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    LML4807 Assignment 02

    Uploaded by

    karabo Mkhonto
    1) Janeene, a chiropractor, has had success growing her business and wants to buy an apartment. She applies for a R1.7 million mortgage loan from Golden Bank. 2) Golden Bank undertakes a credit assessment and approves Janeene's application for a secured loan to purchase real estate. 3) The document provides a case study and questions about Janeene's application for a mortgage under the National Credit Act, which regulates consumer credit in South Africa.

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    LML4807 Assignment 02

    Uploaded by

    karabo Mkhonto
    70 views1 page
    1) Janeene, a chiropractor, has had success growing her business and wants to buy an apartment. She applies for a R1.7 million mortgage loan from Golden Bank. 2) Golden Bank undertakes a credit assessment and approves Janeene's application for a secured loan to purchase real estate. 3) The document provides a case study and questions about Janeene's application for a mortgage under the National Credit Act, which regulates consumer credit in South Africa.

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    Banking law assignment question

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    1) Janeene, a chiropractor, has had success growing her business and wants to buy an apartment. She applies for a R1.7 million mortgage loan from Golden Bank. 2) Golden Bank undertakes a credit assessment and approves Janeene's application for a secured loan to purchase real estate. 3) The document provides a case study and questions about Janeene's application for a mortgage under the National Credit Act, which regulates consumer credit in South Africa.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    70 views1 page

    LML4807 Assignment 02

    Uploaded by

    karabo Mkhonto
    1) Janeene, a chiropractor, has had success growing her business and wants to buy an apartment. She applies for a R1.7 million mortgage loan from Golden Bank. 2) Golden Bank undertakes a credit assessment and approves Janeene's application for a secured loan to purchase real estate. 3) The document provides a case study and questions about Janeene's application for a mortgage under the National Credit Act, which regulates consumer credit in South Africa.

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    © All Rights Reserved
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    LML4807 – BANKING LAW AND USAGE

    SEMESTER 1 (2024)

    ASSIGNMENT 02 (10 MARKS)

    Carefully read the factual scenario below and answer the questions that follow with
    reference to the National Credit Act 34 of 2005:

    Janeene is a newly qualified chiropractor. She opens up a private practice and her
    business sees a great rise in clients. After a year of success in building her business,
    she decides to move out of her parent’s home and buy a luxury apartment in Sandton.
    She approaches Golden Bank for a mortgage loan of R1.7 million. Golden Bank is a
    registered credit provider and one of the leading banks in South Africa. Golden Bank
    undertakes the necessary credit assessments and Janeene’s application is
    successful.

    1. List the 3 types of credit agreements that fall within the scope of the National
    Credit Act. (3)

    2. Describe what type of credit agreement Janeene has applied for. (2)

    3. List 3 rights a consumer, like Janeene, is entitled to when applying for credit. (3)

    4. Explain what the legal position would be between Janeene and Golden Bank if
    Golden Bank is not registered as a credit provider in terms of the National Credit
    Act. (2)

    [10]

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