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Debt Counsellors and Credit Bureaux Registration

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Debt Counsellors and Credit Bureaux Registration

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Questions and Answers

What type of credit agreement is a loan provided to a juristic person by someone with a controlling interest in that juristic person?

Exempt from the National Credit Act (correct)

Large credit agreement

Small credit agreement

Intermediate credit agreement

What is the primary function of the National Credit Regulator?

To provide debt counseling services

To issue credit reports

To register credit providers

To investigate alleged contraventions of the National Credit Act (correct)

What is the consequence of a credit provider not registering with the National Credit Regulator?

Any credit agreement entered into by the unregistered person is void (correct)

The credit provider will be banned from operating

The credit provider will be suspended

A fine will be imposed

What is the purpose of the register maintained by the National Credit Regulator?

To list credit providers, credit bureaux, and debt counsellors Signup and view all the answers

What is the timeframe for a person to apply to review a compliance notice issued by the National Credit Regulator?

15 business days Signup and view all the answers

What is the role of the National Consumer Tribunal in relation to a compliance notice?

To review and modify compliance notices Signup and view all the answers

What is the consequence of a credit provider failing to comply with a provision of the National Credit Act?

A compliance notice will be issued Signup and view all the answers

What is the purpose of debt counseling services?

To assist consumers in managing their debt Signup and view all the answers

What is the role of the National Credit Regulator in relation to credit bureaux?

To regulate credit bureaux Signup and view all the answers

What is the consequence of a credit provider not complying with a provision of the National Credit Act?