National Credit Act: Do you need to be registered?

Article posted in the National Credit Act Law category on 01-01-2014 11:00:00

Does your company provide credit facilities to consumers?

Is your company registered with the National Credit Regulator as a Registered Credit Provider?

It is important to note that the exemption from the requirement to register as credit provider does not mean that the National Credit Act does not apply.

Credit providers who have less than one hundred credit agreements on their books, incidental credit excluded, and the total value of those agreements are less that R500 000.00 do not have to register in terms of section 40 as credit providers with the National Credit Regulator ('NCR').

Although being relieved from the duty to register with the NCR such small credit providers, and their credit agreements, still need to comply with the requirements of the National Credit Act. Their borrowers will enjoy the protection offered by the National Credit Act.

This is different from the being exempted from the National Credit Act altogether.

Ask your own Legal Question