National Credit Regulator v Steelarm Capital (Pty) Ltd t/a Ezy Cash Loans (NCT/115266/2018/140(1)) [2019] ZANCT 23 (4 March 2019)

National Credit Regulator v Steelarm Capital (Pty) Ltd t/a Ezy Cash Loans (NCT/115266/2018/140(1)) [2019] ZANCT 23 (4 March 2019)

The Tribunal found that the requirements of section 138 of the National Credit Act were satisfied, as the parties had reached a settlement agreement and requested its confirmation. The Tribunal reviewed the agreement, required amendments, and upon receipt of the amended agreement, was satisfied that it was appropriate to confirm it as a consent order. No further order as to costs was warranted.

Citation
[2019] ZANCT 23
Parties
Applicant: National Credit Regulator; Respondent: Steelarm Capital (Pty) Ltd t/a Ezy Cash Loans
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
4 March 2019
Case Number
NCT/115266/2018/140(1)
Procedural Posture
Review Application / Settlement Agreement Confirmation
Outcome
The settlement agreement between the parties is confirmed as an order of the Tribunal; no order as to costs is made.
Judges
H Devraj, T Bailey, A Potwana
Legal Topics
National Credit Act, Settlement Agreement, Consent Order, Administrative Fine
Banking and Finance Civil Procedure National Credit Act Settlement Agreement Consent Order Administrative Fine

Case Brief

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Parties

National Credit Regulator

Applicant

Steelarm Capital (Pty) Ltd t/a Ezy Cash Loans

Respondent

Procedural Posture

Review Application / Settlement Agreement Confirmation

Legal Issues

  1. 1 Whether the settlement agreement between the parties should be confirmed as a consent order under section 138 of the National Credit Act.
  2. 2 Whether the Tribunal should make any further orders regarding costs.

Ratio Decidendi

The Tribunal found that the requirements of section 138 of the National Credit Act were satisfied, as the parties had reached a settlement agreement and requested its confirmation. The Tribunal reviewed the agreement, required amendments, and upon receipt of the amended agreement, was satisfied that it was appropriate to confirm it as a consent order. No further order as to costs was warranted.

Court Disposition

The settlement agreement between the parties is confirmed as an order of the Tribunal; no order as to costs is made.

Orders

  • The Settlement Agreement entered into between the Applicant and the Respondent in February 2019 is made an order of the National Consumer Tribunal in terms of Section 138 of the National Credit Act, Act 34 of 2005 as amended.
  • There is no order made as to costs.