| (1) |
If a person qualifies to be registered as a credit provider, the National Credit Regulator must further apply the following criteria in respect of the application: |
[Subsection (1) substituted by section 15(a) of Act No. 19 of 2014]
| (a) |
to the extent it is appropriate having regard to the nature of the applicant, the commitments, if any, made by the applicant or any associated person in terms of black economic empowerment considering the purpose, objects and provisions of the Broad-based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003); |
| (b) |
the commitments, if any, made by the applicant or any associated person in connection with combating over-indebtedness and compliance with a prescribed code of conduct as well as affordability assessment regulations made by the Minister on the recommendation of the National Credit Regulator; and |
[Subsection (1)(b) substituted by section 15(b) of Act No. 19 of 2014]
| (c) |
registration with the South African Revenue Services. |
| (1A) |
The Minister may prescribe criteria and measures to determine the outcome of affordability assessments provided for in this section. |
[Subsection (1A) inserted by section 15(c) of Act No. 19 of 2014]
| (2) |
If the National Credit Regulator has determined that an applicant qualifies for registration as a debt counsellor, the National Credit Regulator must further consider the application, relating to the applicant’s education, experience and competence relative to any prescribed standards. |
| (3) |
The National Credit Regulator, having regard to the objects and purposes of this Act, the circumstances of the application and the applicable criteria set out in subsections (1) and (2), may propose any conditions on the registration of an applicant by delivering a written notice in the prescribed manner and form setting out the proposed conditions, and the reasons for them. |
| (4) |
Conditions contemplated in subsection (3) may extend to an associated person, and in any case must be— |
| (a) |
reasonable and justifiable in the circumstances; and |
| (5) |
An applicant who has received a proposal of conditions must respond to the National Credit Regulator within— |
| (a) |
20 business days after the date on which the applicant received the proposal; or |
| (b) |
such longer period as the National Credit Regulator may permit, on good cause shown. |
| (6) |
If an applicant who has received a proposal of conditions— |
| (a) |
consents to the conditions being imposed, the National Credit Regulator must register the applicant, subject only to the conditions as proposed; or |
| (b) |
does not respond, or responds but does not consent to the proposed conditions, the National Credit Regulator must consider any response submitted by the applicant and may finally determine the conditions to be imposed and register the applicant. |
| (7) |
The National Credit Regulator must— |
| (a) |
inform an applicant in writing of a decision in terms of subsection (6); and |
| (b) |
provide written reasons for that decision if the National Credit Regulator has amended a previously proposed condition. |
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