We publish the latest greatest Credit Industry News as it happens here on this page - or you may click on the subscribe button on the right and we will send it to you. National Credit Amendment Draft Bill, 2018
Call for Comments and Submissions closed on 11 June 2018 The Portfolio Committee on Trade and Industry has published specific clauses of the Draft National Credit Amendment Bill, 2018 and the Memorandum on the Objects of the Bill for public comment.
The specific clauses are as follow:▪ Clause 12(b) regarding the powers of the Court to reduce interest rates, charges and fees to zero for the period in 86A(6)(d) (5 years).
▪ Clause 29(a) iro the consultation between the Minister of Trade and Industry and the Minister of Finance on funding for financial literacy and capability programmes.
▪ Clause 29(b) iro the new subsection (2B) regarding an adjustment to--
▪ Maximum gross income figure (clause 1 – definition of “debt intervention applicant”, par (b)) in respect of the longer term debt intervention measure set out in clause 13 – section 86A(6)(d) read with clause 14(b) – section 87(1A);
▪ Maximum total unsecured debt (clause 13 – section 86A(1)) in respect of the longer term debt intervention measure set out in clause 13 – section 86A(6)(d) read with clause 14(b) – section 87(1A).
This adjustment in respect of the longer term debt intervention measure must be read with clause 13 – section 86A(12)(a) and clause 15 – section 87A, which clause shows that in respect of the shorter term measure as set out in section 87A, the amounts above may not be adjusted. Find here: Publication of the National Credit Amendment Bill, 2018 - Debt Intervention