Act 34, the National Credit Act, details the guidelines for credit management within the industry as well as dealing with different elements of credit. Created and implemented to promote a fair and non-discriminatory marketplace, allowing a full range of consumers with the chance to take credit. A main focus of the act is to improve standards and consumer information for better understanding of the use of credit as well as promote black economic empowerment and ownership within the consumer credit industry.
Not only limited to these areas, the act also includes the prohibition of certain unfair credit and credit-marketing practices, the promotion of responsible credit granting and prohibition of reckless lending, provisions for debt reorganisation in cases of over indebtedness, the regulation of credit information, provisions for registration of credit bureaus, providers and counselling services. As well as the establishment of national norms and standards relating to consumer credit. Promoting consistent enforcement of the framework, the regulator and the formation of the National Consumer Tribunal have increased authority after this act, allowing them to act as a watch dog for the industry.