“The provisions of this Act apply to such credit contracts or categories of credit contracts, which the Minister may set from time to time through a communication to the Official Journal: unless the Minister has the authority to apply these provisions to credit contracts in which the Namibian Act 75 Act of 1980 (the Credit Agreements Act) has recently effected substantial amendments. The amendments to the Credit Agreement Amendment Act 3 of 2016 came into effect on August 1, 2016. The Namibia Credit Agreements Act 75 of 1980 (Credit Agreements Act) has recently been significantly amended. The amendments to the Credit Agreement Amendment Act 3 of 2016 came into effect on August 1, 2016. The Credit Contracts Act regulates certain transactions in which personal property is leased or purchased on credit or certain services are provided on credit and sets limits on the amount of deposit payable and the duration of the repayment period for selected leasing or credit transactions. The amendable law was passed to achieve a general reduction in the credit transactions of ordinary Nibibian citizens, many of whom live beyond their financial means and thus go into debt with credit contracts. It aims to: (i) change the definition of “rental”; (ii) law enforcement; and (iii) possible penalties to be applied in the event of an infringement. In addition, the provisions of the Credit Agreements Act, previously defined under Notice AG 67 of May 27, 1981 (communication 1981), applied only to credit transactions with a cash price of N$100,000 or less. However, the amendable law removed the entirety of the 1981 communication, including provisions limiting the cash price to N100,000 or less. From now on, the provisions of the Credit Contracts Act therefore apply to all credit contracts, regardless of the cash price. Whereas the Credit Contracts Act previously excluded agreements in which the debtor became the owner of the property or re-established the ownership or use of the goods of the definition of “rental-sale,” the amending law explicitly included these types of credit contracts in the definition.