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Usury Act, 1968 (Act No. 73 of 1968)

6G. Consequence of notice relating to payment before due date of outstanding principal debt and finance charges in terms of certain leasing transactions in the event of termination of such transactions

 

 

Referenced by:

 

The provisions of section 6F shall apply mutatis mutandis where the principal debt and finance charges owing by the lessee in connection with a leasing transaction have, in terms of an agreement between himself and the lessor, to be paid in instalments, including finance charges, over a period in the future, and the lessee by notice in writing in accordance with a provision, as contemplated in section 3A(1)(a), of the instrument of debt concerned, has notified the lessor of his intention to pay the outstanding balance of the principal debt and finance charges thereon (not being the final instalment) in one amount before the due date thereof on the date, as contemplated in section 3A(1)(c), stated in such notice, and such transaction is to be terminated by such payment.