| (1) |
The Minister, after consulting the National Credit Regulator, may prescribe a method for calculating— |
| (a) |
a maximum rate of interest; and |
| (b) |
the maximum fees contemplated in this Part, |
applicable to each subsector of the consumer credit market, as determined by the Minister.
| (2) |
When prescribing a matter contemplated in subsection (1), the Minister must consider, among other things— |
| (a) |
the need to make credit available to persons contemplated in section 13(a); |
| (b) |
conditions prevailing in the credit market, including the cost of credit and the optimal functioning of the consumer credit market; and |
| (c) |
the social impact on low income consumers. |
| (3) |
When establishing regulations contemplated in this section, the Minister— |
| (a) |
must establish different maximums for credit agreements within each subsector of the consumer credit market; and |
| (b) |
may prescribe the method, consistent with section 101(3), for allocating service fees between the provision of credit and the provision of related financial services, in circumstances in which a credit provider offers multiple financial services under a single agreement. |
Financial Sector Regulation Act, 2017
