Registration of credit providers

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)