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Agreements Act 1980

While the Credit Agreements Act previously excluded from the definition of “leasing” agreements in which the debtor became the owner or retained ownership or use of the assets, the amending Act explicitly includes these types of credit agreements in the definition. This means that the categories of credit agreements that fall under the definition of leasing transactions and thus the application of the law have been extended to these types of transactions. The Namibian Credit Agreements Act 75 of 1980 (Credit Agreements Act) has recently undergoen substantial amendments. Amendments to the Credit Agreement Amendment Act 3 of 2016 came into force on 1 August 2016. The Credit Agreements Act regulates certain transactions in which movable property is leased or purchased on credit or certain services are provided on credit and sets limits on the amount of deposits to be paid and the repayment period of selected credit or credit sale transactions. The Amending Act was enacted in order to reduce in general credit transactions carried out by ordinary Namibian citizens, many of whom live beyond their financial possibilities and thus incur debts with credit agreements. it seeks to do so by changing (i) the definition of leasing; (ii) the application of the file; and (iii) possible sanctions for violations. `The provisions of this Act shall apply to credit agreements or classes of credit agreements which the Minister may establish from time to time by a notice published in the Official Gazette: provided that the Minister does not have the power to apply such provisions to credit agreements under which – the amending Act was enacted to obtain a general reduction in the credit transactions of ordinary Namibian citizens, many of whom live on their financial possibilities and thus go into debt with credit agreements. it seeks to do so by changing (i) the definition of leasing; (ii) the application of the file; and (iii) possible sanctions for violations. In addition, in accordance with Notice AG 67 of 27 May 1981 (1981 Communication), the provisions of the Credit Agreements Act previously applied only to credit transactions with a cash price of less than or less than 100,000.

However, the amending legislation completely removed the 1981 communication, including provisions limiting the cash price to $100,000 or less. The provisions of the Credit Agreements Act therefore now apply to all credit agreements, regardless of the cash price. The Namibian Credit Agreements Act 75 of 1980 (Credit Agreements Act) has recently undergoen substantial amendments. Amendments to the Credit Agreement Amendment Act 3 of 2016 came into force on 1 August 2016. In the past, the provisions of the Credit Agreements Act did not include agreements covering certain sectors, namely mining, mechanical engineering, construction, road construction or manufacturing. For the purposes of the amending Act, the Act does not apply to credit agreements relating to commercial activities. Although the legislation does not define the scope and meaning of the concept of commercial activity, we consider, given its normal and daily meaning, that the law will henceforth apply only to credit agreements for the rental or purchase of personal assets (i.e. .