This legislation has been repealed.
- As at 1 July 2010 - Act 94 of 1984 TABLE OF PROVISIONS Long Title PART 1 - PRELIMINARY 1. Name of Act 2. Commencement 3. Application of Act and transitional provisions 4. Act binds Crown 5. Definitions 6. Jurisdiction of courts and Tribunal 7. Credit contracts deemed to be regulated contracts 8. Assignors, assignees etc of rights and obligations 9. Contracts of employment excluded 10. Annual percentage rate 11. Credit charge 12. Tied contracts 13. Contracts for hiring goods 14. Certain contracts not credit sale contracts 15. Loan contracts not to include certain credit 16. Business of providing credit 17. Recognised States 18. Exceptions from application of Act 19. Variation of application of Act 19A. Act not to apply to new credit contracts 19B. Act to continue to apply in certain cases PART 2 - CONTRACTS OF SALE 20. Application of Part 21. Contract of sale conditional on grant of credit 22. Supplier not to require buyer to obtain credit from specified person 23. Consequence of discharge of certain contracts 24. Linked credit provider 25. Consequential discharge of tied loan contract and mortgage 26. Discharge of tied continuing credit contract on discharge or rescission of contract of sale 27. Operation of sections 25 and 26 28. Disputes 29. Notice of rescission etc to linked credit provider PART 3 - REGULATED CONTRACTS Division 1 - Credit sale contracts and loan contracts 30. Application of Part 31. Contracts to be in writing 32. Form of offer 33. Copy of accepted offer to be given 34. Debtor to be given prescribed statement 35. Disclosure in credit sale contracts 36. Disclosure in loan contracts 37. "Add-on" contracts 38. Statement of annual percentage rate 39. Acceptable rate of interest 40. Inclusion of more than one rate of interest in contract 41. Variation ineffective without notice 42. Civil penalty 43. Offence 44. Minimum credit charge 45. Statement for debtor or guarantor on request 46. Copy of document for debtor or guarantor 47. Tribunal may determine reasonable fees etc Division 2 - Continuing credit contracts 48. Definitions 49. Application of Part 50. Billing cycle 51. Payment on behalf of debtor 52. Chargeable amount 53. Amount payable under continuing credit contract 54. Credit charge 55. Annual percentage rate 56. Billing cycle less than one month 57. Non-business days 58. Debtor to be given prescribed statement 59. Notice of terms of continuing credit contract 60. Variation of continuing credit contract ineffective without notice 61. Statement of account 62. Correction of billing errors 63. Statement of account to be given before proceedings instituted 64. Statement of account not to include opening balance in certain circumstances 65. Statement of account not needed in certain circumstances 66. Credit provider to pay amounts owing to debtor upon request 67. Civil penalty 68. Copy of notice to be given on request Division 3 - Operation of regulated contracts 69. Re-financing of credit contracts by the same parties 70. Variation of credit sale contracts and loan contracts 71. Deferral charge 72. Default charges 73. Variations generally 74. Variation of commitments on account of hardship Division 4 - General 75. Unauthorised fees 76. Enforcement expense 77. Right to revoke offer is paramount 78. Sufficient statement of annual percentage rate 79. Sufficient statement of estimated credit charge 80. Discrepancy between credit charge and annual percentage rate 81. Assignment of rights by credit provider 82. Loan to be in money or equivalent 83. Application of payments 84. Appropriation of payments between contracts 85. Tribunal may reduce credit provider's loss 85A. Stay of civil penalty pending Tribunal's decision 86. General order varying civil penalty 86A. General order varying civil penalty for minor errors 86B. Payments to the financial counselling trust fund 87. Effect of civil penalty in relation to future liability 88. Relief for minor errors PART 4 - REGULATED MORTGAGES Division 1 - General 89. Application of Part 90. Obligations under mortgage not to exceed obligations under contract 91. Mortgage of goods to be in writing 92. Debtor entitled to copy of mortgage 93. Enforcement expense 94. Provision for entry of premises void in certain circumstances 95. Order of court required before entry for repossession 96. Disclosure of location of goods 97. Time and place for delivery of goods 98. Blanket securities over property or assets prohibited 99. Restriction on mortgage of future property 100. Mortgages and continuing credit contracts 101. Fraudulent sale or disposal of property Division 2 - Assignment etc of property 102. Assignment by mortgagor PART 5 - TERMINATION AND ENFORCEMENT OF REGULATED CONTRACTS AND REGULATED MORTGAGES 103. Calculation of net balance due 104. Statement of net balance due 105. Early termination of contract 106. Mortgagor may compel sale of goods 107. Notice required before rights exercised 108. Proceedings prohibited where breach remedied 109. Limit on amount recoverable 110. Restriction on exercise of powers 111. Court may order delivery of goods 112. Taking possession of goods by mortgagee 113. Right of mortgagor to redeem goods 114. Mortgagee to account for proceeds of sale 115. Moratorium--farmers etc 116. Postponement of exercise of rights PART 6 - REGULATED CONTRACTS AND REGULATED MORTGAGES--GENERAL 117. Penalty for false representations etc 118. Court may approve removal of mortgaged goods 119. Prohibition of assignment of wages etc 120. Bills of exchange as security 121. Advertisements offering credit 122. Credit hawking 123. Terminology in contracts etc 124. Contracting by agents 125. Contract or mortgage not illegal etc by reason of offence 126. Notices to be given to all parties PART 7 - CONTRACTS OF INSURANCE 127. Insurance--regulated contracts 128. Insurance--regulated mortgages 129. Unauthorised insurance need not be maintained 130. Content of contracts of insurance 131. Premiums to be paid to insurer 132. Action after rejection of insurance proposal 133. No-claim bonus 134. Saving as to unenforceability 135. Limitation on exclusion clauses PART 8 - CONTRACTS OF GUARANTEE 136. Guarantee to be in writing 137. Extent of liability of guarantor 138. Proceedings against guarantor 139. Variation of commitments (guarantee relating to a regulated contract) 140. Guarantee of obligations of minor 141. Guarantor to receive copy of contract 142. Guarantor to be given prescribed statement 143. Discharge of guarantee 144. Revocation of offer to guarantee PART 9 - RE-OPENING OF CONTRACTS 145. Interpretation 146. Tribunal may re-open certain transactions 147. Matters to be considered by Tribunal 148. Joinder of parties 149. Limitation on re-opening of transaction PART 10 - GENERAL 150. Assignment of interest under will etc 151. Legibility of documents 152. Restriction on form of document 153. Approval of form of document 154. Offence 155. Separation of documents 156. Signature of documents 157. "Contracting-out" of Act prohibited 158. General penalty 159. Limitation 159A. Persons who may take proceedings 159B. Proceedings for offence 160. Offence by corporation 161. Certain rights etc saved 162. Computation of period 163. Extensions of time 164. Service of documents 165. Service by post 166. Recoupment of certain stamp duty 166A. Evidence 167. Regulations PART 11 - MISCELLANEOUS 168. Notices by mortgagee 169. Linked credit provider--sale of land 170. Contract void if annual percentage rate exceeds maximum rate 171. Act No 16, 1980 not affected 172. (Repealed) 173. Transitional and other special provisions SCHEDULE 1 SCHEDULE 2 SCHEDULE 3 SCHEDULE 4 SCHEDULE 5 SCHEDULE 6 SCHEDULE 7 SCHEDULE 8