Statutêre regulering van kredietooreenkomste: 'n kritiese evaluering

Inaugural lecture--Faculty of Law, Rand Afrikaans University, 16 August 1984@@The lecture deals with two statutes in South African law, viz the Credit Agreements Act and The Limitation and Disclosure of Finance Charges Act (Ladofca). These acts apply inter alia to most consumer contracts like hire-purchase and leases of movables. The acts are criticised as being extremely difficult to interpret which is not acceptable for acts dealing with consumer matters. It is submitted that (a) these acts be consolidated to simplify matters; (b) the provisions of the acts are simplified and clarified; (c) a standing committee on consumer and credit legislation be established to do research on these acts on a continuing basis and to recommend appropriate amendments after having considered representations by the legal professions, commerce and consumer groups; (d) the acts are unnecessarily biased towards consumers and credit grantors incur expenses which are legally not recoverable from debtors. There should be a more sound balance between consumer protection and the rightful interests of creditors.