A very misleading report appeared yesterday in Independant Newspaper publications and on their websites, suggesting that all employers with more then 100 loans to employees would have to register with the National Credit Regulator.
We wish to clarify the issue with our opinion on this matter. With due respect to Ms. Patten or the author of the article, it fails to specify that such loans would only fall under the National Credit Act if interest were charged, if not it would fall outside the Act and no registration would be required.
In …