Commencement: Commencement date: 1 June 2006 [Proc. (5) A person appointed in terms of subsection (4) is not an inspector within the meaning of this Act.
BE IT ENACTED by the Parliament of the Republic of South Africa, as follows:- ARRANGEMENT OF SECTIONS CHAPTER 1INTERPRETATION, PURPOSE AND APPLICATION OF ACT Part AInterpretation Sections1. (Commencement date of section 24: 1 June 2006) (1) The Chief Executive Officer or any employee duly authorised by the Chief Executive Officer - (Words preceding section 25(1)(a) substituted by section 5 of Act 19 of 2014) (a) may appoint any suitable employee of the National Credit Regulator, or any other suitable person employed by the State, as an inspector; and (b) must issue each inspector with a certificate in the prescribed form stating that the person has been appointed as an inspector in terms of this Act.
38557, dated 13 March 2015] It is hereby notified that the President has assented to the following Act, which is hereby published for general information:- (English text signed by the President.)(Assented to 10 March 2006.) ACT To promote a fair and non-discriminatory marketplace for access to consumer credit and for that purpose to provide for the general regulation of consumer credit and improved standards of consumer information; to promote black economic empowerment and ownership within the consumer credit industry; to prohibit certain unfair credit and credit-marketing practices; to promote responsible credit granting and use and for that purpose to prohibit reckless credit granting; to provide for debt re-organisation in cases of over-indebtedness; to regulate credit information; to provide for registration of credit bureaux, credit providers and debt counselling services; to establish national norms and standards relating to consumer credit; to promote a consistent enforcement framework relating to consumer credit; to establish the National Credit Regulator and the National Consumer Tribunal; to repeal the Usury Act, 1968, and the Credit Agreements Act, 1980; and to provide for related incidental matters. Threshold determination and industry tiers Part CClassification and categories of credit agreements 8. (Section 23(5) added by section 4(c) of Act 19 of 2014)(Commencement date of section 23: 1 June 2006) The Chief Executive Officer, and each other employee of the National Credit Regulator, must not- (a) engage in any activity that may undermine the integrity of the National Credit Regulator; (b) participate in any investigation, hearing, or decision concerning a matter in respect of which that person has a direct financial interest or any similar personal interest; (c) make private use of, or profit from, any confidential information obtained as a result of performing that person's official functions in the National Credit Regulator; or (d) divulge any information referred to in paragraph (c) to any third party, except as required as part of that person's official functions within the National Credit Regulator.
Limited application of Act when consumer is juristic person7. (Section 23(4) added by section 4(c) of Act 19 of 2014) (5) The Minister may appoint a person who is suitably qualified and experienced, as a Deputy Chief Executive Officer to assist the Chief Executive Officer in carrying out the functions of the National Credit Regulator.
Limited application of Act to incidental credit agreements6. Public interest credit agreements CHAPTER 2CONSUMER CREDIT INSTITUTIONS Part ANational Credit Regulator 12. (Section 23(3) added by section 4(c) of Act 19 of 2014) (4) The Chief Executive Officer may— (a) assign management and other duties to employees with appropriate skills to assist the National Credit Regulator in the management, or control of the National Credit Regulator; and (b) delegate, with or without conditions, any of the powers or functions of the Chief Executive Officer to any suitably qualified employee of the National Credit Regulator, but such delegation does not divest the Chief Executive Officer of responsibility for the exercise of any power or performance of any duty.
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When you click on a Sponsored Product ad, you will be taken to an Amazon detail page where you can learn more about the product and purchase it.To learn more about Amazon Sponsored Products, click here. the date of commencement of the National Credit Amendment Act 19 of 2014 – to date] NATIONAL CREDIT ACT 34 OF 2005Government Notice 230 in Government Gazette 28619, dated 15 March 2006. (4) The Chief Executive Officer may appoint or contract with any suitably qualified person to conduct research, audits, inquiries or other investigations on behalf of the National Credit Regulator. Registration functions of National Credit Regulator15. Enforcement functions of National Credit Regulator16. (Section 23(2) deleted by section 4(b) of Act 19 of 2014) (3) The Chief Executive Officer is the accounting authority for the National Credit Regulator, and as such is responsible for— (a) all income and expenditure of the National Credit Regulator; (b) all revenue collected by the National Credit Regulator; (c) all assets, and the discharge of all duties and liabilities of the National Credit Regulator; and (d) proper and diligent implementation of this Act in order to achieve the objects stipulated in this Act. (Section 23(1) substituted by section 4(a) of Act 19 of 2014) (2) .......... Reporting requirements of National Credit Regulator19. (2) The Minister must table in Parliament any report submitted in terms of- (a) section 13(c) or section 16(1)(g); or (b) any other provision of this Part, if that report deals with a substantial matter relating to the purposes of this Act. Appointment of Chief Executive Officer (1) The Minister must appoint a suitably qualified and experienced person as Chief Executive Officer of the National Credit Regulator, who must be responsible for all matters pertaining to the functions of the National Credit Regulator.