National Credit Act, 2005 (Act No. 34 of 2005)

Chapter 3 : Consumer Credit Industry Regulation

Purchase

(1)	The National Credit Regulator may review, and propose new conditions on, any registration—

(a)	upon request by the registrant submitted to the National Credit Regulator in the prescribed manner and form;

(b)	if at least five years have passed since the National Credit Regulator last reviewed or varied the conditions of registration;

(c)	if the registrant has contravened this Act;

[Subsection (1)(c) amended by section 17(a) of Act No. 19 of 2014]

(d)	if the registrant—

(i)	has not satisfied any conditions attached to its registration;

(ii)	has not met any commitment or undertaking it made in connection with its registration; or

(iii)

has breached any approved code of conduct applicable to it,

and cannot provide adequate reasons for doing so; or

[Subsection (1)(d) amended by section 17(b) of Act No. 19 of 2014]

(e)	if the National Credit Regulator, on compelling grounds, deems it necessary for the attainment of the purposes of this Act and efficient enforcement of its functions.

[Subsection (1)(e) inserted by section 17(c) of Act No. 19 of 2014]

(2)	Before imposing a condition in terms of subsection (1)(c) or (d), the National Credit Regulator must provide the registrant with a reasonable opportunity to remedy the shortcoming in its conduct.

(3)	The National Credit Regulator may impose new or alternative conditions—

(a)	in the case of a regulated financial institution—

(i)	only to the extent that the conditions are consistent with its licence; and

(ii)	if the review is under subsection (1)(c) or (d), only to the extent that the conditions are reasonable and justifiable in the circumstances that gave rise to the review; or

(b)	in the case of any other registrant, if the review is under subsection (1)(c) or (d), only to the extent that the conditions are reasonable and justifiable in the circumstances that gave rise to the review.