Difference between revisions of "Registration of credit providers"
From The Forum SA
(Threshold reduced from R500 000.00 to R0.00) |
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Section 40 of the National Credit Act requires that a person must apply to be registered as a credit provider if- | Section 40 of the National Credit Act requires that 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 Agreement|credit agreements]], other than [[Incidental credit agreement|incidental credit agreements]]; or | :(a) that person, alone or in conjunction with any associated person, is the credit provider under at least 100 [[Credit Agreement|credit agreements]], other than [[Incidental credit agreement|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). (currently | + | :(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). (currently R0.00) |
[[Category: National Credit Act]] | [[Category: National Credit Act]] | ||
Latest revision as of 04:40, 26 March 2019
Section 40 of the National Credit Act requires that 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). (currently R0.00)
