Enforcement
Compliance Notice
National Credit Regulator (NCR) has bared its teeth against this practice by issuing Compliance Notices to 14 credit providers listed below for contravening certain provisions of the National Credit Act, in particular the retention of borrowers’ bank cards, pension cards, identity documents and/or pin codes.
Compliance Notice 2 / 2007
On 20 December 2007, the National Credit Regulator (NCR) issued a Compliance Notice to TransUnion Credit Bureau for failing to submit an audit report that complies with the requirements of the regulations published under section 73 of the National Credit Act. TransUnion have 15 business days to lodge an objection with the National Consumer Tribunal in respect of the Compliance Notice.
Compliance Notice 1 / 2007
The National Credit Regulator (NCR) issued a Compliance Notice to Rudco Finance Company (Pty) Ltd on 13 August 2007. They had 15 business days to object to the National Consumer Tribunal in respect of this Compliance Notice. Rudco Finance did not object to the notice within this period. The Compliance Notice therefore remains valid.
Consumers, agents and the general public should be aware that credit agreements that are entered into in contravention of this Compliance Notice may be declared unlawful in terms of section 89 (2)(e) of the Act .
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