressed to Ms J Fubbs, Chairperson: PC on Trade and Industry and marked for the attention of Mr A Hermans

Find here: Publication of the National Credit Amendment Bill, 2018 - Debt Intervention

Comments can be emailed to Mr A Hermans at [email protected] Mr T Madima at [email protected] and Ms O Siebritz at [email protected] by no later than Monday, 11 June 2018

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