| (a) |
may make any regulations expressly authorised or contemplated elsewhere in this Act, in accordance with subsection (2); |
| (b) |
in consultation with the National Credit Regulator, may make regulations for matters relating to the functions of the National Credit Regulator, including— |
| (iii) |
information required; |
| (iv) |
additional definitions applicable to those regulations; |
| (vii) |
manner and form of participation in National Credit Regulator procedures; |
| (bA) |
must make regulations regarding participation in a financial literacy programme after consultation with the Minister of Finance; |
[Section 171(1)(bA) inserted by section 29(a) of Notice No. 1081, GG 42649, dated 19 August 2019]
| (ii) |
must, when making the regulations contemplated in subparagraph (i)— |
| (aa) |
take existing industry standards and practices into account; |
| (bb) |
replicate the requirements set out in the industry guidelines issued by the National Credit Regulator under the Debt Review Task Team Agreements, 2010; |
| (cc) |
clearly distinguish between the reduction of rate of interest that may be determined by a Magistrate in respect of unsecured debt, which reduction may be to zero, and the reduction of rate of interest in respect of secured debt, which reduction may not result in the rate being less than the repurchase rate plus such percentage as is indicated in this regard in the industry guidelines contemplated on subparagraph (bb), where the repurchase rate is the interest rate set by the Monetary Policy Committee of the South African Reserve Bank as its policy rate and reflects the rate at which commercial banks borrow rands from it as the central bank of the Republic of South Africa, thereby serving as benchmark for bank lending in the market; and |
| (dd) |
require the Magistrate’s Court and Tribunal to first apply incremental and proportional reduction when the maximum rate of interest, fees or other charges are considered; |
[Section 171(1)(bB) inserted by section 29(a) of Notice No. 1081, GG 42649, dated 19 August 2019]
| (c) |
in consultation with the Chairperson of the Tribunal, and by notice in the Gazette, may make regulations for matters relating to the functions of the Tribunal and rules for the conduct of matters before the Tribunal; and |
| (d) |
may make regulations regarding— |
| (i) |
any forms required to be used for the purposes of this Act; and |
| (ii) |
in general, any ancillary or incidental matter that is necessary to prescribe for the proper implementation or administration of this Act. |
| (2) |
Before making any regulations in terms of subsection (1)(a), the Minister— |
| (a) |
must publish the proposed regulations for public comment; and |
| (b) |
may consult the National Credit Regulator and provincial regulatory authorities. |
| (a) |
The Minister may once every 12 months, by notice in the Gazette and after having considered the following factors, adjust the amount contemplated in the definition of ‘‘debt intervention applicant’’ in section 1 in respect of the maximum gross income of a debt intervention applicant: |
| (i) |
The gross income required by a consumer to be an economically viable client for a debt counsellor as at the time of the proposed adjustment; |
| (ii) |
the cost associated with an administration and sequestration order as at the time of the proposed adjustment; and |
| (b) |
The Minister may once every 12 months, by notice in the Gazette, adjust the amount of the qualifying total unsecured debt contemplated in section 86A(1), after having considered the effect inflation may have had on that amount. |
| (c) |
The Minister must review the amount contemplated in the definition of ‘‘debt intervention applicant’’ in section 1 in respect of the maximum gross income of a debt intervention applicant, as well as the amount of the qualifying total unsecured debt contemplated in section 86A(1), 12 months after the commencement of the National Credit Amendment Act, 2018 and thereafter once every 24 months and must table a report on such review in the National Assembly. |
| (d) |
Before the Minister makes the adjustment contemplated in paragraph (a) or (b) the Minister must— |
| (i) |
consult relevant stakeholders and table a report summarising such consultations in the National Assembly; |
| (ii) |
table the adjusted amount in the National Assembly, together with the rationale for the adjustment; and |
| (iii) |
obtain the approval of the National Assembly in respect of that adjusted amount. |
| (e) |
The maximum gross income of a debt intervention applicant whose application is referred under section 86A(6)(e), as well as the total unsecured debt applicable to such an application may not be adjusted as is contemplated in paragraphs (a) and (b) due to the short term nature of referrals under that section. |
[Section 171(2A) inserted by section 29(b) of Notice No. 1081, GG 42649, dated 19 August 2019]
| (3) |
A regulation in terms of this Act must be made by notice in the Gazette. |
Special Investigating Units and Special Tribunals Act, 1996
