Basic Conditions of Employment Act, 1997
R 385
National Credit Act, 2005 (Act No. 34 of 2005)RegulationsNational Credit Regulations, 2006Chapter 7 : Record Keeping and RegistersPart A : Record-keeping55. 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. |
