Usury Act, 1968 (Act No. 73 of 1968)

15. Exemptions from the provisions of this Act

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The provisions of this Act, as amended by the Limitation and Disclosure of Finance Charges Amendment Act, 1980, shall not apply to—

(a)any money lending transaction or any credit transaction or any leasing transaction entered into before, or any instrument of debt existing at, the commencement of that Amendment Act: Provided that the said provisions, so amended, shall apply to or in respect of any increase in an existing principal debt or the renewal of every such transaction or instrument effected on or after the date of commencement of that Amendment Act;
(b)[deleted by s.19 of Act No. 90 of 1980];
(c)the Land and Agricultural Bank of South Africa;
(d)the South African Reserve Bank;
(e)a money lending transaction in terms of which a moneylender outside the Republic grants a loan of a sum of money which is outside the Republic to a borrower in the Republic, irrespective of—
(i)whether or not the instrument of debt in respect of such money lending transaction is executed in the Republic;
(ii)whether or not such sum of money is transferred to the Republic; and
(iii)whether or not the borrower concludes the money lending transaction as an intermediary on behalf of any other person in the Republic;
(f)a sum of money deposited with or lent to a banking institution as defined in section 1 (1) of the Banks Act, 1965 (Act No. 23 of 1965), or a building society registered in terms of the Building Societies Act, 1965 (Act No. 24 of 1965);
(g)a money lending transaction or a credit transaction or a leasing transaction in terms of which the principal debt exceeds, on the date on which such transaction is entered into, R100 000 or any such other amount, whether greater or smaller, as may be prescribed by regulation for the purposes of this paragraph, or in terms of which the principal debt, on the date on which such transaction is entered into, together with the aggregate amount of the principal debt owing on that date by the same borrower or credit receiver or lessee to the same moneylender or credit grantor or lessor in respect of another transaction or other transactions of the same kind, exceeds R100 000 or the amount so prescribed;
(h)a leasing transaction—
(i)which expires, within three months from the date of the conclusion of such transaction, in terms of the instrument of debt executed in connection therewith;
(ii)which is not renewed by the lessor on expiry of the lease agreed upon at the conclusion of such transaction; and
(iii)in respect of which the principal debt and finance charges thereon are to be paid by the lessee to the lessor before or on the date of expiry of the lease referred to in subparagraph (ii);
(i)a debenture quoted on a stock exchange in the Republic.