| (1) | The Minister, by notice in the Gazette, must determine a threshold for the purpose of determining whether a credit provider is required to be registered in terms of section 40(1). |
[Subsection (1) substituted by section 11 of Act No. 19 of 2014]
| (2) | An initial threshold determined by the Minister in terms of this section takes effect on the effective date, and each subsequent threshold takes effect six months after the date on which it is published in the Gazette. |
| (3) | If, as a result of a determination made by the Minister in terms of subsection (1) after the effective date— |
| (a) | a credit provider is required to be registered for the first time, that credit provider must apply for registration by the time the threshold takes effect, and may thereafter continue to provide credit until the time that the National Credit Regulator makes a decision in respect of its application; |
| (b) | a credit provider who previously was required to be registered falls below the newly determined threshold, that credit provider— |
| (i) | may apply to the National Credit Regulator for a clearance certificate to release it from the obligation to be registered; and |
| (ii) | until the National Credit Regulator makes a decision in respect of such an application, must continue to be registered, despite section 40(1). |
