Who needs to register?

 

Requirements for registering as a credit provider as per Section 40, 41, and regulation 4 of the National Credit Amendment Act, 19 of 2014:

 

·         A person must apply for registration as a credit provider if that person is-

 

Ø  The party who supplies goods or services under a discount transaction or instalment sale agreement;

 

Ø  The party who advances money or credit under a pawn transaction;

 

Ø  The party who extends credit under a credit facility;

 

Ø  The mortgagee under a mortgage agreement;

 

Ø  The lender under a secured loan;

 

Ø  The lessor under a lease;

 

Ø  The party to whom an assurance or promise is made under a credit guarantee;

 

Ø  The party who advances money or credit to another under any other credit agreement; or

 

Ø  Any other person who acquires the rights of a credit provider under a credit agreement after it has been entered into.

 

·         A juristic person or a natural person may apply for registration as a credit provider.

 

·         A person who is required to be registered as a credit provider, but who is not so registered, must not offer, make available or extend credit, enter into a credit agreement or agree to do any of those things.

 

Although basic registration of credit providers is under this Act -

 

·         The Regulator may impose conditions to address matters relating to the purpose of the Act generally;

 

·         The Regulator will further consider the application relating to BBBEE and combating over-indebtedness concerns specifically; and

 

·         A credit provider who intends to enter into developmental credit agreements must apply for supplementary registration, and satisfy the requirements for such registration.

 

·         For further information, refer to the relevant sections of the Act

 

Subscribe to media release on lselibi@ncr.org.za 

Quick Contact

Telephone: 011 554 2600
Toll Share: 0860 627 627 / 0860 NCR NCR

Login Form