| (1) | A registrant who voluntarily requests that his or her registration be cancelled must— |
| (a) | submit a notice in the prescribed manner and form, and an affidavit to the National Credit Regulator, stating— |
| (i) | the registrant’s intention to voluntarily cancel his or her registration; |
| (ii) | reasons for such cancellation; and |
| (iii) | the date on which the cancellation shall take effect; |
| (b) | attach to the said notice proof that all the affected consumers, credit providers and all credit bureaux have been notified about the intended cancellation; and |
| (c) | attach to the said notice the registration certificate issued to that registrant by the National Credit Regulator. |
| (2) | A registrant whose registration has been cancelled in accordance with subsection (1) must, in the prescribed manner and form, submit an affidavit to the National Credit Regulator stating that the consumers referred to subsections (1)(b) have been transferred to another registrant chosen by the consumer. |
| (3) | A credit provider who voluntarily requests that his or her registration be cancelled shall, in the prescribed manner and form, submit a cancellation notice to the National Credit Regulator accompanied by— |
| (a) | the registration certificate that was issued to that credit provider; and |
| (b) | an affidavit from the accounting officer, auditor or authority of such credit provider, confirming that the registered activities have ceased. |
| (4) | The Minister may prescribe the procedure for the hand over and transfer of records of consumers where the registrant ceases to operate for any reason, including cancellation of registration, lapsing of registration, death or incapacity. |
[Section 58A inserted by section 20 of Act No. 19 of 2014]
