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

Chapter 5 : Consumer Credit Agreements

Part D : Statements of account

107. Limited application of this Part


(1) This Part does not apply in respect of a credit guarantee, until the time that the credit provider first calls on the guarantor to satisfy an obligation in respect of that guarantee.


(2) Sections 108, 109 and 110 do not apply in respect of—
(a) a pawn transaction; or
(b) a discounted transaction or an incidental credit agreement, until the time that interest is first charged on the principal debt owed to the credit provider.


(3) In the case of joint consumers or guarantors, a statement required under this section need only be given to one of them, but a joint consumer or guarantor who does not receive such statement may require the credit provider to deliver a duplicate of that statement without charge.


(4) Sections 108 to 114 do not apply to a developmental credit agreement to the extent that—
(a) the National Credit Regulator has pre-approved the form of all documents and the procedures to be used by the credit provider for such credit agreements in terms of this Part; and
(b) the credit provider has used only those pre-approved forms and followed those pre-approved procedures in dealing with the particular consumer.


(5) When pre-approving any form of documents or procedures as contemplated in subsection (4), the National Credit Regulator must balance the need for efficiency of the credit provider with the principles of this Part.