Verfügbarkeit: Consumer credit regulation in South Africa

Consumer credit regulation in South Africa:

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Bibliographische Detailangaben
1. Verfasser:	Kelly-Louw, Michelle (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	Cape Town Juta 2012
Ausgabe:	1. publ.
Schlagworte:	Konsumentenkredit Südafrika
Online-Zugang:	Inhaltsverzeichnis Klappentext
Beschreibung:	LXXXII, 610 S. 1 CD-ROM (12 cm)
ISBN:	9780702195518

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Datensatz im Suchindex

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adam_text	Contents Preface ........................................................................................................... v About the authors .......................................................................................... vii Bibliography .................................................................................................. xxiii Table of statutes .............................................................................................xxxv Table of cases ................................................................................................lxxiii Decisions of the National Consumer Tribunal .............................................lxxxii CHAPTER 1 INTRODUCTION, IMPLEMENTATION, OBJECTIVES AND INTERPRETATION OF THE NATIONAL CREDIT ACT ....................................................................... 3 1.1 Introduction ....................................................................................... 3 1.2 Summary of earlier consumer-credit legislation and regulation ....... 7 1.3 History of the National Credit Act .................................................... 13 1.4 Implementation of the National Credit Act ....................................... 18 1.5 Purposes of the National Credit Act ................................................. 19 1.6 Special interpretation rules for the National Credit Act ................. 23 CHAPTER 2 APPLICATION AND SCOPE OF THE NATIONAL CREDIT ACT ....................................................................... 27 2.1 General application of the National Credit Act ................................ 28 2.2 Circumstances where the National Credit Act does not apply ......... 32 2.3 Limited application of the National Credit Act ................................ 35 2.3.1 Limited application where the consumer is a juristic person ..................................................................................... 35 2.3.2 Limited application to incidental credit agreements ............ 39 2.3.3 Limited application to credit guarantees .............................. 41 2.3.4 Limited application to pre-existing credit agreements ......... 42 2.4 Credit agreements governed by the National Credit Act ................. 47 2.4.1 Different types of credit agreements falling within the scope of the Act and parties to a credit agreement ............. 47 2.4.1.1 Introduction .......................................................... 47 2.4.1.2 Parties to credit agreement .................................. 52 2.4.2 Credit facility ......................................................................... 52 2.4.3 Credit transaction .................................................................. 57 2.4.3.1 Pawn transaction .................................................. 58 2.4.3.2 Discount transaction ............................................ 59 2.4.3.3 Instalment agreement .......................................... 61 IX Consumer Credit Regulation in South Africa 2.4.3.4 Incidental credit agreement ................................. 63 2.4.3.5 Mortgage agreement ............................................ 72 2.4.3.6 Seemed loan ......................................................... 73 2.4.3.7 Lease .................................................................... 75 2.4.3.8 Any other credit transaction agreement .............. 78 2.4.4 Credit guarantee .................................................................... 82 2.4.5 Combination of various credit agreements ......................... 89 2.4.6 Two special types of credit agreements — Altruistic credit agreements ................................................................... 90 2.4.6.1 Developmental credit agreement ......................... 90 2.4.6.2 Public interest credit agreement ......................... 92 2.5 Categorising the different credit agreements as small, intermediate or large credit agreements .................................................................. 92 2.5.1 Introduction ........................................................................... 92 2.5.2 Small credit agreements ....................................................... 94 2.5.3 Intermediate credit agreements ............................................. 94 2.5.4 Large credit agreements ........................................................ 94 2.5.5 Classification of credit guarantees ........................................ 94 CHAPTER 3 REGULATORY CONSUMER CREDIT INSTITUTIONS .................................................................... 99 3.1 Introduction ......................................................................................... 100 3.2 The National Credit Regulator ........................................................... 102 3.2.1 Establishment of the Regulator ............................................. 