National Credit Regulator v Hao Cash Loans (Pty) Ltd (NCT/158496/2020/140(1)) [2022] ZANCT 34 (1 March 2022)

National Credit Regulator v Hao Cash Loans (Pty) Ltd (NCT/158496/2020/140(1)) [2022] ZANCT 34 (1 March 2022)

The Tribunal found that the settlement agreement correctly records the Respondent's prohibited conduct and the remedial actions to be taken. Both parties agreed that the settlement agreement should be confirmed as a consent order. The Tribunal was satisfied that the requirements of section 138(1)(b) of the National Credit Act were met and that it was appropriate to grant the application and confirm the settlement agreement as an order of the Tribunal.

Citation
[2022] ZANCT 34
Parties
Applicant: National Credit Regulator; Respondent: HAO Cash Loans (Pty) Ltd
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
1 March 2022
Case Number
NCT/158496/2020/140(1)
Procedural Posture
Consent Order Application / Application for Confirmation of Settlement Agreement
Outcome
The application to confirm the settlement agreement as a consent order is granted.
Judges
H Alwar
Legal Topics
National Credit Act, Consent Order, Administrative Fine, Settlement Agreement
Banking and Finance Civil Procedure National Credit Act Consent Order Administrative Fine Settlement Agreement

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Parties

National Credit Regulator

Applicant

HAO Cash Loans (Pty) Ltd

Respondent

Procedural Posture

Consent Order Application / Application for Confirmation of Settlement Agreement

Legal Issues

  1. 1 Whether the settlement agreement between the parties should be confirmed as a consent order under section 138(1)(b) of the National Credit Act.
  2. 2 Whether the settlement agreement adequately records the respondent's prohibited conduct and remedial actions.

Ratio Decidendi

The Tribunal found that the settlement agreement correctly records the Respondent's prohibited conduct and the remedial actions to be taken. Both parties agreed that the settlement agreement should be confirmed as a consent order. The Tribunal was satisfied that the requirements of section 138(1)(b) of the National Credit Act were met and that it was appropriate to grant the application and confirm the settlement agreement as an order of the Tribunal.

Court Disposition

The application to confirm the settlement agreement as a consent order is granted.

Orders

  • The settlement agreement concluded on 4 February 2022 and annexed as 'Annexure A to NCR v HAO Cash Loans (Pty) NCT/158496/2020/140(1)' is confirmed and made an order of the National Consumer Tribunal in terms of section 138(1)(b) of the National Credit Act, 2005.
  • There is no order as to costs.