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Curbing Reckless and Predatory Lending: A Statutory Analysis of South Africa’s National Credit Act

Journal Article


Abstract


  • This paper 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 paper 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 paper 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 fromreckless and predatory lending practices. As such, it is hoped, that the paper will provide useful techniques for the protection of borrowers in other common law jurisdictions, such as Canada and the United States, or indeed wherever vulnerable consumers of finance are liable to be exploited.

Publication Date


  • 2017

Citation


  • A. D. Schmulow, 'Curbing Reckless and Predatory Lending: A Statutory Analysis of South Africa’s National Credit Act' (2017) 63 Consumer Interests Annual 1-24.

Number Of Pages


  • 23

Start Page


  • 1

End Page


  • 24

Volume


  • 63

Place Of Publication


  • United States

Abstract


  • This paper 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 paper 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 paper 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 fromreckless and predatory lending practices. As such, it is hoped, that the paper will provide useful techniques for the protection of borrowers in other common law jurisdictions, such as Canada and the United States, or indeed wherever vulnerable consumers of finance are liable to be exploited.

Publication Date


  • 2017

Citation


  • A. D. Schmulow, 'Curbing Reckless and Predatory Lending: A Statutory Analysis of South Africa’s National Credit Act' (2017) 63 Consumer Interests Annual 1-24.

Number Of Pages


  • 23

Start Page


  • 1

End Page


  • 24

Volume


  • 63

Place Of Publication


  • United States