Gas Regulator Levies Act, 2002
R 385
National Credit Act, 2005 (Act No. 34 of 2005)Chapter 2 : Consumer Credit InstitutionsPart A : National Credit Regulator16. Research and public information |
| (1) | The National Credit Regulator is responsible to increase knowledge of the nature and dynamics of the consumer credit market and industry, and to promote public awareness of consumer credit matters, by— |
| (a) | implementing education and information measures to develop public awareness of the provisions of this Act; |
| (b) | providing guidance to the credit market and industry by— |
| (i) | issuing explanatory notices outlining its procedures, or its non-binding opinion on the interpretation of any provision of this Act; or |
| (ii) | applying to a court for a declaratory order on the interpretation or application of any provision of this Act; |
| (c) | monitoring socio-economic patterns of consumer credit activity within the Republic, and in particular identifying factors concerning— |
| (i) | over-indebtedness; and |
| (ii) | the patterns, causes and consequences of over-indebtedness; |
| (d) | conducting reasonable periodic audits of registered credit providers in respect of historical data relative to credit applications and credit agreements in order to— |
| (i) | establish demographic patterns of the credit market; |
| (ii) | investigate socio-economic trends in the credit market, particularly among persons contemplated in section 13(a); and |
| (iii) | detect patterns of possible discriminatory practices; |
| (e) | monitoring trends in the consumer credit market and industry with respect to— |
| (i) | the needs of persons contemplated in section 13(a); and |
| (ii) | the promotion of black economic empowerment and ownership within the industry; |
| (f) | monitoring trends in the market— |
| (i) | for credit insurance, patterns of sale of credit insurance, costs of credit insurance, performance of credit insurance in meeting the obligations of consumers, and loss ratios of insurers in respect of credit insurance; and |
| (ii) | for alternative dispute resolution agents, the patterns and costs of services, impartiality and neutrality of such agents, and the impact of such agents on the incidence and cost of debt enforcement and consumers’ access to redress in the market; and |
| (g) | over time, reviewing legislation and public regulations, and reporting to the Minister concerning matters relating to consumer credit. |
| (2) | For the purposes of exercising its responsibilities in terms of subsection (1)(f)(i), the National Credit Regulator may— |
| (a) | require an insurer to provide periodic synoptic reports of aggregate information relating to credit insurance policies issued by it, in the prescribed manner and form to the National Credit Regulator, but any such report must not identify any particular consumer or relate a particular consumer to any information so reported; and |
| (b) | make further reasonable requests for information from an insurer related to the information contemplated in paragraph (a). |