102 3.2.2 Board of the Regulator ......................................................... 103 3.2.3 Qualifications for Board membership ................................... 104 3.2.4 Resignation, removal and vacancies of members of the Board ..................................................................................... 105 3.2.5 Conflicting interests of members of the Board .................... 106 3.2.6 Chief Executive Officer ......................................................... 107 3.2.7 Conflicting interests of the Chief Executive Officer and the employees of the Regulator ............................................ 107 3.2.8 Appointment of inspectors and investigators ....................... 108 3.2.9 Duties of the Regulator ......................................................... 109 3.2.9.1 Regulator s responsibility to develop an accessible credit market ....................................... 109 3.2.9.2 Regulator s responsibility to register industry participants ................,.......................................... 110 Contents 3.2.9.3 Regulator s responsibility to maintain certain registries ............................................................... 110 3.2.9.4 Enforcement functions of the Regulator ............. 112 3.2.9.5 Regulator s responsibility to increase consumer credit research and public information ............... 114 3.2.9.6 Reporting requirements of the Regulator .......... 116 3.2.10 Regulator s relations with other regulatory authorities ....... 116 3.3 Provincial Credit Regulators .............................................................. 118 3.4 The National Consumer Tribunal ...................................................... 118 3.4.1 Establishment of the Tribunal ............................................. 118 3.4.2 Appointment and qualifications of members of the Tribunal ................................................................................. 119 3.4.3 Term of office of members .................................................. 119 3.4.4 Conflicts and disclosure of interest of members .................. 120 3.4.5 Functions of the Tribunal ..................................................... 120 3.5 Administrative matters concerning consumer credit institutions ...... 121 3.5.1 Financing of consumer credit institutions ............................ 121 3.5.2 Reviews and reports to Minister ........................................... 121 3.6 Co-operation between the National Credit Regulator and Provincial Credit Regulators .............................................................. 122 3.6.1 Co-operative exercise of concurrent jurisdiction of credit regulators ............................................................................... 122 3.6.2 Information sharing between credit regulators ..................... 122 CHAPTER 4 REGULATION OF THE CONSUMER CREDIT INDUSTRY .......................................................................... 125 4.1 Registration of Industry Participants ................................................. 126 4.1.1 Registration of credit providers ............................................ 127 4.1.1.1 General registration with the National Credit Regulator .............................................................. 127 4.1.1.2 Supplementary registration to provide developmental credit ............................................ 133 4.1.1.3 Registration in terms of provincial legislation. .. 134 4.1.2 Registration of credit bureaux .............................................. 116 4.1.3 Registration of debt counsellors ........................................... 137 4.1.4 Conditions of registration and the variation of conditions. . 140 4.1.5 Application, initial registration and renewal fees ................ 142 4.1.6 Certificate of registration and public notice of registration. 142 4.2 Compliance notices and procedures ................................................. 143 xi Consumer Credit Regulation in South Africa 4.2.1 Restricted activities by unregistered persons and notices sent to such persons .............................................................. 143 4.2.2 Compliance notices ............................................................... 145 4.2.3 Objections to the National Credit Regulator s notices ........ 146 4.3 Cancellation of registrations ............................................................. 147 4.3.1 National Credit Regulator requesting National Consumer Tribunal to cancel registration ............................................. 147 4.3.2 Voluntary cancellation of registration by industry participants ............................................................................. 148 4.4 Review or appeal of decisions made by the National Credit Regulator regarding registration issues ............................................. 149 4.5 Duties of registrants ........................................................................... 149 4.5.1 General duties of registrants ................................................. 149 4.5.2 Credit providers to keep prescribed records and registers and to submit prescribed reports and returns ....................... 150 4.5.3 Credit bureaux to keep prescribed records and registers and to submit prescribed reports ......................................... 152 4.5.4 Debt counsellors to keep prescribed records and registers and to submit prescribed reports and returns ....................... 