For example, where a customer concludes a credit and delivery agreement with a holder of fishing rights who is a legal person and whose annual assets or turnover exceed one million rand or if the amount borrowed exceeds two hundred and fifty thousand rand, the provisions of the Credit Agreements Act do not apply. 6.2.2 A clause that confirms to the consumer that, prior to the conclusion of the contract, no guarantee or guarantee relating to the contract has been given by the creditor or a person on behalf of the creditor, or that a consumer has received goods or services, or documents that must be provided under this law, but which have not yet been notified to the consumer; Before entering into a credit agreement, the creditor must provide the consumer with a statement and an offer free of charge in the form prescribed by the regulations (Form 20 of the regulations, in the case of small credit agreements). No agreement is reached at this stage; the consumer is not obliged to sign or pay any fees. This is a new development in the law that aims to protect consumers. This document must contain the financial details of the proposed agreement (such as the amount of the loan provided, the number and amount of payments payable, interest and other costs, required security and credit insurance). Consumers must accept or decline the offer within five days to allow them to search for better or cheaper credits. Once the offer has been accepted by the consumer, the credit agreement can be concluded itself. (a) a royalty, royalty or interest must be paid to the lender in respect of the contract or the sums deferred or invoiced. A credit provider must advise a debtor before providing information unfavorable to a Schufa. Any person may contest the accuracy of the information communicated to or stored by a credit bureau. All documents for which no form is required must be available in plain language (a language that a normal consumer will understand with average reading and writing skills and minimal credit experience). An important part of the law deals with maximum interest charges and charges. The law contains a closed list of fees, interest and goods collected that a credit provider can recover from a consumer.
The law on usury worked according to the same principle. . . .