Words in bold type indicate omissions from existing enactments.
Words in italics indicate insertions in existing enactments.
To amend the Usury Act, 1968, so as to amend certain definitions; to further regulate the levying of finance charges; to abolish certain exemptions regarding disclosure of finance charges in respect of certain money lending transactions and debentures; to further regulate thefurnishing of certain information to borrowers, credit receivers and lessees; and to provide for the appointment of inspectors; and to provide for matters connected therewith.
Amendment of section 1 of Act 73 of 1968, as amended by section 1 of Act 76 of 1970, section 1 of Act 62 of 1974, section 1 of Act 90 of 1980, section 1 of Act 42 of 1986, section 1 of Act 62 of 1987, section 1 of Act 100 of 1988 and section 1 of Act 67 of 1990 1.
I of the Financial Services Board Act, 1990, or, as the Minister may deem fit, a person appointed by him as registrar subject to the provisions of the Public Service Act, 1984 (Act No.
an officer as defined in section 1 of the Public Service Act, 1984 (Act No.
Amendment of section 2 of Act 73 of 1968, as substituted by section 2 of Act 90 of 1980 and amended by section 2 of Act 42 of 1986, section 2 of Act 62 of 1987 and section 2 of Act 100 of 1988 2.
"(12) If any borrower or credit receiver or lessee is required by a moneylender or credit grantor or lessor to pay any portion of the principal debt on the date of the transaction concerned or in respect of such transaction finance charges for more than three months in advance such moneylender or credit grantor or lessor shall reduce the principal debt in question by the amount of such portion or the amount exceeding the amount of finance charges for three months, and he shall not be entitled to stipulate for, demand or receive any finance charges in respect of the amount so exceeding.".
Section 3 of the principal Act is hereby amended by the deletion of paragraphs (e) and (f) of subsection (3).
Amendment of section 10 of Act 73 of 1968, as substituted by section 13 of Act 90 of 1980 and amended by section 7 of Act 100 of 1988, section 5 of Act 91 of 1989 and section 5 of Act 67 of 1990 5.
"Provided that the provisions of this subsection shall not apply in respect of any bill of exchange, debit balance or money loan or debenture referred to in section 3(3) or any debenture transaction referred to in subsection 5(a)."; and by the deletion of paragraph (c) of subsection (S).
Amendment of section 13 of Act 73 of 1968, as amended by section 17 of Act 90 of 1980 and section 8 of Act 42 of 1986 6.
(1) (a) An inspector appointed under section 2 of the Inspection of Financial Institutions Act, 1984 (Act No. 38 of 1984), may at any time at the direction of the Registrar inspect the affairs of a moneylender or a credit grantor or a lessor for the purposes of this Act If the Registrar deems it necessary for the achievement of the objects of this Act, he may inspect or cause to be inspected the activities or any part of the activities of a moneylender, credit grantor or lessor.
The Registrar may for the purposes of this section from time to time appoint officers as defined in section 1 of the Public Service Act, 1984 (Act No. 111 of 1984), as inspectors to carry out an inspection contemplated in paragraph (a) or to assist him with such an inspection.
"(2) The provisions of the Inspection of Financial Institutions Act, 1984, shall apply mutatis mutandis in respect of an inspection carried out in terms of subsection (1) When the Registrar considers it necessary, he may appoint a person who is not in the full-time employment of the State as a temporary inspector for a particular inspection, or to assist an inspector contemplated in subsection (1)with a particular inspection."
"(3) A person appointed in terms of subsection (2) shall, for the purpose of the inspection in question, have the same powers and duties as the inspector contemplated in subsection (1)."
(4) The Registrar shall issue to every person appointed under subsection (1) or (2) a certificate to the effect that he has been so appointed, and, in the case of a person appointed for, or to assist with, a particular inspection, that he has been appointed for such an inspection, and in the exercise of his powers and the performance of his duties that person shall on demand produce such certificate.
furnish such information to him in respect of a commodity found on the premises as he may require.
refuses or fails to furnish the Registrar or an inspector with any explanation or information or furnishes an explanation or information knowing it to be false or misleading; or falsely represents himself to be an inspector, shall be guilty of an offence.
This Act shall be called the Usury Amendment Act, 1993.