National Credit Act, 2005 (Act No. 34 of 2005)National Credit Regulations, 2006Chapter 2 : Registration Requirements, Criteria and ProceduresPart D : Compliance procedures16. Administrative fines |
| (1) | For the purposes of section 151 (4)(b) of the Act: |
| (a) | the annual turnover of a credit bureau is the total amount of fees and income generated during the immediately preceding financial year in respect of activities relating to the National Credit Act undertaken by the credit bureau; |
| (b) | the annual turnover of a debt counsellor is the total amount of fees and income generated during the immediately preceding financial year in respect of activities relating to the National Credit Act undertaken by the debt counsellor. |
| (2) | For the purpose of calculating the annual turnover of the previous financial year in respect of subsection 1 above, the National Credit Regulator will require the following information: |
| (a) | audited financial statements in the case of a juristic person; |
| (b) | in cases where no such financial statements are available, the Chief Executive Officer of the registrant is required to provide a statement to the Tribunal certifying the annual turnover of the registrant based upon all information available at the time that such a statement is made; |
| (c) | in cases where no such financial statements are required by law, the statistical returns as set out in Regulation 64. |