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National Credit Act, 2005 (Act No. 34 of 2005)

Chapter 5 : Consumer Credit Agreements

Part B : Disclosure, form and effect of credit agreements

93. Form of credit agreements

 

(1) The credit provider must deliver to the consumer, without charge, a copy of a document that records their credit agreement, transmitted to the consumer in a paper form, or in a printable electronic form.

 

(2) A document that records a small credit agreement must be in the prescribed form.

 

(3) A document that records an intermediate or large agreement—
(a) must be in the prescribed form, if any, for the category or type of credit agreement concerned; or
(b) if there is no applicable prescribed form, may be in any form that—
(i) is determined by the credit provider; and
(ii) complies with any prescribed requirements for the category or type of credit agreement concerned.

 

(4) The National Credit Regulator may publish guidelines for methods of assessing whether a statement satisfies any prescribed requirements contemplated in subsection (3).

 

(5) The Minister may prescribe different forms to be used in terms of subsection (2) in respect of—
(a) developmental credit agreements; and
(b) other credit agreements.