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  • 03 May 2018

    Partly Cloudy -17°C 2°C

  • 04 May 2018

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National Credit Amendment Bill 2018

The Eastern Cape Portfolio Committee on Economic Development, Environment & Tourism led by MPL Tony Duba, on Tuesday, the 05th of February 2019 held public hearings on the National Credit Amendment Bill 2018 at Matatiele Town Hall which aims to provide for once-off debt intervention to promote a change in South Africans’ borrowing and spending habits.

The bill has been termed the "Debt Intervention Bill" as it's main purpose is to address and prevent over indebtedness of consumers and ensuring an accessible, consistent, responsible and equitable credit market.

Provision is also made to relieve over-indebted South Africans who have no other effective options to relieve their over-indebtedness. It also proposes a mandatory credit life insurance on all credit agreements of longer than six months and no more than R50 000 in value. This is to prevent lower income groups from falling into over-indebtedness due to changes in their financial circumstances.

Chairperson of the Portfolio Committee on Economic Development, Environment & Tourism, Mr Tony Duba said “this Bill proposes to further limit the widespread abuse of consumers by unscrupulous lenders and to allow for simpler and more rigorous enforcement of the Act by, amongst other things, providing for criminal prosecution of persons who contravene the Act.”

Members of the public are urged to comment on the Bill as it will affect them once it is passed into law. Copies of the Bill may be obtained at any of the following: www.gov.za or www.eclegislature.gov.za or Mr Makabongwe Tyiwani on 079 496 6490 and Mr Lonwabo Sopela on 082 562 4493.

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