Regulatory Alerts2017-03-28
Added · Updated
Credit Agreements Act 75 of 1980
Enacted by the President of South Africa and applied in Namibia, this Act regulates credit transactions for movable goods or services by mandating written agreements with specific disclosures and standardized contents. It invalidates unfair clauses that restrict consumer rights, limits a credit grantor’s ability to reclaim goods or enforce payments without formal notice, and restricts the cession of periodical maintenance amounts. The legislation empowers the Administrator-General to prescribe maximum payment terms and initial payments while granting credit receivers explicit rights to reinstatement, termination, and protection against automatic forfeiture.