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

Regulations

Free Credit Records Regulations, 2006

3. Initial registration fee prescribed in terms of section 51(1)(b)

 

3(1) The prescribed initial registration fee for registration as a credit provider in terms of section 40 of the Act is
i) the amount as indicated in Table A for each sub-category of registrant, plus;
ii) a branch fee of R250 per location or premises at or from which the applicant conducts registered activities in its own name, as per section 51 (2) and section 40(2)(c) of the Act, subject to the total amount of the branch fees for all the branches of the applicant being limited to the total of the fee as per 3(1)(a) for the particular registrant;

 

Table A

 

Category: Credit Providers

Fee

1) Total principal debt equal or greater than R15 billion

R300.000

2) Total principal debt equal or greater than R5 billion, but less than R15 billion

R180,000 plus 0.001% of the amount by which the total principal debt exceeds R5 billion.

3) Total principal debt equal or greater than R1 billion, but less than R5 billion

R60,000 plus 0.003% of the amount by which the total principal debt exceeds R1 billion.

4) Total principal debt equal or greater than R100 million,  but less than R1 billion

R15,000 plus 0.005% of the amount by which the total principal debt exceeds R100 million.

5) Total principal debt equal or greater than R5 million, but less than R100 million

R6,000 plus 0.01% of the amount by which the total principal debt exceeds R5 million.

6) Total principal debt equal or greater than R1 million, but less than R5 million

R2,000 plus 0.1% of the amount by which the total principal debt exceeds R1 million.

7) Total principal debt less than R1 million

R1,500

 

b) The total principal debt for purpose of determining the applicable initial registration fee for the particular credit provider must be based upon the total principal debt as at the date of the application for registration;
c) For the purpose of determining the initial registration fee, the National Credit Regulator may, at its sole discretion

 

i) allocate a credit provider to a lower sub-category than the category determined by the total principal debt of the particular credit provider or apply a reduced registration fee to the particular applicant, upon receipt of a motivation submitted by the credit provider, showing cause for allocation of the credit provider to such a different category or for such a reduction;
ii) reduce the initial registration fee by a proportion of any registration fee paid by the credit provider to the Micro Finance Regulatory Council in the preceding 12 months;
d) A further branch fee of R250 per location or premises is payable upon submission of an application for an increase in branches if, during the first year of registration, the applicant wishes to increase the number of locations or premises at or from which it conducts registered activities in its own name.

 

3(2) The prescribed initial registration fee for registration as a credit bureaux in terms of section 43 of the Act is as indicated in Table B.

 

Table B

Category: Credit Bureaux

Fee

Credit Bureaux

R10,000, plus R5 per 1,000 consumer credit enquiries

But not to exceed R200,000

 

a) The consumer credit enquiries for purpose of determining the applicable initial registration fee for the particular credit bureaux,
i) is the number of consumer credit enquiries for the 12 month period up to the end of the last month prior to the date of application for registration;
ii) as certified by the Chief Executive Officer of the applicant;
b) For the purpose of determining the initial registration fee, the National Credit Regulator may, at its sole discretion
i) allocate a lower fee to a credit bureaux than the fee as per Table B,
ii) upon receipt of a motivation submitted by the credit bureaux, showing cause for such a reduction.

 

Category: Debt Counsellors

Fee

Debt counsellor

R100

 

3(4) The payment of the initial registration fee, for all applicants
a) must be made by cheque made out to the National Credit Regulator or by electronic transfer to the bank account of the National Credit Regulator;
b) must be made at the same date as the date of submission of the application for registration; or
c) must be made within 20 business days from receipt of notification from the National Credit Regulator.

 

3(5) The National Credit Regulator may refuse to approve the registration of a registrant if payment of the application fee or initial registration fee is not received by the date and in the manner described in paragraphs 2 or 3 of this Notice.

 

 


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