Money-Lending and Credit Financing Act, 1991
Act 3 of 1991
- Published in Government Gazette 811 on 19 July 1991
- Assented to on 3 January 1991
- Commenced on 19 July 1991
- [This is the version of this document at 1 December 1998.]
1. Short titleThis Act may be cited as the Money-Lending and Credit Financing Act, 1991.
2. InterpretationIn this Act unless the context otherwise requires:“annual interest rate” means a rate calculated by multiplying the interest rate per period by the number of such periods in one year;“borrower” means any person to whom a lender grants a loan of a sum of money in terms of a money-lending transaction or any person to whom, whether by delegation, cession or otherwise, the rights and obligations of a borrower in respect of a money-lending transaction are transferred;“credit transaction” means any transaction by which a lender and a credit receiver agree that the lender sells, supplies or grants the use or enjoyment of movable property or services to the credit receiver against payment by the credit receiver to the lender of a stated or determinable sum of money at a stated or determined future date or in whole or in part in instalments over a period in the future;“lenders” means—(a)any person who grants a loan of a sum of money to a borrower in terms of a money-lending transaction;(b)any person who grants credit to a credit receiver in terms of a credit transaction;(c)any person to whom, whether by delegation, cession or otherwise, the rights and obligations of a lender are transferred;(d)the holder of an instrument of debt executed in respect of a money-lending or credit transaction;“Minister” means the Minister for Finance;“money-lending transaction” means any transaction which, whatever its form may be and whether or not it forms part of another transaction, is substantially one of money lending;“prescribed” means prescribed by regulations under section 3 of this Act;“principal debt” means—(a)in relation to a money-lending transaction:(i)the cash amount in money actually received by or on behalf of a borrower in terms of such transaction; plus(ii)the costs in respect of stamp duties and other duties actually paid or payable by the lender in connection with such transaction and which are recoverable from the borrower;(b)in relation to a credit transaction:(i)the selling price of movable property or services or the total sum of money, excluding finance charges, charged by the lender for the use or enjoyment of movable property or services or, if applicable, the difference between the selling price of, or amount charged for the use or enjoyment of, movable property or services and the cash amount in money paid or payable for such property or services to the lender by the credit receiver for application in reduction of the selling price; or(ii)the costs in respect of stamp duties and other duties actually paid or payable by the lender in connection with such transaction.
3. Maximum annual interest rates chargeable in respect of money-lending or credit transaction
4. Compulsory disclosure of interest chargesA lender shall, in connection with any money-lending or credit transaction for which finance charges are payable, state in the instrument of debt executed in respect of any such transaction, the following particulars:
5. Information to be furnished by lender to borrower or credit receiverA lender shall, within 14 days after the conclusion of a money-lending or credit transaction, deliver or send by post to the borrower or credit receiver:
6. Conditions for sums recoverable from borrower or credit receiver
7. Conditions for sums recoverable or default or deferment of paymentWhere a borrower or credit receiver:
8. Recovery of overpaid principal debt and interest chargesAny borrower or credit receiver who in connection with a money-lending or credit transaction pays an amount in excess of the amount which in terms of this Act is lawfully recoverable from him may, at any time within three years from the date of such payment, recover from the person to whom the payment was made a sum equal to the amount overpaid by him.
9. RegulationsThe Minister may, by notice in the Gazette, make regulations with regard to all matters which in terms of any provision of this Act are required to achieve the objects of this Act.
10. ExemptionsThe provisions of this Act shall not apply to:
11. Existing money-lending and credit transactionsAll money-lending and credit transactions entered into and in force before the commencement of this Act shall continue in force subject to the provisions of section 3 of this Act.
History of this document
01 December 1998 this version
19 July 1991
03 January 1991
Cited documents 0
Documents citing this one 10
- Desai v Dlamini (1869 of 1999)  SZHC 56 (7 May 2004)
- Dlamini v Select Management Services (Pty) Ltd and Others (3381 of 2009)  SZHC 72 (17 February 2011)
- Maseko v Portia Maseko (1479 of 2003)  SZHC 110 (19 August 2004)
- Mawelela v Mb Association Of Money Lenders And Another (43 of 1999)  SZSC 23 (3 December 1999)
- Simelane v Magagula and Another in Re: Magagula v Simelane (948 of 2005)  SZHC 41 (17 February 2006)
- Simelane v Micro Provident Swaziland/ Letshego Financiall Services (swd) Pty) Ltd v Accountant General And Another (39 of 2015)  SZSC 42 (9 December 2015)
- Standard Bank of Swaziland Limited v Friedman (918 of 2001)  SZHC 44 (16 April 2004)
- Swaziland Development Finance Corporation v Sikhondze t/a Mntimandze Flats and Another (2196 of 2010)  SZHC 206 (14 September 2012)
- Swaziland Ecumenical Church Loan Fund v Tremo Investments (Pty) Limited (2025 of 2003)  SZHC 90 (9 July 2004)
- Tsabedze v First Finance (Pty) Ltd and Others (388 of 2015)  SZHC 182 (23 October 2015)