National Credit Regulator v Yellow Thunder Properties No 160 CC t/a Kimberley Micro Loans (NCT/102394/2018/140(1)) [2019] ZANCT 138 (12 August 2019)

National Credit Regulator v Yellow Thunder Properties No 160 CC t/a Kimberley Micro Loans (NCT/102394/2018/140(1)) [2019] ZANCT 138 (12 August 2019)

The Tribunal found that the requirements of section 138 of the National Credit Act were satisfied, as the Applicant and Respondent had reached a settlement agreement and jointly requested its confirmation. The Tribunal was satisfied that it was appropriate to confirm the agreement as a consent order. No order as to costs was made. The Tribunal did not make findings on the merits of the alleged contraventions, as the matter was resolved by agreement between the parties.

Citation
[2019] ZANCT 138
Parties
Applicant: National Credit Regulator; Respondent: Yellow Thunder Properties No 160 CC t/a Kimberley Micro Loans
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
12 August 2019
Case Number
NCT/102394/2018/140(1)
Procedural Posture
Review Application / Settlement Confirmation
Outcome
Settlement agreement confirmed as an order of the Tribunal under section 138 of the National Credit Act. No order as to costs.
Judges
K Moodaliyar, H Devraj, T Woker
Legal Topics
National Credit Act, Settlement Agreement, Consent Order
Banking and Finance Civil Procedure National Credit Act Settlement Agreement Consent Order

Case Brief

Summary, issues, holding and outcome

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Parties

National Credit Regulator

Applicant

Yellow Thunder Properties No 160 CC t/a Kimberley Micro Loans

Respondent

Procedural Posture

Review Application / Settlement Confirmation

Legal Issues

  1. 1 Whether the settlement agreement between the parties should be confirmed as an order of the Tribunal under section 138 of the National Credit Act.
  2. 2 Whether the Respondent contravened provisions of the National Credit Act and its regulations.
  3. 3 Whether an administrative fine or other relief should be imposed on the Respondent.

Ratio Decidendi

The Tribunal found that the requirements of section 138 of the National Credit Act were satisfied, as the Applicant and Respondent had reached a settlement agreement and jointly requested its confirmation. The Tribunal was satisfied that it was appropriate to confirm the agreement as a consent order. No order as to costs was made. The Tribunal did not make findings on the merits of the alleged contraventions, as the matter was resolved by agreement between the parties.

Court Disposition

Settlement agreement confirmed as an order of the Tribunal under section 138 of the National Credit Act. No order as to costs.

Orders

  • The Settlement Agreement entered into between the Applicant and the Respondent on 11 July 2019 is declared an order of the Tribunal in terms of Section 138 of the National Credit Act, Act 34 of 2005 as amended.
  • There is no order as to costs.