The Running Account Credit Agreement is a fundamental document used in South African credit arrangements where ongoing credit facilities are required. It establishes a revolving credit relationship between credit providers and consumers, allowing for multiple transactions within a pre-approved credit limit. This agreement type is essential for businesses offering store accounts, credit cards, or flexible credit facilities. The document must comply with the National Credit Act 34 of 2005, which mandates specific disclosures, interest rate caps, and consumer protection provisions. It includes comprehensive details about credit limits, interest calculations, repayment terms, and default procedures, while also ensuring compliance with other relevant legislation such as POPIA for data protection and FICA for anti-money laundering requirements. The agreement is particularly relevant in retail and financial services sectors where ongoing credit relationships need to be formally documented and regulated.
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1. Parties: Identification of the credit provider and the consumer, including registration numbers and contact details
2. Background: Context of the agreement and relationship between the parties
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Credit Facility: Details of the running account credit facility including credit limit and purpose
5. Pre-agreement Disclosure: Mandatory NCA disclosures including principal debt, interest rate, and all fees and charges
6. Credit Assessment and Limit: Process for credit assessment and determination of credit limit
7. Interest and Fees: Calculation and charging of interest, service fees, initiation fees, and other charges
8. Statements and Payments: Requirements for monthly statements and payment terms
9. Rights and Obligations: Key rights and obligations of both parties under the agreement
10. Default and Enforcement: Consequences of default and enforcement procedures
11. Duration and Termination: Term of the agreement and termination provisions
12. Communication: Methods and requirements for formal communications between parties
13. Personal Information: Treatment of personal information in compliance with POPIA
14. General Provisions: Standard legal provisions including governing law, jurisdiction, and entire agreement
1. Credit Insurance: Required if credit insurance is mandatory or offered as part of the agreement
2. Card Terms: Required if a credit card is issued as part of the running account facility
3. Rewards Program: Include if the credit facility includes a rewards or loyalty program
4. Additional Card Holders: Required if the agreement allows for additional cards to be issued
5. Automatic Payment Instructions: Include if debit order or automatic payment arrangements are available
6. Business Use: Required if the facility can be used for business purposes
7. Foreign Transactions: Include if the facility can be used for international transactions
1. Schedule 1: Cost of Credit: Detailed breakdown of interest rates, fees, and charges
2. Schedule 2: Credit Limit Calculation: Methodology for calculating and reviewing credit limits
3. Schedule 3: Payment Schedule: Details of minimum payment calculations and payment dates
4. Schedule 4: Insurance Terms: Details of any mandatory or optional credit insurance
5. Appendix A: Application Form: Copy of the consumer's completed application form
6. Appendix B: Pre-agreement Quote: Mandatory pre-agreement statement and quotation as required by the NCA
7. Appendix C: Card Terms and Conditions: Specific terms relating to card usage if applicable
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