Intellectual Property Rights from Publicly Financed Research and
R 385
National Credit Act, 2005 (Act No. 34 of 2005)Chapter 5 : Consumer Credit AgreementsPart E : Alteration of credit agreement120. Unilateral changes by credit provider |
| (1) | Despite any provision to the contrary in a credit agreement, a credit provider may not unilaterally change— |
| (a) | the period for repayment of the principal debt, except to lengthen it; or |
| (b) | the manner of calculating the minimum payment due periodically under a credit facility, subject to section 118(4). |
| (2) | Except as otherwise provided for in section 104, a credit provider must give the consumer written notice of at least five business days of a unilateral change to a credit agreement and in that notice must set out the particulars of the change. |
