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

Chapter 2 : Consumer Credit Institutions

Part A : National Credit Regulator

12. Establishment of National Credit Regulator


(1) There is hereby established a body to be known as the National Credit Regulator, which—
(a) has jurisdiction throughout the Republic;
(b) is a juristic person;
(c) is independent and subject only to the Constitution and the law;
(d) must exercise its functions in accordance with this Act;
(e) must be impartial; and
(f) must perform its functions—
(i) in as transparent a manner as is appropriate having regard to the nature of the specific function; and
(ii) without fear, favour, or prejudice.


(2) Each organ of state must assist the National Credit Regulator to maintain its independence and impartiality, and to perform its functions effectively.


(3) The National Credit Regulator is responsible to carry out the functions and exercise the powers—
(a) set out in sections 12 to 18; or
(b) assigned to it by or in terms of this Act, or any other national legislation.


(4) In carrying out its functions, the National Credit Regulator may—
(a) have regard to international developments in the field of consumer credit and consumer financing; or
(b) consult any person, organisation or institution with regard to any matter.


(5) In respect to a particular matter within its jurisdiction or responsibility, the National Credit Regulator may exercise its responsibility by way of an agreement contemplated in section 17(4)(b).