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

Chapter 5 : Consumer Credit Agreements

Part D : Statements of account

109. Form and content of statement of account

 

(1) The opening balance shown in each successive statement of account must be the same as the closing balance shown in the immediately preceding statement of account.

 

(2) A statement of account in respect of a small credit agreement must be in the prescribed form.

 

(3) A statement of account in respect of an intermediate or large agreement may be in—
(a) the prescribed form, if any, for the category or type of credit agreement concerned; or
(b) a form determined by the credit provider, and which complies with any prescribed requirements for the category or type of credit agreement concerned.

 

(4) The National Credit Regulator may publish guidelines for methods of assessing whether a statement satisfies any prescribed requirements contemplated in subsection (3).