In these Regulations, any word or expression defined in the National Credit Act, 2005 bears the same meaning as in the Act:

"accounting officer"

means a person appointed and fulfilling the duties and responsibilities as set out in the Close Corporations Act, 69 of 1984;

"annual financial statements"

means the annual financial statements as required for each specific registrant in terms of applicable legislation. Registrants who are not required by statute to submit annual financial statements must conform with the requirements as set out in the Close Corporations Act 69 of 1984 when required to submit such annual financial statements;

"auditor"

means a person appointed and fulfilling the duties and responsibilities as set out in the Companies Act, 61 of 1973;

"credit cost multiple"

means the ratio of the total cost of credit to the advanced principal debt, that is, the total cost of credit divided by the advanced principal debt expressed as a number to two decimal places;

[Definition inserted by of Notice No. R.202, GG 41224 dated 13 March 2015]

"credit record"

means the consumer's payment profile including, adverse information on a credit profile held by a credit bureau;

[Definition inserted by Notice No. R.202, GG 41224 dated 13 March 2015]

"debt counselling"

means performing the functions contemplated in section 86 of the Act;

"debt counsellor"

means a neutral person who is registered in terms of section 44 of the Act offering a service of debt counselling;

"delivered"

unless otherwise provided for, means sending a document by hand, by fax, by e-mail, or registered mail to an address chosen in the agreement by the proposed recipient, if no such address is available, the recipient’s registered address. Where notices or applications are required to be delivered to the National Consumer Tribunal, such delivery shall be done in terms of the Tribunal’s Rules. Where notices or applications are required to be delivered to the National Credit Regulator, such delivery shall be done by way of hand, fax, e-mail or registered mail to the registered address of the National Credit Regulator,

"discretionary income"

means Gross Income less statutory deductions such as, income tax, unemployment insurance fund, maintenance payments and less Necessary Expenses (at a minimum as defined herein); less all other committed payment obligations as disclosed by a consumer including, such as may appear from the applicant's credit records as held by any Credit Bureau which income is the amount available to fund the proposed credit Instalment;

[Definition inserted by Notice No. R.202, GG 41224 dated 13 March 2015]

"general management or control"

when referring to juristic persons means the directors of a company registered in terms of the Companies Act 61 of 1973, the members of a close corporation, registered in terms of the Close Corporations Act 69 of 1984, for all other juristic persons, the individuals who perform a similar function(s) to the board of directors;

"gross income"

means all income earned without deductions from whatever source;

[Definition inserted by Notice No. R.202, GG 41224 dated 13 March 2015]

"joint consumers"

means consumers that are co-principal debtors who are jointly and severally liable with regard to the same credit agreement and apply jointly for the credit agreement excluding the surety or a credit guarantor under a credit guarantee;

[Definition inserted by Notice No. R.202, GG 41224 dated 13 March 2015]

"National Credit Regulator"

means the National Credit Regulator established in terms of section 12 of the Act;

[Definition inserted by Notice No. R.202, GG 41224 dated 13 March 2015]

"necessary expenses"

means the consumer's minimum living expenses including maintenance payments if applicable as determined in accordance with Regulation 23A(9) excluding monthly debt repayment obligations in terms of credit agreements as reflected on the prospective consumer's credit profile held by a credit bureau;

[Definition inserted by Notice No. R.202, GG 41224 dated 13 March 2015]

"payment profile"

refers to the consumer's payment history in respect of a particular transaction;

[Definition inserted by Notice No. R.202, GG 41224 dated 13 March 2015]

"Ministerial Notice"

means a notice published by the Minister in the Government Gazette, in terms of the Act or these Regulations; and

"the Act"

means the National Credit Act, 2005 (Act No. 34 of 2005) and the Regulations made under the Act.

[Definition amended by regulation 1 of Notice No. 1080, GG 39379, dated 6 November 2015]

"the Regulations"

mean the regulations published by Government Notice No. R. 489 of 31 May 2006.