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Who needs to register
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;
- 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.
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