n Without Prejudice - Unintended consequences of the National Credit Act : banking law / NCA
|Article Title||Unintended consequences of the National Credit Act : banking law / NCA|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Publication Date||Feb 2008|
|Pages||15 - 16|
The National Credit Act (34 of 2005) applies in principle to all people who extend credit. These include persons whose main business is not the granting of credit and for whom compliance with the NCA is very onerous if not impossible. One possible solution for a person who does not want to remain a credit provider is to sell his existing loan book. The question is what is the effect of the NCA on such a practice.
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