Re. Dispute of Interest Rates MFRC

To whom it may concern

With reference to contracts & Usury Act

I am herby writing regarding copies of the Usury Act, being
of opinion that interest charges more than cumulative
annual 25% should be refunded.

Government Gazette 1 June 1999
“In this schedule ANY WORD to which a meaning has been
ascribed to it in Usury Act should have meaning as ascribed
to it in the Act.

– assuming include annual rate for charge of “annual
interest rate”.

Definition:

1.1

Annual rate for the new charge of credit” means total
charge of credit in respect of a money lending transaction
expressed as a nominal annual percentage rate.

Exemption is in condition as set out in schedule, thus as
“any word should have meaning as ascribed to it in the Act”
interest rate would be deemed as same as originally &
exemption should only apply to Annexure A, being
Confidentiality, Disclosure, Consideration, Cooling-off
Period & Collection Methods.

ATTENTION:  MFRC & Honourable Members

Read up:  Usury Exempt – Government Gazette 1 June 1999.
Volume 408 No. 73 of 20145

In relation to micro loans, Government Gazette Volume 408 1
June 1999 states Notice in terms of Section 15A of the
Usury Act, 1968 (Act No. 73 of 1968):

In terms of above exempt money lending transactions with
EXEMPTION OF SECTION 13, 614 & 17A of the Act.

Comments obtained from USURY ACT (Contact Maria Gaines Tel.
2683285/maria.gaines@butterworths.co.za), a book I
consulted in the library.

– Exorbitant interest rates currently charged by
micro-lenders can hardly be described as nominal as
outlined in Usury Exemptions Motion.  I appreciate &
respect confidentiality in this regard.
Read:  Quality Trade Contracts in SA,

Micro loans:  Government Gazette Volume 408 1 June 1999 No.
70145 DTI No. 713 Notice in terms of Section 15A of the
Usury Act, 1968 (Act. No. 73 of 1968).

In terms of above exemption, lending transactions with
EXEMPTION OF SECTION 13, 14 & 17A of the Act.

With sincere appreciation for your due consideration in
this regard.

P.S.

Re. hire-purchase agreement: Interest MAY be charged at
maximum on ARREARS accounts, query & dispute interest rates
on account by referring to initial contracts.

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