National Credit Act, 2005 (Act No. 34 of 2005)
Chapter 5 : Consumer Credit Agreements
Part D : Statements of account
112. Dating and adjustment of debits and credits in accounts
|(1)||A debit to a consumer’s account takes effect as of the date on which the consumer incurred that debit.|
|(2)||A credit to a consumer’s account takes effect on the date the consumer makes a payment to the credit provider, or otherwise earns the right to have the account credited.|
|(3)||A credit provider may subsequently adjust debits or credits to a consumer’s account, and the account balances, so as to accurately reflect the legal obligations of the consumer and the credit provider.|
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