Summary of Implications of The National Credit Act 2005
SUMMARY OF IMPLICATIONS OF THE NATIONAL CREDIT ACT, 2005 (“THE ACT”) 1 APPLICATION OF THE ACT: 1.1 Subject to certain exemptions the Act applies to all credit agreements. An agreement will be a credit agreement for the purposes of the Act if two elements are present, namely: a) some deferral of payment or prepayment; and […]
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