Stamp Duties Act, 1968 (Act 77 of 1968)
R 385
Usury Act, 1968 (Act No. 73 of 1968)4A. Sum recoverable on expiry of period of notice by moneylender, credit grantor or lessor |
Referenced by:
For the purposes of section 4 a borrower or a credit receiver or a lessee shall be deemed to have failed to pay an amount which is owing by him to a moneylender or a credit grantor or a lessor in connection with a money lending transaction or a credit transaction or a leasing transaction upon the date on which such amount is payable, if such borrower or credit receiver or lessee--
| a) | in accordance with a provision, as contemplated in section 3A(1)(a), in the instrument of debt concerned, in writing notified such moneylender or credit grantor or lessor that he intended to pay the outstanding balance of the principal debt and finance charges thereon in one amount before the due date thereof on a date as contemplated in section 3A(1)(c); and |
| b) | failed to pay such outstanding balance and finance charges in one amount on such date so contemplated. |
