Parliament, Tuesday, 14 November 2017 – Parliament’s Portfolio Committee on Trade and Industry today adopted its report on the Committee’s legislative proposal to amend the National Credit Act, 2005 (Act No. 34 of 2005). This will provide for debt interventions for low income, over-indebted consumers.
The Portfolio Committee on Trade and Industry, on 6 December 2016, requested the permission of the National Assembly (NA), in terms of Assembly Rule 273(1), to introduce a legislative proposal, namely the National Credit Amendment Bill. On 2 March 2017, the NA accordingly granted the Committee permission to proceed with the legislative proposal.
The proposed Bill provides debt interventions for low income, over-indebted South Africans who may not qualify to undergo the debt review or sequestration processes. The Bill also aims to limit the widespread abuse of consumers by unscrupulous lenders and to allow for simpler and more rigorous enforcement of the Act by, among other things, providing for criminal prosecution of persons who contravene the Act and related penalties.
Committee Chairperson, Ms Joanmariae Fubbs, said the Committee has developed the necessary legislation and intends to publish the draft National Credit Amendment Bill for public comment in the Government Gazette by no later than 28 November 2017. Closing date for public comments will be Monday, 15 January 2018.
ISSUED BY THE PARLIAMENTARY COMMUNICATION SERVICES ON BEHALF OF THE CHAIRPERSON OF THE PORTFOLIO COMMITTEE ON TRADE AND INDUSTRY, MS JOANMARIAE FUBBS
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