DTI Briefs Parliament on National Credit Amendment Bill

Department of Trade and Industry

The trade and industry department has called for provisions in the Draft National Credit Amendment Bill to be aligned with Competition Act provisions in dealing with cartels.

The department revealed this during a briefing on the bill in parliament.

The department also indicated that it supported criminalising debt counsellors’ failure to report alleged reckless loans to courts, recommended a consultative process for pricing/costing of compulsory credit life insurance and called for National Credit Regulator and National Consumer Tribunal resources to be boosted to facilitate efficient implementation of debt intervention.

Meanwhile, the department has published three notices in Government Gazette 41445:

•    Notice 67 – draft standards published for comment.
•    Notice 68 – call for representation on application to increase rate of duty on phosphoric and polyphosphoric acids from free of duty to 10 per cent ad valorem.
•    Notice 125 – co-operatives to be removed from the register.

Sabinet Cape Town Office

Related legislation: