changes to the NCA
The National Assembly (27/02/2014) and the National Council for Provinces (26/03/2014) have both adopted the Amendments to the NCA Bill (all unanimously). The Bill is now sent to the President to be signed into Law. As this Bill is marked as “Consumer Protection” and (very) fast tracked (its history has shown us that) we expect enactment a.s.a.p.
In short the changes:
The Board of the National Credit Regulator will be abolished.
Payment Distribution Agents will have to register in terms of the NCA.
Affordability assessment codes are provided for.
A code of conduct is provided for.
Automatic removal of consumer credit information is provided for.
A provision that Credit Providers may not terminate a review if legal action has been lodge in court is included.
A provision that the Minister may prescribe a limit on the cost of credit insurance is included.
The delivery of a section 129 notice has been addressed.
A provision to address the issue of prescribed debt is included.
And some more ……