154 CHAPTER 5 BASIC CONSUMER CREDIT RIGHTS ............................ 157 5.1 Introduction ......................................................................................... 157 5.2 Right to apply for credit .................................................................... 158 5.3 Right not be unfairly discriminated against ..................................... 159 5.4 Right to reasons for credit being refused .......................................... 162 5.5 Right to information in an official language ..................................... 163 5.6 Right to information in plain and understandable language ............. 165 5.7 Right to receive documents .............................................................. 165 5.8 Right to enforce consumer credit rights without recrimination ....... 167 CHAPTER 6 CONSUMERS PERSONAL AND CREDIT INFORMATION .................................................................. 169 6.1 Introduction ......................................................................................... 169 6.2 Conflicting legislation dealing with consumer information and confidentiality .................................................................................... 171 6.3 Confidential treatment of consumer s personal and credit information ......................................................................................... 171 6.4 Consumer credit information held by credit bureaux and duties of credit bureaux. ......................................„...........„.........................___ 172 6.5 Retention periods for credit bureaux information. _____._____......... 178 Contents 6.6 Removal of record of debt re-arrangement/restructuring or civil judgment ............................................................................................. 179 6.7 Accessing, challenging, verification, review and removal of consumer credit records and information ......................................... 181 CHAPTER 7 CREDIT MARKETING AND ADVERTISING PRACTICES .......................................................................... 185 7.1 Introduction ......................................................................................... 185 7.2 Negative option marketing, opting out requirements and register of marketing options .......................................................................... 186 7.3 Marketing and sales of credit at the home and workplace of a consumer ........................................................................................... 188 7.4 Advertising — practices, formats and information to be disclosed. .. 189 7.5 Application of the Consumer Protection Act ................................... 192 CHAPTER 8 CONSUMER CREDIT AGREEMENTS ............................. 193 8.1 Introduction ......................................................................................... 194 8.2 Unlawful credit agreements and provisions ...................................... 196 8.2.1 Unlawful credit agreements .................................................. 196 8.2.1.1 Consequences of unlawful credit agreements ..... 198 8.2.2 Unlawful provisions of credit agreements ........................... 200 8.2.2.1 Consequences of unlawful provisions of credit agreements ............................................................ 205 8.2.3 Supplementary agreements and documents that are unlawful or contain unlawful provisions .............................. 206 8.3 Disclosure, form and effect of credit agreements ............................. 206 8.3.1 Compulsory disclosure prior to concluding credit agreements ............................................................................. 206 8.3.2 Form and format of credit agreements ................................. 210 8.3.2.1 Introduction .......................................................... 210 8.3.2.2 Small credit agreements ...................................... 211 8.3.2.3 Intermediate or large credit agreements .............. 211 8.3.2.4 Requirements of all credit agreements must comply with ......................................................... 213 8.3.3 Liability for lost or stolen personal identification codes or numbers, cards and other identification devices .................. 214 8.3.4 Changes, deferrals and waivers not constituting novations. 215 8.3.5 Duty of consumer to disclose the location of certain goods ...................................................................................... 215 8.3.6 Agreement attaches to substituted goods ............................. 216 8.3.7 Obligations of pawn brokers ................................................. 216 xiii Consumer Credit Regulation in South Africa 8.3.8 Address for legal notice ........................................................ 216 8.4 Alteration of credit agreements ......................................................... 217 8.4.1 Introduction ........................................................................... 217 8.4.2 Alteration of original or amended credit agreement — general principles ............................................ 217 8.4.3 Consensual changes to credit agreement ............................ 218 8.4.4 Reductions to credit limit under credit facility .................... 218 8.4.5 Increases in credit limit under credit facility ....................... 219 8.4.6 Unilateral changes by credit provider .................................. 