Acts Online
GT Shield

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

6J. Consequence of payment before due date without notice of outstanding principal debt and finance charges in terms of certain leasing transactions if such transactions not terminated

 

 

Referenced by:

 

The provisions of section 6I shall apply mutatis mutandis where a lessee pays the outstanding balance of the principal debt and finance charges thereon (not being the final instalment)--

a) owing by him in connection with a leasing transaction; and
b) to be paid, in terms of an agreement between himself and the lessor concerned, in instalments, including finance charges, over a period in the future,

before the due date thereof in one amount without terminating the transaction and without notifying such lessor in writing in accordance with a provision, as contemplated in section 3A(1)(a), in the instrument of debt concerned of his intention so to pay such balance and finance charges, and the date on which--

i) such balance and finance charges are so paid or the minimum period, as contemplated in section 3A(1)(b), provided for in the instrument of debt concerned, expired, whichever date is the later date, shall be deemed to be the date on which notice was so given; and
ii) the period, as contemplated in section 3A(1)(a), provided for in the instrument of debt concerned, would have expired if such period had commenced on the applicable date referred to in paragraph (i), shall be deemed to be the date on which such period expired.