The National Credit Act (NCA) came into effect 1 June 2007 and was introduced to:
- promote a fair and non-discriminatory marketplace for access to consumer credit and to provide for the general regulation of consumer credit and improved standards of consumer information;
- promote black economic empowerment and ownership within the consumer credit industry;
- prohibit certain unfair credit and credit-marketing practices;
- promote responsible credit granting and use and prohibit reckless credit granting;
- provide for debt reorganisation in cases of over-indebtedness;
- regulate credit information;
- provide for registration of credit bureaus, credit providers and debt-counselling services;
- establish national norms and standards relating to consumer credit;
- promote a consistent enforcement framework relating to consumer credit; and
- establish the National Credit Regulator and the National Consumer Tribunal.
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