221 8.5 Rescission and termination of credit agreements .............................. 222 8.5.1 Introduction ........................................................................... 222 8.5.2 Consumer s right to rescind certain credit agreements (the consumer s cooling-off right) ............................................... 223 8.5.3 Termination of credit agreement by consumer .................... 225 8.5.4 Termination of credit agreement by credit provider ............ 225 8.5.4.1 General principles ................................................ 225 8.5.4.2 Suspension and termination of a credit facility by the credit provider .......................................... 227 CHAPTER 9 INTEREST RATES AND OTHER COSTS OF CREDIT.. 229 9.1 Introduction ......................................................................................... 229 9.2 Limited application of provisions of the Act and Regulations dealing with interest rates and other costs of credit ......................... 234 9.3 Lawfulness of interest rates of credit agreements falling outside the ambit of the National Credit Act ............................................... 236 9.4 Prohibited costs of credit and charges ............................................... 238 9.5 Permissible interest rates and other costs of credit ........................... 238 9.6 Deferred amount in terms of a credit agreement .............................. 240 9.7 Principal debt ...................................................................................... 241 9.8 Initiation fees ...................................................................................... 242 9.9 Service fees ......................................................................................... 244 9.10 Interest rates ....................................................................................... 245 9.10.1 Maximum prescribed interest rates ....................................... 246 9.10.2 Interest rate calculation ......................................................... 248 9.10.3 Default interest rate ............................................................. 249 9.10.4 Variable interest rate ............................................................. 250 9.10.5 The statutory in duplum rale ................................................ 251 9.10.5.1 Common-law in duplum rale .............................. 251 9.10.5.1 Common-law in duplum rale .............................. 251 xiv Contents 9.10.5.2 Statutory in duplum rule ...................................... 254 9.10.5.3 Major differences between the common-law in duplum rule and the statutory in duplum rule.... 261 9.11 Amendments to interest rates and other costs of credit ................... 263 9.12 Maximum interest rates, costs of credit and other fees .................... 264 9.13 Credit insurance .................................................................................. 264 CHAPTER 10 STATEMENTS OF ACCOUNT .......................................... 269 10.1 Introduction ....................................................................................... 269 10.2 Limited application of parts of the Act dealing with statements of account ............................................................................................... 270 10.3 Requirements regarding statements of account ................................. 270 10.4 Form and content of statements of account ...................................... 271 10.5 Statement of outstanding amount and related matters ...................... 273 10.6 Disputed entries in accounts .............................................................. 274 10.7 Dating and adjustment of entries in accounts ................................... 274 10.8 Statement of settlement amount ......................................................... 275 10.9 Tribunal may order statement to be provided where credit provider neglected to offer or deliver it ............................................ 275 10.10 Disputes regarding statements .......................................................... 276 CHAPTER 11 COLLECTION AND REPAYMENT PRACTICES, RESTRICTIONS ON CERTAIN PRACTICES AND A SPECIAL PROCESS TO SURRENDER MOVABLE GOODS ................................................................................ 277 11.1 Introduction ......................................................................................... 277 11.2 Collection practices ............................................................................ 278 11.2.1 Charges to other accounts ..................................................... 278 11.3 Repayment practices ........................................................................... 280 11.3.1 Consumer s or guarantor s right to settle the whole credit agreement in advance ............................................................ 280 11.3.2 Early payments and crediting of payments without settling the credit agreement ............................................... 281 11.4 Restrictions on certain practices ........................................................ 281 11.4.1 Restrictions on certain practices relating to credit agreements ............................................................................. 281 11.5 Special process of surrendering movable goods ............................... 282 11.5.1 Surrender of movable goods in terms of certain credit agreements ............................................................................ 