National Credit Act, 2005 (Act No. 34 of 2005)Chapter 3 : Consumer Credit Industry RegulationPart B : Compliance procedures and cancellation of registration57. Cancellation of registration |
| (1) | Subject to subsection (2), a registration in terms of this Act may be cancelled by the Tribunal on request by the National Credit Regulator, if the registrant repeatedly— |
| (a) | fails to comply with any condition of its registration; |
| (b) | fails to meet a commitment contemplated in section 48(1); or |
| (c) | contravenes this Act. |
| (2) | In any circumstance contemplated in subsection (1) concerning a registrant that is a regulated financial institution, the National Credit Regulator may |
| (a) | impose conditions on the registration of that person, consistent with its licence; |
| (b) | refer the matter to the regulatory authority that licensed that regulated financial institution, with a request that the regulatory authority review that licence in the circumstances; or |
| (c) | at the request, or with the consent, of the regulatory authority that licensed that regulated financial institution, request the Tribunal to cancel the registration. |
| (3) | A regulatory authority to whom a matter is or may be referred in terms of subsection (2)(b)— |
| (a) | must conduct a formal review of the registrant’s licence; |
| (b) | to the extent permitted by the legislation in terms of which the registrant is licensed, may suspend that licence pending the outcome of that review; and |
| (c) | may request, or consent to, the National Credit Regulator filing a request with the Tribunal as contemplated in subsection (2)(c). |
| (4) | The National Credit Regulator must attempt to reach an agreement as contemplated in section 17(4) with any regulatory authority that issues licences to regulated financial institutions, to co-ordinate the procedures to be followed in taking any action in terms of subsections (2) and (3). |
| (5) | If the Tribunal has cancelled a registration, the National Credit Regulator must notify the registrant in writing of— |
| (a) | the cancellation; |
| (b) | the reasons for the cancellation; and |
| (c) | the date of cancellation. |
| (6) | If a registration is cancelled in terms of this section or section 58, the National Credit Regulator must— |
| (a) | cancel the registration certificate; and |
| (b) | amend the register accordingly. |
| (7) | A registration is cancelled as of— |
| (a) | the date on which the Tribunal issues an order, or |
| (b) | in the case of a cancellation in terms of section 58, the date specified by the registrant in the notice of voluntary cancellation. |
| (8) | A registrant whose registration has been cancelled must not engage in any formerly registered activities after the date on which the cancellation takes effect. |
| (9) | The obligations of— |
| (a) | a registrant under this Act, or under any credit agreement in respect of which it is the credit provider, survive any suspension or cancellation of its registration; and |
| (b) | a consumer under a credit agreement survive the cancellation of the credit provider’s registration. |