National Credit Act, 2005 (Act No. 34 of 2005)Chapter 5 : Consumer Credit AgreementsPart C : Consumer’s liability, interest, charges and fees104. Changes to interest, credit fees or charges |
(1) | A credit provider must not unilaterally increase— |
(a) | the periodic or incidental service fees, or the method of calculating such fees, that may be charged under the credit agreement; or |
(b) | the rate of interest applicable to a credit agreement, except with respect to a credit agreement with a variable interest rate. |
(2) | Except as otherwise provided for in this section, a credit provider must give written notice of at least five business days to the consumer setting out particulars of a change concerning— |
(a) | the rate of interest; |
(b) | the amount of a credit fee or charge; or |
(c) | a change in the frequency or time for payment of a credit fee or charge. |
(3) | In respect of a credit agreement that has a variable interest rate, the credit provider must give written notice to the consumer, no later than 30 business days after the day on which a change in the variable interest rate takes effect, setting out— |
(a) | the new rate and any further prescribed information; or |
(b) | if a rate is determined by referring to a reference rate as contemplated in section 103(4), the new reference rate. |