282 11.5.2 Remedies for a consumer disputing the sale of goods surrendered ............................................................................ 285 xv Consumer Credit Regulation in South Africa CHAPTER 12 RECKLESS LENDING AND OVER-INDEBTEDNESS... 289 12.1 Introduction and limited application .................................................. 290 12.2 Reckless lending and the consequences of reckless lending ............ 293 12.2.1 Reckless lending and the test for reckless lending .............. 293 12.2.2 Preventing consumers from abusing the reckless-lending provisions ............................................................................... 300 12.2.3 Consequences of reckless lending, the effect of a suspended agreement and powers of the court .................... 304 12.3 Over-indebtedness and debt relief. .................................................... 313 12.3.1 Introduction ........................................................................... 313 12.3.2 National Debt Mediation Association and the Credit Industry Code of Conduct to Combat Over-indebtedness... 318 12.3.3 Defining over-indebtedness ................................................... 321 12.3.4 Debt review ........................................................................... 324 12.3.4.1 Application for debt review ................................ 324 12.3.4.2 Problems with debt review and the Debt Counselling Rule System .................................... 341 12.3.4.3 Consumer barred from applying for debt review once credit provider has taken steps in terms of s 129...................................................... 344 12.3.4.4 Termination of debt review ................................. 351 12.3.4.5 Resumption of debt review ................................ 373 12.3.4.6 Debt counselling fees ......................................... 377 12.3.4.7 Collection and distribution of money during debt re-arrangement/restructuring and the Payment Distribution System .............................. 378 12.3.5 Re-aiTangmg/restructuring of consumer s obligations in a magistrate s court .................................................................. 379 12.3.6 Court s discretion to declare consumer over-indebted and to relieve consumer s over-indebtedness ............................ 382 12.3.7 Over-indebtedness as a defence in summary judgment proceedings ............................................................................ 392 12.3.8 Effect of debt review or re-arrangement/restructuring order or agreement ............................................................... 393 12.3.8.1 Entering into further credit agreements or incurring further charges under a credit facility. 394 12.3.8.2 Credit provider s right to enforce by litigation or other judicial process any right or security under the credit agreement. ................................. 395 12.3.9 Debt clearance certificate ........................_______................. 403 xvi Contents CHAPTER 13 LEGAL DEBT ENFORCEMENT BY REPOSSESSION OR JUDGMENT AND THE INSTITUTION OF INSOLVENCY PROCEEDINGS ....................................... 405 13.1 Introduction ......................................................................................... 406 13.2 Compulsory debt enforcement procedures, debt procedures in court and attachment orders ............................................................... 408 13.2.1 Requirements prior to debt enforcement .............................. 408 13.2.1.1 Section 129(l)fû) notice (default notice) ............ 408 13.2.1.2 General requirements before commencement of legal proceedings ................................................ 435 13.2.1.3 Enforcement of remaining obligations after attachment and sale of goods that form the subject-matter of an instalment agreement, secured loan, lease or mortgage agreement ........ 440 13.2.2 Prerequisites before a court may determine the matter ....... 442 13.2.3 Powers of court when determining a matter regarding a credit agreement ................................................................... 443 13.2.3.1 Possible court orders ............................................ 444 13.2.3.2 Execution of a consumer s home and s 26 of the Constitution .................................................. 446 13.2.4 Re-instatement of credit agreement by consumer ................ 455 13.2.5 Attachment orders ................................................................. 456 13.2.5.1 Repossession of goods by court and compensation for the consumer .......................... 456 13.2.5.2 Interim attachment orders .................................... 461 13.2.5.3 Compensation for credit provider ....................... 463 13.3 Judgment by consent in terms of sections 57 and 58 of the Magistrates Courts Act and the National Credit Act ...................... 464 13.4 Prohibited collection and enforcement practices ............................... 472 13.5 Institution of insolvency proceedings ................................................ 472 13.5.1 Insolvency proceedings cannot be described as the enforcement of a debt in terms òf the National Credit Act ........................................................................................ 472 13.5.2 Notification of debt review constitutes an act of insolvency .............................................................................. 