The Business Report comments on the press release from the Nomsa Motshegare, the National Credit Regulator (NCR)’s registration manager.

“According to the National Credit Act (Act No. 34 of 2005), all credit providers and credit bureaus must register with the National Credit Regulator within 40 business days from 1 June 2006.

“It will therefore be an offence for credit providers and credit bureaus to conduct any business after the closing date if they are not registered with the NCR,” Motshegare said in the statement.

Among other things, the NCR is responsible for the regulation of the South African consumer credit industry.

Motshegare stressed the urgent need for registration and said that the NCR has already held meetings with some of the associations of credit providers.

“We will be publishing a notice in the various newspapers this week to alert the credit providers and credit bureaus. We will also be conducting workshops with credit bureaus and registered professionals (auditors & accounting officers) on July 3 and 4 respectively,” says Motshegare