Section 5A: Right of buyer to determine agreement
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
5A. Right of buyer to determine agreement
(1) A buyer may, where he accepts to settle any unpaid balance due, determine a credit sale agreement by giving notice of termination, in writing, to
the dealer.
(2) Where an agreement is determined as specified in subsection (1), the
dealer shall—
(a) be entitled to payment of the unpaid balance due; and
(b) not be entitled to payment of any charges or interest.
(2A) In this section—
“interest” means any amount of money, in addition to the unpaid
balance due, by whatever name called.
(3) Nothing in this section shall prejudice any right of a buyer to determine a credit sale agreement otherwise than by virtue of this section.
[S. 5A inserted by Act 1 of 1995; amended by s. 26 of Act 18 of 2016
w.e.f. 7 September 2016.]
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Questions this section answers
- Can I end a credit sale agreement early if I pay off the balance I still owe?
- If I end a credit sale agreement early, can the dealer still charge me interest?