477 CHAPTER 14 DISPUTE RESOLUTION OTHER THAN DEBT ENFORCEMENT .................................................................. 481 14.1 Introduction ......................................................................................... 482 14.2 Alternative dispute resolution ............................................................ 482 14.2.1 Promoting the use of ombuds, consumer courts and other alternative dispute resolution agents ..................................... 482 xvii Consumer Credit Regulation in South Africa 14.2.2 Alternative dispute resolution resulting in a consent order. 485 14.3 Lxxiging complaints with and making applications to the National Credit Regulator and the National Consumer Tribunal .................... 485 14.3.1 Introduction ........................................................................... 485 14.3.2 The National Credit Regulator s handling of complaints .. 486 14.3.2.1 Initiating a complaint to the Regulator and its investigation of a complaint received ................. 486 14.3.2.2 Outcome of a complaint ...................................... 487 14.3.2.3 Referral of complaint by the complainant to the National Consumer Tribunal or consumer court when Regulator has issued a notice of non-referral ........................................................... 489 14.3.3 The National Consumer Tribunal s handling of complaints, applications, orders and administrative fines. .. 490 14.3.3.1 Initiating applications to the Tribunal ................. 490 14.3.3.2 Limitations to bringing applications to the Tribunal and consumer courts ............................. 492 14.3.3.3 Tribunal proceedings and the allocation of cases ..................................................................... 492 14.3.3.4 Conducting hearings before the Tribunal .......... 493 14.3.3.5 Consent orders by the Tribunal or a court of law ........................................................................ 497 14.3.3.6 Interim orders of the Tribunal ............................. 498 14.3.3.7 Orders the Tribunal may make ........................... 499 14.3.3.8 Administrative fines the Tribunal may impose. . 500 14.3.3.9 Status and enforcement of the Tribunal s orders .................................................................... 502 14.3.3.10 Variation of the Tribunal s orders ...................... 503 14.3.3.11 Appeals and reviews of the Tribunal s decisions ............................................................... 503 CHAPTER 15 ENFORCEMENT OF THE ACT ......................................... 505 15.1 Searches and search warrants ............................................................ 505 15.1.1 Entry and search procedures ................................................. 505 15.1.2 Validity of a warrant ............................................................. 508 15.2 Offences .............................................................................................. 508 15.2.1 Introduction ........................................................................... 508 15.2.2 Specific offences .................................................................... 509 15.2.3 General offences ......................................;............................ 510 15.23.1 Breach of confidence.. ......................................... 510 15.2.3.2 Hindering administration of the Act .................. 510 xv* Contents 15.2.3.3 Failure to attend when summoned ..................... 511 15.2.3.4 Failure to answer fully or truthfully .................. 511 15.2.3.5 Offences relating to the National Credit Regulator and National Consumer Tribunal ....... 511 15.2.4 Penalties and the jurisdiction to impose them ..................... 512 CHAPTER 16 MISCELLANEOUS MATTERS .......................................... 513 16.1 Agents, employees and intermediaries of credit providers ............... 513 16.2 Serving of documents ......................................................................... 514 16.3 Civil actions, claims for damages and jurisdiction of courts ........... 514 16.4 Proof of facts in civil proceedings ................................................... 519 16.5 Proof of facts in criminal matters ...................................................... 520 16.6 Jurisdiction of small claims courts .................................................... 520 16.7 Standard of proof before the National Consumer Tribunal or consumer court ................................................................................... 521 16.8 Time limitations of bringing actions to the National Consumer Tribunal or consumer court ............................................................... 521 16.9 Keeping of records by the credit provider ........................................ 521 CHAPTER 17 REGULATIONS ................................................................... 523 17.1 Regulations ......................................................................................... 523 CHAPTER 18 CONFLICTING LEGISLATION, AMENDMENTS OF LEGISLATION AND THE REPEAL OF LAWS .............. 525 18.1 Introduction ......................................................................................... 525 18.2 Rules for conflicting legislation ......................................................... 525 18.3 Repeal of laws and consequential amendments to other pieces of legislation ............................................................................................ 