National Credit Act, 2005 (Act No. 34 of 2005)Chapter 4 : Consumer Credit PolicyPart B : Confidentiality, personal information and consumer credit records69. National register of credit agreements |
| (1) | The Minister may require the National Credit Regulator to establish and maintain, in the prescribed manner and form, a single national register of outstanding credit agreements based on the information provided to it in terms of this section. |
| (2) | Upon entering into or amending a credit agreement, other than a pawn transaction or an incidental credit agreement, the credit provider must report either directly to the national register established in terms of this section, or to a credit bureau, in the prescribed manner and form, and within the prescribed time the following information, subject to subsection (6): |
| (a) | The credit provider’s name, principal business address, and registration number, if any; |
| (b) | the name and address of the consumer; |
| (c) | if the consumer is— |
| (i) | a natural person, their identity number, or in the case of a person who is not a South African citizen and who does not have an identity number, their passport number; or |
| (ii) | a juristic person, its registration number; |
| (d) | if the agreement is a credit facility, the credit limit under that facility, and the expiry date of the agreement, if any; and |
| (e) | if the agreement is a credit transaction or credit guarantee— |
| (i) | the principal debt under the agreement; |
| (ii) | the particulars of any previously existing credit agreement that was terminated or satisfied in connection with the making of the new agreement; |
| (iii) | the amount and schedule of each payment due under the agreement; and |
| (iv) | the date on which the consumer’s obligations will be fully satisfied if the agreement is fully complied with. |
| (3) | A credit provider must report the particulars of the termination or satisfaction of any credit agreement reported in terms of subsection (2), in the prescribed manner and form, either directly to the national register established in terms of this section, or to a credit bureau. |
| (4) | If a person transfers to another person the rights of a credit provider under a credit agreement referred to in subsection (2)— |
| (a) | the person who transfers those rights must report the particulars of that transfer, in the prescribed manner and form, to the national register established in terms of this section; and |
| (b) | the person to whom those rights are transferred must satisfy any subsequent obligations of the credit provider under this section. |
| (5) | A credit bureau must transmit to the national register established in terms of this section, in the prescribed manner and form, any information reported to it by a credit provider in terms of this section. |
| (6) | The Minister may prescribe alternative requirements, in place of any of those set out in subsection (2), with respect to developmental credit agreements. |