Difference between revisions of "Registration of credit providers"
From The Forum SA
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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 | + | :(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 R500 000.00) | :(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 R500 000.00) | ||
[[Category: National Credit Act]] | [[Category: National Credit Act]] | ||
Revision as of 08:52, 23 January 2012
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 R500 000.00)