528 CHAPTER 19 TRANSITIONAL PROVISIONS AND ARRANGEMENTS .............................................................. 531 19.1 Initial compulsory registration delayed ............................................. 531 19.2 Delayed operation of the National Register of Credit Agreements.. 531 19.3 Application of the National Credit Act to pre-existing credit agreements .......................................................................................... 532 19.4 Initial maximum interest rate ............................................................. 532 19.5 Preservation of certain regulations, registrations and similar status, rights, duties, notices and other instruments .......................... 533 19.6 Continued enforcement of repealed laws .......................................... 534 CHAPTER 20 THE INTERPLAY BETWEEN THE NATIONAL CREDIT ACT AND THE ALIENATION OF LAND ACT 68 OF 1981.................................................................. 539 XIX Consumer Credit Regulation in South Africa 20.1 Introduction to the Alienation of Land Act and the National Credit Act ........................................................................................... 539 20.2 Conflict between the National Credit Act and the Alienation of Land Act ............................................................................................. 540 20.3 Interplay between the provisions of the Alienation of Land Act and the provisions of the National Credit Act .................................. 540 20.3.1 Formalities, contents of contracts and copies of contract. .. 540 20.3.2 Language of the contract ...................................................... 542 20.3.3 Prohibited terms and conditions ........................................... 542 20.3.4 Statements of account ........................................................... 543 20.3.5 Calculation of interest and maximum amounts recoverable ............................................................................. 543 20.3.6 Termination of agreements, early payment and settlement of accounts ............................................................................. 545 20.3.7 Steps to be taken before legal action may be instituted ...... 545 20.3.7.1 Alienation of Land Act ........................................ 545 20.3.7.2 National Credit Act .............................................. 547 CHAPTER 21 THE INTERPLAY BETWEEN THE NATIONAL CREDIT ACT AND THE CONSUMER PROTECTION ACT 68 OF 2008................................................................. 549 21.1 Introduction ......................................................................................... 550 21.2 Effective date of the Consumer Protection Act ................................ 551 21.3 The purpose and structure of the Consumer Protection Act ............ 551 21.4 The field of application of the Consumer Protection Act ................ 552 21.4.1 Transaction .......................................................................... 552 21.4.2 Goods .................................................................................. 553 21.4.3 Service ................................................................................. 553 21.4.4 Supplier ............................................................................... 554 21.4.5 Supply ................................................................................. 555 21.4.6 Promote ............................................................................... 555 21.4.7 Consumer ............................................................................ 555 21.4.8 Transactions exempted from the application of the Consumer Protection Act ...................................................... 556 21.5 Conflict between the Consumer Protection Act and the National Credit Act and Interpretation of the Consumer Protection Act and Agreements ......................................................................................... 559 21.6 Miscellaneous aspects ........................................................................ 560 21.6.1 Credit agreements under Ље National Credit Act excluded from application of the Consumer Protection Act 87........ 560 xx Contents 21.6.2 The right to equality in the consumer market .................... 560 21.6.3 The right to privacy .............................................................. 561 21.6.4 The right to choose ............................................................... 562 21.6.5 Right to disclosure and information ..................................... 562 21.6.6 Right to fair and responsible marketing ............................... 563 21.6.6.1 The general standard for marketing of goods and services .......................................................... 563 21.6.6.2 Bait marketing ...................................................... 564 21.6.6.3 Negative option marketing .................................. 564 21.6.6.4 Direct marketing to consumers ........................... 564 21.6.6.5 Catalogue marketing ............................................ 565 21.6.6.6 Trade coupons and similar promotions ............... 565 21.6.6.7 Customer loyalty programmes ............................ 566 21.6.6.8 Promotional competitions .................................... 566 21.6.6.9 Alternative work schemes ................................... 567 21.6.6.10 Referral selling ..................................................... 