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Thursday, July 7, 2011

NATIONAL CREDIT AMENDMENT BILL

The Department of Trade and Industry has updated the portfolio committee on trade and industry in Parliament on the timetable for expected legislation.

Speaking to the committee last week, the department’s director-general, Lionel October, outlined the way forward for key pieces of legislation in the pipeline.
The bills mentioned included theNational Credit Amendment Bill
This is set to be placed before cabinet in February 2012.
Then expected to table in Parliament in April 2012.

The National Credit Amendment Bill
aims to improve implementation of the principal act. In particular, it seeks to enhance the effectiveness of the debt review, debt counselling and restructuring process. According to the department, the proposed legislation is intended to “unlock the blockage that is caused largely by resistance of stakeholders to comply with the provisions relating to debt review and counselling and delays in adjudicating on debt restructuring matters by magistrates”.

It is hoped that this will assist in sorting out issues regarding terminations, which courts should hear the matters, adjustments of interest rates and much more.

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