n SA Mercantile Law Journal = SA Tydskrif vir Handelsreg - The National Credit Act Explained, J.M. Otto : book review

Volume 19, Issue 3
  • ISSN : 1015-0099
  • E-ISSN: 1996-2185



Seldom before have so many waited for so long for such a far-reaching piece of legislation as was the case with the National Credit Act 34 of 2005 ('the Act'). And low and behold, seldom before have those who have waited so patiently, been so bewildered if not by the excesses of the Legislature, then by the sheer volume of the Act and the Regulations promulgated in terms of it. Given the severe bout of outdated legislative constipation that the South African credit industry has suffered from (the two Acts which previously dominated the statutory aspects of the South African law of credit - the Usury Act 73 of 1968 and the Credit Agreements Act 75 of 1980 - were both in active service longer than most credit lawyers could care to remember for), one should probably excuse the extent of the Legislature's outpourings in this regard. The Act alone consists of 173 sections and three Schedules. In addition, a voluminous set of Regulations were promulgated in terms of the Act.

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