568 21.6.6.11 Agreements with persons lacking legal capacity ................................................................ 568 21.6.7 Right to fair and honest dealing ........................................... 568 21.6.8 Right to fair, just and reasonable terms and conditions ...... 569 21.6.9 Right to fair value, good quality and safety ........................ 569 21.6.10 Suppliers accountability to consumers ................................ 570 21.6.10.1 Lay-by agreements ............................................... 571 21.6.11 Business names ..................................................................... 571 21.6.12 Consumer protection institutions and enforcement of the Consumer Protection Act ...................................................... 572 21.6.12.1 The Consumer Commission ................................ 572 21.6.12.2 The National Consumer Tribunal ........................ 572 Index ............................................................................................................ 573 xxi Credit is crucial to the proper functioning of A supplementary CD, comprising relevant the various players in our society: public legislation and regulations, and the guidelines authorities, businesses, credit providers and of the National Credit Regulator, is included, households. However, the current worldwide financial crisis illustrates that a misreading Consumer Credit Regulation in South Africa will of the lending risks and of a borrower s ability be an invaluable resource for legal to pay back a loan can ultimately endanger practitioners, judicial officers, legal scholars, economic growth in a large part of the world, and credit providers, particularly banks and Public authorities everywhere have therefore other financial institutions, been forced to take extraordinary measures to deal with consumer credit and the risks Michelle Kelly-Louw is Professor of Law at associated with using it. In South Africa, the the University of South Africa, where she National Credit Act 34 of 2005 has sought to regulate the granting of consumer credit. Consumer Credit Regulation in South Africa deals with the South African law concerning consumer credit. As the National Credit Act is not the only CONSUMER CREDIT REGULATION IN SOUTH AFRICA specialises in the law of negotiable instruments, insolvency law and banking \|aw She has published widely in the fields of y law, bankin and consumer credit law, and throughout her career she has been extensively involved in the drafting of legislation, particularly the statute that governs consumer credit National Credit Act and the 2006 Regulations agreements, other legislation that either to this Act. governs or influences consumer credit agreements is also considered, particularly Philip Stoop ¡s a senior lecturer at the the Alienation of Land Act 68 of 1981 and the University of South Africa. His areas of Consumer Protection Act 68 of 2008. Part speciality are consumer protection law and A of the book provides a complete discussion the law of contract, and he teaches of the National Credit Act, and Part В commercial law and banking law. He has considers the interplay between the National published widely in the fields of contract law, Credit Act, the Alienation of Land Act and the law of lease, consumer protection law the Consumer Protection Act. and credit law. ISBN 978-0-7021-9551-8 9 780702*195518
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geographic_facet	Südafrika
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illustrated	Not Illustrated
indexdate	2024-07-10T00:28:44Z
institution	BVB
isbn	9780702195518
language	English
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open_access_boolean
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physical	LXXXII, 610 S. 1 CD-ROM (12 cm)
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record_format	marc
spelling	Kelly-Louw, Michelle Verfasser (DE-588)136941958 aut Consumer credit regulation in South Africa Michelle Kelly-Louw 1. publ. Cape Town Juta 2012 LXXXII, 610 S. 1 CD-ROM (12 cm) txt rdacontent n rdamedia nc rdacarrier Konsumentenkredit (DE-588)4032243-9 gnd rswk-swf Südafrika (DE-588)4078012-0 gnd rswk-swf Südafrika (DE-588)4078012-0 g Konsumentenkredit (DE-588)4032243-9 s DE-604 Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025496496&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025496496&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext
spellingShingle	Kelly-Louw, Michelle Consumer credit regulation in South Africa Konsumentenkredit (DE-588)4032243-9 gnd
subject_GND	(DE-588)4032243-9 (DE-588)4078012-0
title	Consumer credit regulation in South Africa
title_auth	Consumer credit regulation in South Africa
title_exact_search	Consumer credit regulation in South Africa
title_full	Consumer credit regulation in South Africa Michelle Kelly-Louw
title_fullStr	Consumer credit regulation in South Africa Michelle Kelly-Louw
title_full_unstemmed	Consumer credit regulation in South Africa Michelle Kelly-Louw
title_short	Consumer credit regulation in South Africa
title_sort	consumer credit regulation in south africa
topic	Konsumentenkredit (DE-588)4032243-9 gnd
topic_facet	Konsumentenkredit Südafrika
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025496496&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025496496&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT kellylouwmichelle consumercreditregulationinsouthafrica

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