{"id":45,"asset_id":"158","title":"Registration as a Reseller Credit Bureau","alias":"registration-as-a-reseller-credit-bureau","introtext":"<p>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 issuing reports concerning consumers.<\/p>\r\n<ul>\r\n<li>For further information, refer to the\u00a0<a href=\"..\/documents\/pages\/registration&amp;compliance\/credit_bureau\/7.%20Registration%20(section%2067%20-%2073).pdf\" target=\"_blank\" rel=\"noopener noreferrer\">relevant sections of the Act<\/a><\/li>\r\n<li>For further information, refer to the\u00a0<a href=\"..\/documents\/pages\/registration&amp;compliance\/credit_bureau\/Reg.regs.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">relevant sections of the Regulations<\/a><\/li>\r\n<\/ul>\r\n<p><strong>Requirements for registering as a credit bureau as per Section 43, and regulation 4 of the National Credit Amendment Act, 19 of 2014:<\/strong><\/p>\r\n<ol>\r\n<li>The National Credit Regulator will not register a person as a credit bureau unless that person -\r\n<ul>\r\n<li>Maintains and imposes appropriate qualifications, competence, knowledge and experience requirements for its employees or contractor who will have the authority to represent it in any function under the Act;<\/li>\r\n<li>Has sufficient human, financial and operational resources to enable it to function efficiently and to carry out effectively its functions in terms of the act or presents a credible plan to acquire or develop such resources;<\/li>\r\n<li>\u00a0\u00a0\u00a0\u00a0\u00a0 Has adopted procedures to ensure that questions, concerns and complaints of\u00a0 consumers or credit providers are treated equitably and consistently in a timely,\u00a0 efficient and courteous manner, or presents to the NCR a credible plan to acquire or\u00a0 develop those procedures and,<\/li>\r\n<li>\u00a0\u00a0\u00a0 Is registered with the South African Revenue Services.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>In addition to the requirements of section 46, a person may not be registered as a credit bureau if any person who has a controlling interest in the applicant is \u2013\r\n<ul>\r\n<li>a credit provider;<\/li>\r\n<li>a debt collection agency; or<\/li>\r\n<li>a person who conducts any disqualified business prescribed in terms of subsection (5)<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>A natural person may not be registered as a credit bureau.<\/li>\r\n<\/ol>\r\n<p><strong>REGISTRATION PROCESS<\/strong><\/p>\r\n<p><strong>Documents and information required for the application for Registration as a Reseller Credit Bureau in terms of Section 43 of the National Credit Amendment Act, 19 of 2014:<\/strong><\/p>\r\n<ol>\r\n<li>Completed and signed application form (Form 5).<\/li>\r\n<li>Business plan including details of the organization\u2019s business model, and projected income for the first year of operation as a reseller credit bureau.<\/li>\r\n<li>Companies and Intellectual Property Commission (CIPC) registration document or other legal registration document.<\/li>\r\n<li>Copy of the organization\u2019s share certificate.<\/li>\r\n<li>Certified copies of ID\/Passports of all members\/directors or trustees\/shareholders.<\/li>\r\n<li><a href=\"documents\/pages\/registration&amp;compliance\/credit_bureau_reseller\/Resolution- Reseller CB.doc\" target=\"_blank\" rel=\"noopener noreferrer\">Resolution<\/a> of applicant.<\/li>\r\n<li>A Criminal Clearance Certificate for all the members\/directors or trustees issued by the South African Police Services (SAPS) or other service providers listed in the annexure <a href=\"documents\/pages\/registration&amp;compliance\/credit_bureau_reseller\/List of service providers for criminal clearance certificate..xlsx\">attached hereto<\/a> marked A. The clearance certificate must not be older than six (6) months. (Please create a link).<\/li>\r\n<li>Proof of payment of the registration fees:\r\n<ul>\r\n<li>Non-refundable application fee of R550;<\/li>\r\n<li>Branch fee of R250 per location or premises at or from which the applicant conducts registered activities;<\/li>\r\n<li>Initial registration fee as indicated in the table below.<br \/>\r\n<table class=\"table table-bordered table-striped\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\r\n<tbody>\r\n<tr>\r\n<td valign=\"top\" width=\"199\">\r\n<p><strong>Category<\/strong><\/p>\r\n<\/td>\r\n<td valign=\"top\" width=\"709\">\r\n<p><strong>Fee<\/strong><\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td valign=\"top\" width=\"199\">\r\n<p>Reseller Credit Bureaux<\/p>\r\n<\/td>\r\n<td valign=\"top\" width=\"709\">\r\n<p>R11,000<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ol>","fulltext":"","state":1,"catid":"29","created":"2019-04-11 13:19:26","created_by":"915","created_by_alias":"","modified":"2020-10-01 15:12:24","modified_by":"915","checked_out":"915","checked_out_time":"2020-10-01 15:10:53","publish_up":"2019-04-11 13:19:26","publish_down":"0000-00-00 00:00:00","images":"{\"image_intro\":\"\",\"float_intro\":\"\",\"image_intro_alt\":\"\",\"image_intro_caption\":\"\",\"image_fulltext\":\"\",\"float_fulltext\":\"\",\"image_fulltext_alt\":\"\",\"image_fulltext_caption\":\"\"}","urls":"{\"urla\":false,\"urlatext\":\"\",\"targeta\":\"\",\"urlb\":false,\"urlbtext\":\"\",\"targetb\":\"\",\"urlc\":false,\"urlctext\":\"\",\"targetc\":\"\"}","attribs":"{\"article_layout\":\"\",\"show_title\":\"\",\"link_titles\":\"\",\"show_tags\":\"\",\"show_intro\":\"\",\"info_block_position\":\"\",\"info_block_show_title\":\"\",\"show_category\":\"\",\"link_category\":\"\",\"show_parent_category\":\"\",\"link_parent_category\":\"\",\"show_associations\":\"\",\"show_author\":\"\",\"link_author\":\"\",\"show_create_date\":\"\",\"show_modify_date\":\"\",\"show_publish_date\":\"\",\"show_item_navigation\":\"\",\"show_icons\":\"\",\"show_print_icon\":\"\",\"show_email_icon\":\"\",\"show_vote\":\"\",\"show_hits\":\"\",\"show_noauth\":\"\",\"urls_position\":\"\",\"alternative_readmore\":\"\",\"article_page_title\":\"\",\"show_publishing_options\":\"\",\"show_article_options\":\"\",\"show_urls_images_backend\":\"\",\"show_urls_images_frontend\":\"\"}","version":17,"ordering":"1","metakey":"","metadesc":"","access":"1","hits":"51","metadata":"{\"robots\":\"\",\"author\":\"\",\"rights\":\"\",\"xreference\":\"\"}","featured":"0","language":"*","xreference":""}