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COL3704 Assignment 3 (Sem 1 2022) R100,00
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  2.  
  3. University Of South Africa (Unisa)
  4.  
  5. COL3704 - Consumer Law

Exam (elaborations)

COL3704 Assignment 3 (Sem 1 2022)
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  • June 22, 2021
  • April 21, 2022
  • 8
  • 2022/2023
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COL3704
ASSIGNMENT 3 SEMESTER 1 2022
UNIQUE NUMBER:

SECTION A and B
QUESTION 1

A credit agreement is reckless if, at the time the agreement was concluded:

• the credit provider failed to conduct the required assessment
• the credit provider conducted the required assessment, and entered into a credit
agreement with the consumer, even though the outcome of the assessment
showed that:
o the consumer did not understand or appreciate the obligations under the credit
agreement, or
o the consumer would become over-indebted as a result of entering into that
contract.

The above do not apply to credit agreements in relation to:

• a school loan;
• a student loan;
• an emergency loan;
• a public interest credit agreement;
• a pawn transaction;
• an incidental credit agreement; and
• a temporary increase in the credit limit under a credit facility.

The credit provider must notify the NCR within 30 days upon conclusion of the
following credit agreements:

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