Minister of Trade and Industry Alec Erwin has decreased the finance charge rates determined by the Usury Act by 2 percentage points, with the notice having already been published in the Government Gazette No 25177 of July 7, 2003, the Department of Trade and Industry said.
The new rate for money lending and credit and leasing transactions not exceeding the amount of 10,000 rand is 27% per annum.
If the amount for these transactions exceeds 10,000 rand, the rate is 24% per annum.
The former rates were 29% per annum on money lending, credit and leasing transactions not exceeding 10,000 rand and 26% per annum above that amount.
I-Net Bridge
Publisher: I-Net Bridge
Source: I-Net Bridge
Minister of Trade and Industry Alec Erwin has decreased the finance charge rates determined by the Usury Act by 2 percentage points.
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