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National Credit Act, 2005 (Act No. 34 of 2005)

Chapter 8 : Enforcement of Act

Part B : Offences

161. Penalties

 

(1)        Any person convicted of an offence in terms of this Act, is liable—

(a) in the case of a contravention of section 160(1), to a fine or to imprisonment for a period not exceeding 10 years, or to both a fine and imprisonment;
(aA) in the case of a contravention contemplated in section 157A, to—
(i) a fine or imprisonment not exceeding two years or to both a fine and such imprisonment; and
(ii) a permanent prohibition on applying for debt intervention;
(aB) in the case of a contravention contemplated in sections 157B or 157C, to a fine or imprisonment not exceeding 10 years or to both a fine and such imprisonment or, if the convicted person is not a natural person as contemplated in section 157D, to a fine not exceeding 10 per cent of its annual turnover or R1 000 000, whichever amount is the greater; or
(b) in any other case not listed in paragraphs (a), (aA) or (aB), to a fine or to imprisonment for a period not exceeding 12 months, or to both a fine and imprisonment.

 

(2) When determining an appropriate penalty, the following factors must be considered:
(a) The nature, duration, gravity and extent of the contravention;
(b) any loss or damage suffered as a result of the contravention;
(c) the behaviour of the person convicted of an offence in terms of this Act;
(d) the market circumstances in which the contravention took place;
(e) the value of the credit agreement that formed the basis for the commission of the offence;
(f) the degree to which the person convicted of an offence in terms of this Act has co-operated with the National Credit Regulator or Tribunal; and
(g) whether the person convicted of an offence in terms of this Act has previously been found in contravention of this Act.

 

(3) For purposes of determining the appropriate penalty contemplated in subsection (1)(aB), annual turnover must be calculated in accordance with section 151(4).

 

[Section 161 substituted by section 26 of Notice No. 1081, GG 42649, dated 19 August 2019]