The Compuscan Legal team would like to bring your attention to recent legal developments that may affect your business.
The Portfolio Committee on Trade and Industry recently published new clauses of the Draft National Credit Amendment Bill that are open for comment until 11 June 2018.
- Clause 12(b) regarding the powers of the Court to reduce interest rates, charges and fees to zero for a 5-year period
- Clause 29(a) iro funding for financial literacy and capability programmes.
- Clause 29(b) iro the adjustment to –
- Maximum gross income figure (clause 1 – definition of “debt intervention applicant”) in respect of the longer-term debt intervention measure
- Maximum total unsecured debt in respect of the longer-term debt intervention measure
This adjustment is limited to the longer-term debt intervention measures and the specific amounts may not be adjusted for shorter term measures.
The draft amendments can be viewed here: Publication of the National Credit Amendment Bill, 2018 – Debt Intervention
Members of the public are invited to submit written comments on only the above-mentioned clauses by 11 June 2018.
Enquiries can be directed to Mr A Hermans on tel (021) 403 3776 and Mr T Madima on tel (021) 403 3822.