National Credit Act, 2005 (Act No. 34 of 2005)Chapter 3 : Consumer Credit Industry RegulationPart A : Registration requirements, criteria and procedures44A. Registration of payment distribution agents |
| (1) | A person may apply to the National Credit Regulator to be registered as a payment distribution agent. |
(2)
| (a) | A person must not offer or engage in the services of a payment distribution agent, or hold themselves out to the public as being authorised to offer any such service, unless that person is registered as a payment distribution agent in terms of this Chapter. |
| (b) | A consumer is not obliged to make use of the services of a payment distribution agent. |
| (3) | In addition to the requirements of section 46, an applicant for registration as a payment distribution agent must satisfy any prescribed education, experience or competency requirements. |
| (4) | Payment distribution agents must— |
| (a) | maintain fidelity insurance and trust accounts; and |
| (b) | submit such financial accounts as may reasonably be required by the National Credit Regulator for purposes of a financial audit. |
| (5) | No credit provider shall have any direct or indirect interest which is inconsistent with the objects of this Act, in the management or control of the business operations of a payment distribution agent or debt counselling business. |
| (6) | Any natural or juristic person who operated as a payment distribution agent prior to the commencement of the National Credit Amendment Act, 2014, must comply with subsection (1) within a period of 12 months from the date of commencement. |
[Section 44A inserted by section 12 of Act No. 19 of 2014]