Usury Amendment Act

This section amends section 1 of the Usury Act, 1968 by adding and replacing definitions for borrower, inspector, Registrar, and regulatory institution.

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Jurisdiction: South Africa
Instrument: Act or statute
Citation: Act 10 of 2003
Version: Undated source snapshot
Language: en
Updated: 30 Apr 2003
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appeals assignment of powers and duties certification definitions delegation delegation of powers and duties dispute resolution regulatory inspection statutory amendment

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About this statute

This section amends section 1 of the Usury Act, 1968 by adding and replacing definitions for borrower, inspector, Registrar, and regulatory institution. This section heading indicates that section 12 of the 1968 Act is being substituted, as inserted by section 6 of the 1990 Act. This section replaces section 12 of the principal Act with a new section called “Delegation and assignment of powers and duties.” The Registrar may delegate or assign powers or duties under the Act to a person, subject to conditions the Registrar determines. The Registrar may appoint persons as inspectors, must issue each appointed person a certificate, and the appointed person must produce the certificate on demand when exercising powers or duties.

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Provisions of Usury Amendment Act

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1
Section 1 of the Usury Act, 1968 (hereinafter referred to as the principal Act), is
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AI-assisted research summary: This section amends section 1 of the Usury Act, 1968 by adding and replacing definitions for borrower, inspector, Registrar, and regulatory institution.

1. Section 1 of the Usury Act, 1968 (hereinafter referred to as the principal Act), is hereby amended- (a) by the insertion after the definition of “borrower” of the following definition: 10 6 6 6 authority within a regulatory institution;”; ( b ) by the insertion after the definition of “housing loan” of the following definition: “ ‘inspector’ means any person appointed in terms of section 13;”; 15 (c) by the substitution for the definition of “Registrar” of the following definition: “ ‘Registrar’ means an officer as defined in section 1 of the Public Service Act, [1984 (Act NO. 111 of 1984)] 1994 (Proclamation No. 103 of 1994), appointed by the Minister as registrar to perform the functions 20 and exercise the powers assigned to or conferred upon him by this Act and includes a chief executive officer for the purposes of sections 12, 13, 14, 17A and 18A;”; and (d) by the insertion after the definition of “regulation” of the following definition: “ ‘regulatory institution’ means a legal entity approved as such by the 25 Minister in terms of any regulation or notice promulgated under this i - a
4
No. 24819
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AI-assisted research summary: This section heading indicates that section 12 of the 1968 Act is being substituted, as inserted by section 6 of the 1990 Act.

4 No. 24819 GOVERNMENT GAZETTE. 30 APRIL 2003 Act No. 10,2003 USURY AMENDMENT ACT, 2003 Substitution of section 12 of Act 73 of 1968, as inserted by section 6 of Act 67 of 1990
2
The following section is hereby substituted for section 12 of the principal Act:
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AI-assisted research summary: This section replaces section 12 of the principal Act with a new section called “Delegation and assignment of powers and duties.”

2. The following section is hereby substituted for section 12 of the principal Act: “Delegation and assignment of powers and duties
12
The Registrar may, subject to such conditions as he or she may
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AI-assisted research summary: The Registrar may delegate or assign powers or duties under the Act to a person, subject to conditions the Registrar determines.

12. The Registrar may, subject to such conditions as he or she may determine, delegate or assign any power or duty conferred upon or assigned 5 to him or her under this Act to any [officer or employee in the public service] person, but such delegation or assignment shall not prevent the Registrar from exercising or performing the relevant power or duty himself or herself.”. Amendment of section 13 of Act 73 of 1968, as amended by section 17 of Act 90 of 10 1980, section 8 of Act 42 of 1986 and section 6 of Act 30 of 1993
3
Section 13 of the principal Act is hereby amended by-
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AI-assisted research summary: The Registrar may appoint persons as inspectors, must issue each appointed person a certificate, and the appointed person must produce the certificate on demand when exercising powers or duties.

3. Section 13 of the principal Act is hereby amended by- ( a ) the substitution in subsection (1) for paragraph (b) of the following paragraph: “(b) The Registrar may for the purposes of this section from time to time appoint [officers as defined in section 1 of the Public Service Act, 15 1984 (Act No. 111 of 1984),] persons as inspectors to cany out an inspection contemplated in paragraph (a) or to assist him G r with such an inspection.”; (b) the deletion of subsections (2) and (3); and (c) the substitution for subsection (4) of the following subsectl’ln: 20 “(4) The Registrar shall issue to every person appointed under subsection (1) [or (2)] a certificate to the effect that [he] the person has been so appointed[, and, in the case of a person appointed for, or to assist with, a particular inspection, that he has been appointed for such an inspection,] and in the exercise of his or her powers and the 25 performance of his or her duties that person shall on demand produce such certificate.”. Amendment of section 18A of Act 73 of 1968, as inserted by section 20 of Act 90 of 1980
4
Section 18A of the principal Act is hereby amended by-
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AI-assisted research summary: This section amends section 18A to let the Registrar or the other party take a question of law to a court as a special case, and gives them a right of appeal to the Supreme Court of Appeal.

4. Section 18A of the principal Act is hereby amended by- ( a ) the substitution for subsection (1) of the following subsection: 30 “(1) If a question of law arises between the Registrar and any other person concerning the application of any provision of this Act to any money lending transaction or credit transaction or leasing transaction to which such person is a party, the Registrar or such person who is a party 35 to the transaction may state such question of law in the form of a special case for the opinion of any division of the [Supreme] Court of South Africa having jurisdiction, and shall transmit that special case to the registrar of that court.”; and (b) the substitution for subsection (5) of the following subsection: 40 “ ( 5 ) The Registrar or any person who is a party to the transaction concerned, shall have a right of appeal to the [appellate division of the] Supreme Court of Appeal against an opinion referred to in subsection (4).”. Short title 45
5
This Act is called the Usury Amendment Act, 2003.
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AI-assisted research summary: This section states that the Act is called the Usury Amendment Act, 2003.

5. This Act is called the Usury Amendment Act, 2003.

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Usury Amendment Act

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