The amendments to the National Credit Act (hereafter “the Act”) was published in June 2014 and came into effect on 13 March 2015. One of the biggest amendments are with regards to the registration of credit providers.
Section 40 of the Act read: ‘‘(1) A person must apply to be registered as a credit
provider if —
(a) that person, alone or in conjunction with any associated person, is the credit provider under at least 100 credit agreements, other than incidental credit agreements; or
(b) the total principal debt owed to that credit provider under all outstanding credit agreements, other than incidental credit agreements, exceeds the threshold prescribed in terms of section 42(1).’’
This section has been amended by deleting (a) and this only (b) will apply. Thus no longer will a credit provider only have to register if it only has more than 100 credit agreements. A credit provider will have to register if all its credit agreements exceed the threshold prescribed in section 42(1).
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