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Committee concludes draft of the Credit Bill

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Committee concludes draft of the Credit Bill

Photo by Duane

8th June 2018

By: Thabi Madiba
Creamer Media Research Assistant and Reporter

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The Parliamentary Portfolio Committee on Trade and Industry on Friday said it had concluded its draft of the National Credit Amendment Bill to provide for debt intervention for lower income earners.

The Bill will strengthen reckless lending reporting and provide for penalties and make offences of certain prohibited and unlawful credit practices.

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Last year the committee published the Draft Amendment Bill for public comment. Written comments on the Bill were due by January 15, 2018 and public hearings were scheduled to take place on January 30, 2018 and thereafter on 6 and 7 February 2018.

Committee chairperson Joanmariae Fubbs said due to new amendments, which were not previously advertised for public comment, the committee had subsequently submitted these for public comment by Monday, June 11, 2018.

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She added that the committee was in the process of obtaining senior legal counsel on the constitutionality of certain sections of the proposed Bill.

The Bill aims to provide for the evaluation and referral of debt intervention applications and the suspension of agreements considered to be reckless as part of the enforcement functions of the National Credit Regulator; and to include the consideration of a referral as a function of the National Credit Tribunal.

Fubbs stated that the committee will reconvene on Tuesday, July 31, 2018, to consider public submissions on the new amendments, legal opinion and to incorporate any relevant lessons from its study tour to the United Kingdom to ensure that its proposed Bill is robust prior to introducing it into the National Assembly.

The committee concludes that it would like to refrain from making any media statements in this regard until the Bill is finalised for introduction in early August 2018.

 

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