Consumer Finance Post-Apartheid: The South African Experience

Posted on December 07, 2009

 The conference was sponsored by the Insurance Law Centre, the Connecticut Insurance Law Journal and the Black Law Students Association.

In 2006, South Africa passed landmark legislation to regulate consumer credit. The new South African legislation represents a sharp departure from consumer credit regulation in the United States. The conference examined the circumstances that gave rise to the South African legislation and the effect thereof on access to credit, consumer welfare, business growth (including microfinance) and fair lending. In addition, consumer credit experts from South Africa, the US, Canada and the UK compared their respective approaches to consumer over-indebtedness and bankruptcy. 

Our staff members had the opportunity to address the conference under ‘The Experience with the South African Act to Date’ and largely dealt with debt relief measures for over-indebted debtors within the new credit regulatory framework.
The following feedback on the Faculty’s contribution was received from the course organisers:
"What a contribution you and your colleagues made to the conference: I was thrilled that you could attend. Your Friday afternoon panel was superb. It was an eye-opener for the Americans in the room to think about different methods of debt relief and what works or does not work. A number of my US colleagues remarked to me afterwards how informative and impressive your presentations were.
Again, thank you for making our conference such a success.
Prof Patricia A. McCoy
Director, Insurance Law Center and George J. & Helen M. England Professor of Law
University of Connecticut School of Law”

Published by Erhardt Maritz

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