On Friday, 1 June, three key events will take place: the full National Credit Act will come into effect, stamp duty amendments will be implemented and the tax amnesty for small business would have expired.

But what, if anything, will these mean for you?

Your rights

The National Credit Act (NCA) will impact on every credit agreement made from Friday ? it will ensure that you only borrow what you can afford, and that lenders act responsibly towards you by making them more accountable.

The act will apply to credit card transactions, overdrafts, mortgages, instalment agreements, leases and micro-loans.

On a practical level, the process of applying for credit in future will look something like this, according to the Banking Association of South Africa: When you apply for credit, you'll receive a quotation from the lender. This must stipulate the full cost of the transaction ? including interest accrued over time and all fees.

From this moment on, you have five days to try and find a more competitive offer from another credit lender ? if you take longer than five days, the quote will expire, and you'll need to start again.

The lender's duty

The lender will also need to do a credit assessment on your current situation, and you'll need to give correct information regarding your income, costs, household budget, marital status, and so forth.

If the transaction does go ahead, the agreement records will be sent to the Credit Bureaux (there are a number of Credit Bureaux in the country, but the main ones are TransUnion ITC and Experian SA, with all of them accountable to the Credit Bureau Association of South Africa (CBA)).

Even if the credit agreement falls through, credit providers will still need to keep records of the application.

And remember, if you're married in community of property, your spouse will need to give written consent if you apply for credit, according to the new laws.

Looking for a bond?

But are the laws different if you're applying for a home loan? From Friday, in order to apply for a bond, if you're employed, you'll need three month's worth of bank statements, and if you're self-employed, you'll need them for the last six months.

According to estate agent Anne Porter Knight Frank, you'll also need to be honest about the credit cards you own and the amounts you owe on them, department store accounts you have and all hire purchase agreements you've entered into, including your car, as well as details of other home loans.

You'll also need to give a breakdown of your monthly costs, including domestic help, rates, taxes, water and electricity, maintenance and education costs. And if you have future travel plans, be sure to mention these.

Employment and stamp duty implications

The National Credit Act doesn't just impact on credit agreements... it will also ensure that you're not denied a job because you're blacklisted, as may have been the case in the past. There is however one key exception to this law: when a firm is looking for an employee in a position that requires trust, honesty and the handling of company finances, employment could be denied.

And if you're blacklisted, your name may be removed from the Credit Bureaux. See the details here.

Stamp duty amendments also take effect on Friday: good news if you're a landlord or tenant. So what's the deal? Stamp duty used to be calculated by the value of the rental income over the lease's lifespan. Now stamp duty will be calculated according to the duration of the lease... which means short-term leases of five years or less are exempt from stamp duty. If you've signed a lease of more than five years, you'll pay a stamp duty of 0.5 percent.

Tax amnesty

Finally, small businesses with annual revenues of less than R10-million have until Friday to become tax compliant, if they're not already. The amnesty, which started in August last year, means these businesses are exempt from paying previously unpaid taxes and penalties if they apply before 1 June.

If you want to find out more, visit the South African Revenue Service website for details on the amnesty.

And for more on the National Credit Act, see www.creditombud.org.za, while you can contact the Credit Information Ombud's office on 0860 66 28 37 for any assistance with blacklisting complaints.