Do you qualify to register as a credit provider? Sure, reading through the entire National Credit Act can make you want to grab a coffee ’cos you’re gonna be here a while. Which is why we at DelterIT took it upon ourselves to create this bite-sized piece of the NCA to answer your question. For a quick overview, look at our infographic, or scroll down for more info.
So… Do you qualify to register as a credit provider?
First things first, you may not be registered as a credit bureau. You may also not be registered as a credit provider if you’re an unrehabilitated insolvent.
Furthermore, you may not be registered as a credit provider if you:
- are under the age of 18 years;
- are as a result of a court order, listed on the register of excluded persons in terms of section 14 of the National Gambling Act, 2004 (Act NO. 7 of 2004)
- are subject to an order of a competent court holding that you are mentally unfit or disordered;
- ever been removed from an office of trust on account of misconduct relating to fraud or the misappropriation of money, whether in the Republic or elsewhere;
- have ever been a director or member of a governing body of an entity at the time that such an entity has
- been involuntarily deregistered in terms of a public regulation;
- brought the consumer credit industry into disrepute; or
- acted with disregard for consumer rights generally; or
- have been convicted during the previous 10 years, in the Republic or elsewhere of
- theft, fraud, forgery or uttering a forged document, perjury, or an offence under the Prevention and Combating of Corrupt Activities Act, 2004 (Act No. 12 of 2004), or comparable legislation of another jurisdiction;
- a crime involving violence against another natural person; or
- an offence in terms of this Act, a repealed law or comparable provincial legislation and has been sentenced to imprisonment without the option of a fine unless the person has received a grant of amnesty or free pardon for the offence.