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


National Credit Regulations, 2006

Chapter 4 : Consumer Credit Agreements

Part B : Form of credit agreements

38. Charges to other accounts


A notice to a consumer of a charge or series of charges to be made to another account as contemplated in section 124(2) of the Act must be given to the consumer in Form 27 before the charge or first charge of the series will be made, or must be recorded electromagnetically, transcribed and delivered to the consumer and must include the following information:

(a) a reference to the written direction by the consumer authorising the charge or series of charges, as contemplated in sections 124(1) and 90(2)(n) of the Act;
(b) the account against which the charge or series of charges will be made;
(c) the obligation that the charge or series of charges is intended to satisfy;
(d) the account to which that obligation relates;
(e) whether the charge is a single charge or a series of charges;
(f) the amount or amounts of the charge, and the method of calculation; and
(g) the date on which the charge or first charge in the series will be effected.