Housing Development Agency Act, 2008
R 385
National Credit Act, 2005 (Act No. 34 of 2005)Chapter 1 : Interpretation, Purpose and Application of ActPart C : Classification and categories of credit agreements9. Categories of credit agreements |
| (1) | For all purposes of this Act, every credit agreement is characterised as a small agreement, an intermediate agreement, or a large agreement, as described in subsections (2), (3) and (4) respectively. |
| (2) | A credit agreement is a small agreement if it is— |
| (a) | a pawn transaction; |
| (b) | a credit facility, if the credit limit under that facility falls at or below the lower of the thresholds established in terms of section 7(1)(b); or |
| (c) | any other credit transaction except a mortgage agreement or a credit guarantee, and the principal debt under that transaction or guarantee falls at or below the lower of the thresholds established in terms of section 7(1)(b). |
| (3) | A credit agreement is an intermediate agreement if it is— |
| (a) | a credit facility, if the credit limit under that facility falls above the lower of the thresholds established in terms of section 7(1)(b); or |
| (b) | any credit transaction except a pawn transaction, a mortgage agreement or a credit guarantee, and the principal debt under that transaction or guarantee falls between the thresholds established in terms of section 7(1)(b). |
| (4) | A credit agreement is a large agreement if it is— |
| (a) | a mortgage agreement; or |
| (b) | any other credit transaction except a pawn transaction or a credit guarantee, and the principal debt under that transaction or guarantee falls at or above the higher of the thresholds established in terms of section 7(1)(b). |
