Registration

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Registration
The Registration Division is responsible for the registration of Credit Providers, Credit Bureaux and Debt Counsellors. It also monitors compliance with the conditions laid out in the Act as well as the handling of queries related to the registration process.

Who needs to register?
The National Credit Act requires credit providers, debt counsellors and credit bureaux to register with the NCR with effect from 01 June 2006.

Credit providers
Registration requirements:

Credit providers who have entered into at least 100 agreements or have a total outstanding book of credit of more than R500 000;

Important Notice

Are juristic persons and individuals;
Have a commitment to combating over-indebtedness.

These registration requirements exclude persons who:

Has fewer than 100 agreements, or a total outstanding book of credit equal to or less than R500 000;
Provides incidental credit as a result of outstanding transactions.

Note: that 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 BEE and 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

Providers of Developmental credit
In addition to registering as credit providers, as laid out above, providers of developmental credit are required to comply with Section 41 of The Act. This includes credit co-operatives and suppliers of credit for education, small business development, and low income housing.

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

Click here for the relevant forms

Registration of Credit bureaux
The Act requires registration of all credit bureaux. This excludes credit providers or employees of credit providers. An entity qualifies to register as a credit bureaux if it is engaged in the business of receiving reports or investigating credit applications, credit agreements, payment history or patterns, or consumer credit information relating to consumers or prospective consumers. These entities must also be in the business of compiling and maintaining data and issuing reports concerning consumers.

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

Click here for the relevant forms

Registration of Debt Counsellors
The Act makes provision for the registration of debt counsellors which have complied with all the provisions of The Act and satisfied the training requirements of the NCR.
Debt cousellors will conduct independent enquiries into consumers financial circumstances and make recommendations to the courts concerning debt restructuring and suspension of reckless credit agreements.

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

Click here for the relevant forms