COL3704 Assignment 1 Semester 1 2026 - DUE 27 March 2026; 100% CORRECT AND TRUSTED SOLUTIONS

, COL3704 Assignment 1 Semester 1 2026 - DUE 27 March 2026



SECTION A: NATIONAL CREDIT ACT 34 OF 2005

Question 1

1.1
The statement, “A major overhaul of previous credit legislation was
essential…”, is generally found in the introductory sections of
judgments that address the historical development and reform of credit
legislation in South Africa. Such discussions emphasise the inadequacies
of prior regulatory frameworks and the necessity for comprehensive
legislative reform to better protect consumers.

An example of a relevant case is National Credit Regulator v Opperman,
where the Constitutional Court highlights the need for a transformed
credit system. This discussion typically appears in the early paragraphs
of the judgment, for instance at paragraph 10 (subject to confirmation
from prescribed materials).



1.2
The statement, “For just as the Act seeks to protect consumers, so too
does it seek to promote a competitive, sustainable, efficient and
effective credit industry,” reflects the dual purpose of the National
Credit Act 34 of 2005. This includes both consumer protection and the
promotion of a well-functioning credit market.

This principle is also articulated in National Credit Regulator v
Opperman, where the Court discusses the objectives of the Act. The
relevant discussion is typically located in the early part of the judgment,
such as paragraph 12.