Regulatory Alerts2017-03-28
Added · Updated
Usury Act 73 of 1968
The South African Parliament enacted the Usury Act 73 of 1968 to limit and standardize finance charges across money lending, credit, and leasing transactions. The legislation establishes maximum annual finance charge rates, mandates compulsory disclosure of charges in debt instruments, and restricts the total sum recoverable upon borrower default or early repayment. Comprehensive definitions govern key parties and transaction types, while granting the Minister authority to exempt specific financial institutions from statutory rate caps.