NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 (SLI NO 44 OF 2010) - REG 69 Direct debit default notices -- exemption for credit providers

NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 (SLI NO 44 OF 2010) - REG 69

         (1)   Subsection 87 (2) of the Code does not apply to a credit provider if the default mentioned in subsection 87 (1) of the Code is rectified before the credit provider is required to give the direct debit default notice under subsection 87 (2).

         (2)   If:

                (a)    the default is rectified before the credit provider is required to give the direct debit default notice under subsection 87 (2) of the Code; and

               (b)    the credit provider does not give the direct debit default notice;

the default is not taken to be the first occasion the default occurs for paragraph 87 (1) (c) of the Code.

Note    Section 203B of the Code provides, among other things, that the regulations may exempt a person or a class of persons from all or specified provisions of the Code.

Part 7-2               Credit contracts