The Portfolio Committee on Trade and Industry has been in the process of developing a Committee Bill to provide for debt intervention for lower income earners, to strengthen reckless lending reporting and to provide penalties and offences for certain prohibited and unlawful credit practices.

Committee Chairperson, Ms Joanmariae Fubbs, said the committee concluded its draft of the National Credit Amendment Bill on Wednesday, 23 May 2018. “However, due to new amendments, which were not previously advertised for public comment, the committee has subsequently submitted these for public comment by Monday, 11 June 2018. Additionally, the committee is in the process of obtaining senior legal counsel on the constitutionality of certain sections of the proposed Bill.”

She said the committee will reconvene on Tuesday, 31 July 2018, to consider public submissions on the new amendments, the legal opinion and to incorporate any relevant lessons from its study tour to the United Kingdom to ensure that its proposed Bill is robust prior to introducing it into the National Assembly. Therefore, the committee would like to refrain from making any media statements in this regard until the Bill is finalised for introduction in early August 2018.

Distributed by APO Group on behalf of Republic of South Africa: The Parliament.

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Republic of South Africa: The Parliament
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https://www.africa-newsroom.com/press/south-africa-trade-and-industry-committee-on-the-status-of-the-national-credit-amendment-bill?lang=en

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