Citizen Media Watch

december 6th, 2020

Credit Agreements Act 75 Of 1980 Namibia

Posted by lotta

7. Where property is withdrawn as part of a credit contract, the withdrawal of assets by the debtor under the credit contract is considered a delivery to the person exercising the right of withdrawal and, if the latter is a registered person, the delivery is deemed to have been made as part of or for the promotion of the debtor`s taxable activity. , unless these assets are not the responsibility of assets that the debtor holds or uses. related to taxable activity. In addition, the provisions of the Credit Agreements Act, previously defined under Notice AG 67 of May 27, 1981 (communication 1981), applied only to credit transactions with a cash price of N$100,000 or less. However, the amendable law removed the entirety of the 1981 communication, including provisions limiting the cash price to N100,000 or less. From now on, the provisions of the Credit Contracts Act therefore apply to all credit contracts, regardless of the cash price. The Namibia Credit Agreements Act 75 of 1980 (Credit Agreements Act) has recently been significantly amended. The amendments to the Credit Agreement Amendment Act 3 of 2016 came into effect on August 1, 2016. The Namibia Credit Agreements Act 75 of 1980 (Credit Agreements Act) has recently been significantly amended. The amendments to the Credit Agreement Amendment Act 3 of 2016 came into effect on August 1, 2016. The Credit Contracts Act regulates certain transactions in which personal property is leased or purchased on credit or certain services are provided on credit and sets limits on the amount of deposit payable and the duration of the repayment period for selected leasing or credit transactions. The amendable law was passed to achieve a general reduction in the credit transactions of ordinary Nibibian citizens, many of whom live beyond their financial means and thus go into debt with credit contracts.

It aims to: (i) change the definition of ”rental”; (ii) law enforcement; and (iii) possible penalties to be applied in the event of an infringement. The amendable law was passed to achieve a general reduction in the credit transactions of ordinary Nibibian citizens, many of whom live beyond their financial means and thus go into debt with credit contracts. It aims to: (i) change the definition of ”rental”; (ii) law enforcement; and (iii) possible penalties to be applied in the event of an infringement. The Credit Contracts Act regulates certain transactions in which personal property is leased or purchased on credit or certain services are provided on credit and sets limits on the amount of deposit payable and the duration of the repayment period for selected leasing or credit transactions. ”The provisions of this Act apply to such credit contracts or categories of credit contracts that the Minister may set from time to time by notification to the Official Journal: unless the Minister has the authority to apply these provisions to credit contracts in the context of the grant (ii) of the use or right to use goods (with or without a driver) , pilot, crew or operator) under a lease agreement, a credit contract, a transport contract, a charter contract or any other agreement under which such use or use is granted; Or in the past, the provisions of the Credit Contracts Act did not contain agreements on certain sectors, namely mining, mechanical construction, construction, road construction or manufacturing.



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