| (1) | Subject to subsection (2), the National Credit Regulator may issue a notice in the prescribed form to any person who, or association of persons, that— |
| (a) | is engaging in an activity that, in terms of this Act, requires registration, or offering to engage in such an activity, or holding themselves out as authorised to engage in such an activity; and |
| (b) | is not registered in terms of this Act to engage in that activity, |
requiring that person or association to stop engaging in, offering to engage in or holding themselves out as authorised to engage in, that activity.
| (3) | A notice contemplated in subsection (1) must set out— |
| (a) | the name of the person or association to whom the notice applies; |
| (b) | details of the nature and extent of the activity concerned; |
| (c) | the date from which the unregistered person must discontinue engaging in that activity; |
| (d) | the basis of the opinion that the person engaging in that activity is required to be registered; and |
| (e) | any penalty that may be imposed in terms of this Act if the person fails to discontinue that activity. |
| (4) | Subject to section 59, a notice issued in terms of this section remains in force until— |
| (a) | a registration certificate is issued to the person to whom the notice was issued; or |
| (b) | the notice is set aside by the Tribunal, or a court upon an appeal or review of a Tribunal decision Concerning the notice. |
| (5) | Failure to comply with a notice issued in terms of this section is an offence. |
