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


National Credit Regulations, 2006

Chapter 7 : Record Keeping and Registers

Part A : Record-keeping

55. Records of registered activities to be retained by registrants


(1) In addition to any records that must be kept in terms of the Act, a registrant must maintain the following records relating to its registered activities, which records may be kept in electronic format,
(a) Debt Counsellors, in respect of each consumer:
(i) application for debt review,
(ii) copy of all documents submitted by the consumer,
(iii) copy of rejection letter (if applicable);
(iv) debt restructuring proposal,
(v) copy of any order made by the tribunal and/or the court;
(vi) copy of clearance certificate;
(b) Credit Providers, in respect of each consumer:
(i) application for credit;
(ii) application for credit declined;
(iii) reasons for decline of application for credit;
(iv) pre-agreement statement and quote;
(v) credit agreement entered into with consumer;
(vi) documentation in support of steps taken in terms of section 81(2) of the Act;
(vii) record of payments made;
(viii) documentation in support of any steps taken after default by consumer;
(c) Credit Providers, in respect of operations:
(i) record of income, expenses and cash flow,
(ii) credit transaction flows;
(iii) management accounts and financial statements;
(d) Credit Bureaux,
(i) All documents relating to disputes, inclusive of but not limited to:
(aa) documents from the consumer;
(bb) documents from the entity responsible for disputed information;
(cc) documents pertaining to the investigation of the dispute;
(ii) Correspondence addressed to and received from sources of information as set out in section 70(2) of the Act and Regulation 18(7) pertaining to issues of disputed information.


(2) Records that are required to be maintained in terms of the Act must be—
(a) maintained in paper or electronic format;
(b) readily accessible for a period of three years, subject to regulation 56.


(3) A record that is kept in electronic format must be reproduced in paper form within a period of five business days after a request by the National Credit Regulator.


(4) If a person has appointed a third party to maintain the person's records, as required by this Act-
(a) that appointment does not absolve that person of any responsibility to maintain the records in accordance with the Act; and
(b) that person must ensure that any records maintained by the third party will be available without any undue delay.


(5) All records must be kept for a period of three years from the earlier of the date on which the registrant created, signed or received the document.