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

Chapter 3 : Consumer Credit Industry Regulation

Part B : Compliance procedures and cancellation of registration

57. Cancellation of registration


(1) Subject to subsection (2), a registration in terms of this Act may be cancelled by the Tribunal on request by the National Credit Regulator, if the registrant repeatedly—
(a) fails to comply with any condition of its registration;
(b) fails to meet a commitment contemplated in section 48(1); or
(c) contravenes this Act.


(2) In any circumstance contemplated in subsection (1) concerning a registrant that is a regulated financial institution, the National Credit Regulator may
(a) impose conditions on the registration of that person, consistent with its licence;
(b) refer the matter to the regulatory authority that licensed that regulated financial institution, with a request that the regulatory authority review that licence in the circumstances; or
(c) at the request, or with the consent, of the regulatory authority that licensed that regulated financial institution, request the Tribunal to cancel the registration.


(3) A regulatory authority to whom a matter is or may be referred in terms of subsection (2)(b)—
(a) must conduct a formal review of the registrant’s licence;
(b) to the extent permitted by the legislation in terms of which the registrant is licensed, may suspend that licence pending the outcome of that review; and
(c) may request, or consent to, the National Credit Regulator filing a request with the Tribunal as contemplated in subsection (2)(c).


(4) The National Credit Regulator must attempt to reach an agreement as contemplated in section 17(4) with any regulatory authority that issues licences to regulated financial institutions, to co-ordinate the procedures to be followed in taking any action in terms of subsections (2) and (3).


(5) If the Tribunal has cancelled a registration, the National Credit Regulator must notify the registrant in writing of—
(a) the cancellation;
(b) the reasons for the cancellation; and
(c) the date of cancellation.


(6) If a registration is cancelled in terms of this section or section 58, the National Credit Regulator must—
(a) cancel the registration certificate; and
(b) amend the register accordingly.


(7) A registration is cancelled as of—
(a) the date on which the Tribunal issues an order, or
(b) in the case of a cancellation in terms of section 58, the date specified by the registrant in the notice of voluntary cancellation.


(8) A registrant whose registration has been cancelled must not engage in any formerly registered activities after the date on which the cancellation takes effect.


(9) The obligations of—
(a) a registrant under this Act, or under any credit agreement in respect of which it is the credit provider, survive any suspension or cancellation of its registration; and
(b) a consumer under a credit agreement survive the cancellation of the credit provider’s registration.