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Tag: National Credit Act (NCA)
The High Court in Johannesburg has ruled in favour of the National Credit Regulator (NCR) against Standard Bank that the common law set-off does not apply to credit agreements subject to the National Credit Act (NCA). This follows an application for a declaratory order brought by the NCR against Standard Bank seeking legal clarity on the effect of section 124 of the NCA on the common law set-off.
An interview with Pierre Burger, Director, Werksmans Attorneys, and Dr Ivor Blumenthal, CEO, ArkKonsult, discussing the confusion that has been created by the National Credit Act (NCA) relating to the obligation to register as a credit provider. In effect, anyone who concludes a credit agreement in terms of which any amount of money is owed to them, subsequent to 11 May 2016, is required to be registered as a credit provider.
One of the respects in which the National Credit Act (the NCA) has created confusion relates to the obligation to register as a credit provider. Section 40(1) of the NCA provides that a person must apply to be registered as a credit provider if the total principal debt owed to that credit provider under all outstanding credit agreements exceeds the prescribed threshold - which has been nil since 11 May 2016, and prior to that was R500,000.