Which statement is not considered a key step in complying with the National Credit Act?

The statement that is not considered a key step in complying with the National Credit Act is offering a cooling-off period for all loans. The National Credit Act does outline the importance of providing consumers with certain protections and disclosures; however, the concept of a universal cooling-off period is not a mandated requirement for every type of loan within the Act.

The key steps in complying with the National Credit Act emphasize ensuring that credit is granted responsibly. This includes providing a summary of credit information to clients, which helps them understand the terms and conditions of their credit agreements. Additionally, documenting the assessment processes is crucial as it establishes a clear record of how a credit decision was made, ensuring consumers are treated fairly.

While verifying a customer’s financial situation is essential for lending decisions to avoid over-indebtedness, it is more a part of risk management and responsible lending practices than a direct requirement within the context of a cooling-off period stipulation. Thus, the emphasis on an all-inclusive cooling-off period does not align with the central goals of the National Credit Act as effectively as the other steps.