According to the NCA (National Credit Act), a consumer is defined as any natural person or juristic person who enters into a credit agreement or applies for credit, or who has applied for, applied to be included in, offered or refused credit, or who is or was the subject of credit reporting or has submitted information to a credit bureau.
A service provider is an entity or individual that provides goods or services to consumers in exchange for payment. This can include a wide range of businesses and professionals, such as retailers, restaurants, banks, insurance companies, healthcare providers, etc.
The purpose of the NCA is to promote and advance the social and economic welfare of South Africans by introducing measures to combat over-indebtedness, consumer abuse, and unfair lending practices. It aims to create a fair, transparent, and accessible credit market that protects consumers' rights and promotes responsible lending.
The history of South African credit law can be traced back to various acts and regulations that were introduced to regulate credit transactions in the country. Some key milestones include the Usury Act of 1968, the Credit Agreements Act of 1980, and the repeal and replacement of these acts with the National Credit Act in 2007. These laws were implemented to safeguard consumers and ensure responsible lending practices.
International Consumer Law refers to laws and regulations that govern consumer protection and rights on a global scale. It includes various international agreements, conventions, and treaties that establish common principles and standards to protect consumers in cross-border transactions. International Consumer Law aims to ensure fair and ethical business practices, promote consumer confidence, and provide remedies for consumers who experience harm or unfair treatment in international transactions.
What is a consumer according to the NCA?
What is a service provider.
What is the purpose of the NCA?
History of SA credit Law
Explain what is international Consumer Law.
1 answer
1 answer