Regulatory Alerts2020-03-26
Added · Updated
Circular 01 of 2020: Extension of Business Days Under the National Credit Act
The National Credit Regulator extends all prescribed business days under the National Credit Act by the duration of the national shutdown, meaning no days are counted during that period. Specifically, the 60 business days for section 86(10) commencing 20 December 2019 are increased to 120 days, and the 20 business days for section 129(1) notices dispatched on 2 March 2020 are increased to 40 days. Additionally, the time limit for Payment Distribution Agents to distribute debit order collections is extended from 5 to 20 business days, excluding shutdown days.
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