CAPE TOWN, March 11– The Chairperson of the Parliamentary Committee on Trade and Industry Committee, Jo Fubbs, says the just approved National Credit Amendment Bill will change the economic landscape of South Africa.
This Bill aims to lower the cost of credit which has become burdensome to South Africans and has been the cause of reckless lending.
“Blacklist will become history, meaning people can clear their names after settling debt and that information will be removed from the books completely,” she said in an interview with the South African Broadcasting Corporation (SABC) Morning Live on Sunday programme.
She said the Treasury Department was doing road shows to educate and empower South Africans.
“MPs will also be briefing people in their constituencies as part of the initiative. The South African Broadcasting Corporation is also broadcasting programmes to get the information out to the public,” said Fubbs.
She added that working with Treasury would help in regulating and identifying the dangers of debt and people would be encouraged to be more responsible in exercising their right to borrow and lend.
“Lenders will not be allowed by law to act recklessly and will be obliged to inform people of their rights and small loans will be subject to affordability checks,” she said.