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Curbing reckless and predatory lending: A statutory analysis of South Africa’s National Credit Act

Journal Article


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Abstract


  • This article provides a statement and an analysis of South Africa’s statutory provisions aimed at curbing reckless lending, and preventing predatory lending, to financial consumers. The focus of the article is on the statutory mechanisms for combatting reckless and predatory lending, including a critique of the success or otherwise of the implementation of the relevant legislation. The article aims to provide a comparative analysis of what is, overall, an innovative and effective regime, the aim of which is to protect vulnerable financial consumers from reckless and predatory lending practices. As such, it is hoped, that the article will provide useful techniques for the protection of borrowers in other common law jurisdictions, such as Australia, Canada and the United States, or indeed wherever vulnerable consumers of finance are liable to be exploited.

Publication Date


  • 2016

Citation


  • A. D. Schmulow, 'Curbing reckless and predatory lending: A statutory analysis of South Africa’s National Credit Act' (2016) 24 Competition and Consumer Law Journal 220-247.

Ro Full-text Url


  • https://ro.uow.edu.au/cgi/viewcontent.cgi?article=4616&context=lhapapers

Ro Metadata Url


  • http://ro.uow.edu.au/lhapapers/3589

Number Of Pages


  • 27

Start Page


  • 220

End Page


  • 247

Volume


  • 24

Place Of Publication


  • Australia

Abstract


  • This article provides a statement and an analysis of South Africa’s statutory provisions aimed at curbing reckless lending, and preventing predatory lending, to financial consumers. The focus of the article is on the statutory mechanisms for combatting reckless and predatory lending, including a critique of the success or otherwise of the implementation of the relevant legislation. The article aims to provide a comparative analysis of what is, overall, an innovative and effective regime, the aim of which is to protect vulnerable financial consumers from reckless and predatory lending practices. As such, it is hoped, that the article will provide useful techniques for the protection of borrowers in other common law jurisdictions, such as Australia, Canada and the United States, or indeed wherever vulnerable consumers of finance are liable to be exploited.

Publication Date


  • 2016

Citation


  • A. D. Schmulow, 'Curbing reckless and predatory lending: A statutory analysis of South Africa’s National Credit Act' (2016) 24 Competition and Consumer Law Journal 220-247.

Ro Full-text Url


  • https://ro.uow.edu.au/cgi/viewcontent.cgi?article=4616&context=lhapapers

Ro Metadata Url


  • http://ro.uow.edu.au/lhapapers/3589

Number Of Pages


  • 27

Start Page


  • 220

End Page


  • 247

Volume


  • 24

Place Of Publication


  • Australia