Usury Act, 1968 (Act No. 73 of 1968)

Annual Finance Charge Rates
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Notice No. R.259 of 2000

 

 

In accordance with the directions of the Minister of Trade and Industry, the annual finance charge rates, determined in terms of the provisions of section 2(1), (2) and (3) of the Usury Act, 1968 (Act No. 73 of 1968), are as contained in the Schedule.

 

 

 

Registrar: Usury Act

 

Schedule

 

(1)For the purposes of section 2(1) of the Usury Act, 1968 (Act No. 73 of 1968) (hereinafter in this Notice referred to as the Act), the different percentages contemplated in that section shall be 25 per cent in respect of money lending transactions where the total amount of money does not exceed R6 000, and 22 per cent in respect of money lending transactions where the total amount of money exceeds R6 000.

 

(2)For the purposes of section 2(2) of the Act, the different percentages contemplated in that section shall be 25 per cent in respect of credit transactions of money values of the principal debt not exceeding R6 000, and 22 per cent in respect of credit transactions of money values of the principal debt exceeding R6 000.

 

(3)For the purposes of section 2(3) of the Act, the different percentages contemplated in that section shall be 25 per cent in respect of leasing transactions of money values of the principal debt not exceeding R6 000, and 22 per cent in respect of leasing transactions of money values of the principal debt exceeding R6 000.

 

(4)This notice shall come into operation on 24 March 2000.

 

(5)Paragraphs 1, 2 and 3 of Government Notice No. R.1218 of 22 October 1999 are hereby repealed with effect from 24 March 2000.