WRITTEN SUBMISSIONS ON THE DRAFT NATIONAL CREDIT BILL
COMPILED BY ADV W H HEATH
HEATH FORENSIC INVESTIGATORS AND CONSULTANTS CC T/A HEATH EXECUTIVE CONSULTANTS
SUBMISSIONS
In August 2004, the Department of Trade and Industry published a draft National Credit Bill. The Portfolio Committee will be holding public hearings on this bill on 5, 8, 10 and 17 August 2005.
We will attend the public hearing on 17 August 2005 to make our submissions personally, but in the interim we herewith serve you with our written submission. Please note that this is a summary of our contentions and that we will deal with it in detail on 17 August 2005.
One of the main concerns of the proposed Bill is the repealing of the Usury Act retrospectively. Claims under the Act will be limited to three years prior to the promulgation of the proposed National Credit Bill. Furthermore, Section 168 of the proposed legislation determines that no claim will be entertained by the Tribunal or consumer court more than three years after a course of conduct or continued practice, the date that the conduct or practice ceased.
During 1994 the Court of Appeal ruled in the matter Kruger vs President Insurance Co Ltd 1994 2 SA 495 [D503G] that no legislation can be retroactively repealed if there is a disadvantage for the consumer.
Signed at Durbanville on the 29th day of July 2005
ADV W H HEATH
CEO
HEATH EXECUTIVE CONSULTANTS
Duly authorised