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PPT : Consumer Protection – National Credit Act
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* The Credit Act of 2005, was passed in December 2005. It was enacted in March 2006 and came into effect fully on 1 June 2007, replacing the existing Usury Act, No. 73 of 1968, and the Credit Agreements Act, No. 75 of 1980. Implementation took a phased approach to allow credit providers to align and familiarise themselves with its requirements before June 2007 including the requirement that all credit providers register with the National Credit Regulator.
In relation to existing and potential securitisation transactions, where the relevant credit agreements fall within the provisions of the National Credit Act, issuers have been deemed to be credit providers under the National Credit Act
* Under the National Credit Act, borrowers can potentially delay foreclosure process by seeking counselling with debt counsellors. If a credit provider is found to have lent recklessly by the Magistrates’ Court, the court has the power temporarily to suspend the credit arrangement, re-arrange the borrower’s obligations or even set aside the borrower’s obligations. If the credit agreement is found by the Magistrates’ Court to be unlawful, the asset either stays with the borrower or, if the asset would unjustly enrich the borrower, it is forfeited to the state and not returned to the credit provider.
* Sale agreements between an originator and an issuer are now being drafted to provide that if a credit agreement purchased by the issuer is unenforceable due to non-compliance with any applicable law, including the National Credit Act, the issuer will be entitled to enforce the remedies set out in the sale agreement for breach of warranty by the originator.
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Category : Credit CardSource : pencom.gov.ng
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Tags: applicable law, credit act, credit agreements