South Africa - Apply for Credit Providers License

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Procedure

Apply In-Person:

1. To Apply for Credit Providers License, the applicant has to approach the National Credit Regulator offices link
2. An application form will be provided to the applicant by the concerned officer. Or the applicant can download the application form from the following link
3. The applicant has to fill in all the necessary details in the application form. (Incomplete applications are not accepted)
4. Make sure that the applicant has to attach all the necessary documents that are mentioned in the “Required Documents” section of this page.
5. The applicant has to attach the photocopies of the required documents along with the application form while submitting.
6. Submit all the documents with the completed form to the concerned officer.
7. The applicant has to pay the prescribed fee as mentioned in “Fees” section of this page.
8. After receiving the application, the concerned authority will check the submitted application and document set. If all are in place, the application will be accepted.
9. An acknowledgment receipt will be provided. Please save it for future reference.
10. Then the application will be processed further. All the updates on the application status will be sent via SMS to the applicant’s mobile number.
11. Once the process gets completed, the applicant gets the call from the office regarding the application.
12. This entire process can be completed within 30 days or as per the timeline advised by the respective department authority.

Apply by Mail

1. To Apply for Credit Providers License, the applicant has to mail the completed application to the National Credit Regulator offices link
2. An application form will be provided to the applicant by the concerned officer. Or the applicant can download the application form from the following link
3. The applicant has to fill in all the necessary details in the application form. (Incomplete applications are not accepted)
4. Make sure that the applicant has to attach all the necessary documents that are mentioned in the “Required Documents” section of this page.
5. The applicant has to attach the photocopies of the required documents along with the application form while submitting.
6. Mail all the documents with the completed form to the National Credit Regulator office.
7. The mailing address is given in “Office Locations & Contacts” section of this page.
8. The applicant has to pay the prescribed fee as mentioned in “Fees” section of this page.
9. After receiving the application, the concerned authority will check the submitted application and document set. If all are in place, the application will be accepted.
10. An acknowledgment receipt will be provided. Please save it for future reference.
11. Then the application will be processed further. All the updates on the application status will be sent via SMS to the applicant’s mobile number.
12. Once the process gets completed, the applicant gets the call from the office regarding the application.
13. This entire process can be completed within 30 days or as per the timeline advised by the respective department authority.

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Required Documents

• Completed application form link
• Companies and Intellectual Property Commission (CIPC) registration document or other official legal registration document.
• Copy of the share certificate(s) if applicant is company. Where the majority shareholder is a natural person, please submit the following documentation:
  • Certified copy of the identity document.
  • Part 7 (disqualification of natural person form)
  • Criminal clearance certificate not older than six (6) months)
• Certified copies of ID/Passports of all members/directors/shareholders/trustees/partners/sole proprietors.
• Resolution if applicant is a juristic person (see attached specimen).
• A Criminal Clearance Certificate for all the members/directors/shareholders/trustees/partners or sole proprietors issued by the South African Police Services (SAPS) or other service providers listed in the annexure attached hereto marked A. The clearance certificate must not be older than six (6) months.
• A signed and stamped letter from the bank confirming the applicant’s banking details or a copy of a cancelled blank cheque or a stamped bank statement not older than six (6) months.
• Proof of registration with the South African Revenue Services (SARS).
• Proof of payment of the registration fees

Office Locations & Contacts

NATIONAL CREDIT REGULATOR
127 - 15th Road
Randjespark
Midrand, 1683
232-15th Road (Call-Centre, Complaints and Investigations Department)
Randjespark
Midrand, 1683
Phone - 011 554 2700
Email: [email protected] , [email protected]
Complaints: [email protected]
NCR Reception: 011 554 2700
NCR Call Centre: 0860 627 627
Address and Contact Link

Eligibility

• A person must apply for registration as a credit provider if that person is-
  • The party who supplies goods or services under a discount transaction or instalment sale agreement;
  • The party who advances money or credit under a pawn transaction;
  • The party who extends credit under a credit facility;
  • The mortgagee under a mortgage agreement;
  • The lender under a secured loan;
  • The lessor under a lease;
  • The party to whom an assurance or promise is made under a credit guarantee;
  • The party who advances money or credit to another under any other credit agreement; or
  • Any other person who acquires the rights of a credit provider under a credit agreement after it has been entered into.
• A juristic person or a natural person may apply for registration as a credit provider.
• A person who is required to be registered as a credit provider, but who is not so registered, must not offer, make available or extend credit, enter into a credit agreement or agree to do any of those things.

Fees

• Non-refundable application fee of R550
• Branch fee of R250 per location or premises at or from which the applicant conducts registered activities
• Initial registration fee which is given in the following link

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

Application form link

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• This entire process can be completed within 30 days or as per the timeline advised by the respective department authority.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Applicants must complete the application form before submitting it. Incomplete applications will not be accepted.
• Applicants must provide genuine information while applying for this procedure.

Required Information

• Name of applicant
• Legal status (Please tick appropriate box)
• CIPRO/other official registration number
• Date of commencement of trading
• Financial Year-End
• Income Tax registration number
• VAT registration number
• Contact detail of the Applicant
• Details of Auditor or Accountant
• Details of Compliance Officer
• Members, Directors, Trustees, Partners and General Managers of The Applicant
• Details of Business Premises

Need for the Document

• Credit Provider means the person who grants credit under a credit agreement. Any bank or financial institution must have a valid license to provide such a service.

Information which might help

For more Information – link

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Link

Others

Duties of credit providers
Every consumer right discussed above and in last month’s article entails a duty on the part of the credit provider. The duties on credit providers are onerous and provide many administrative burdens for them. Some of the more important co-relative duties are to:

• Make credit assessments of the consumer;
• Give to the consumer a pre-agreement statement and quotation;
• Give to the consumer a copy of the agreement;
• Give to the consumer a periodic statement of account and further statements on request;
• Protect the confidentiality of information about consumers;
• Report to the National Credit Regulator or credit bureau the details of every credit agreement concluded, as well as the termination of the agreement when the debt has been paid in full;
• Advise the consumer to seek assistance when the consumer is in default;
• Maintain records of credit applications, agreements and accounts as prescribed in the Regulations.