South Africa: Consolidated Regulations

REGULATIONS MADE IN TERMS OF THE NATIONAL CREDIT ACT 2005

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Last checked: 9 October 2019

NATIONAL CREDIT ACT

REGULATIONS MADE IN TERMS OF THE NATIONAL CREDIT ACT, 2005
[Updated to 11 May 2016]

GoN R949, G. 29245 (c.i.o 21 September 2006),
GoN 514, G. 39981 (c.i.o 11 May 2016).

Prescribed Time Frame for Free Credit Records,
and
Determination of Application and Registration Fees

By virtue of the power vested in me by section 171 of the National Credit Act, 2005, I, Mandisi Mpahlwa, Minister of Trade and Industry, hereby—

  1. prescribe the time-frame and schedule for consumers to inspect their credit records in terms of section 73(1)(b) of the National Credit Act, 2005 (Act 34 of 2005), as per Schedule 1 hereto;
  1. prescribe the fees in terms of section 51 of the National Credit Act, 2005 (Act 34 of 2005), as per Schedule 2 hereto.

(Signed) 19-09-2006
Mandisi Mpahlwa, MP Date
Minister of Trade and Industry

ARRANGEMENT OF REGULATIONS

  1. Time-Frame and Schedule prescribed in terms of section 73(1)(b)
  1. Definitions
  2. Application fee prescribed in terms of section 51(1)(a)
  3. Initial registration fee prescribed in terms of section 51(1)(b) and annual renewal registration fees in terms of the section 51(1)(c)
  1. Time-Frame and Schedule prescribed in terms of section 73(1)(b)

For the first 12 months from 1 September 2006, the right of every person to inspect any credit bureaux, or national credit register, file or information concerning that person free of charge, as per section 72(1)(b)(i)(aa), may only be exercised during or after the month in which the person was born, as per the following table:

Period Consumers entitled to exercise their right September 2006 Only Consumers born in September October 2006 Only Consumers born in September or October November 2006 Only Consumers born during months from September to November December 2006 Only Consumers born during months from September to December January 2007 Only Consumers born during months from September to January February 2007 Only Consumers born during months from September to February March 2007 Only Consumers born during months from September to March April 2007 Only Consumers born during months from September to April Only Consumers born during months from September to May Only Consumers born during months from September to June Only Consumers born during months from September to July August 2007 Only Consumers born during months from September to August

“consumer credit enquiries” include—

(a) any report containing consumer credit information that is issued by a credit bureaux; and

(b) any extraction of information from the record of consumer credit information of a particular consumer;

(c) where such a report or extraction is issued or information provided to a person for payment, as envisaged in section 43(1) of the Act,

but do not include—

(i) an extraction of information for the purpose of doing research relating to the development of a score card for a credit bureau or any other person; or

(ii) an extraction of information for the purpose of providing a report to the National Credit Regulator;

“the Act” means the National Credit Act, 2005 (Act 34 of 2005);

“the Regulations” means the Regulations made in terms of the National Credit Act, 2005 (Act 34 of 2005);

“total principal debt” means total principal debt owed to that credit provider under all outstanding credit agreements, other than incidental credit agreements, as per section 40(1)(b) of the Act.

  1. Application fee prescribed in terms of section 51(1)(a)

The prescribed application fee in terms of Section 51(1)(a) of the Act is R550—

(a) is payable by each applicant upon application for registration as a credit provider, a credit bureau, a debt counsellor, a payment distribution agent or an alternative dispute resolution agent;

(b) must be paid to the National Credit Regulator upon submission of the application for registration; and

(c) must be paid by cheque made out to the National Credit Regulator, or by electronic transfer to the bank account of the National Credit Regulator.

[Sch 2 item 2 subs by item 2 of GoN 514 in G. 39981.]

  1. Initial registration fee prescribed in terms of section 51(1)(b) and annual renewal registration fees in terms of the section 51(1)(c)
Category: Credit provider

Penalty for late renewal of registration in terms of section 51(1)(d). Registration outstanding for less than 15 days (10% of the registration fees)

Penalty for late renewal of registration in terms of section 51(1)(d). Registration outstanding for more than 15 days (20% of the registration fees)