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Thread: National Credit Act

  1. #31
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    Thanks Dave. That's the way I see it as well.

    One now has 2 options.

    1. Insist on cash payment for a COC.
    2. Register as a credit provider and charge interest as prescribed.

    Me thinks that most electrical contractors are unaware of this and most attorneys are aware but keep quiet for obvious reasons.

    Once again, thanks. Appreciated.

    Derek

  2. #32
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    Derlyn, I reckon the credit you refer to is incidental and you are not required to register. I presume at the outset your terms are 30 days, but delays frequently result in interest charges?

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    Dave A (26-Mar-19)

  4. #33
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    What is incidental credit? Can someone explain that so that an electrician can understand.

  5. #34
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    This link explains it fairly well.

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