Trade and Industry Minister Rob Davies has determined the fees payable to the National Credit Regulator (NCR) upon application, registration and renewal of registration by all entities or people required to register with the NCR.
"The previously prescribed application fee of R500 has been increased by 10% to be R550 and it is payable by each applicant upon application for registration with the NCR. The initial registration fee and annual renewal registration fee payable by each registrant have also been increased accordingly. Prescribed fees for new registrants have also been prescribed," said the department on Thursday.
"This determination is in line with the Notice (Notice no. 514, Government Gazette no. 39981) he issued on 11 May 2016, regarding the final determination of Application, Registration and Renewal Fees Regulations," said the department.
Minister Davies has previously published a notice on the draft determination of Application, Registration and Renewal Fees Regulations, for public comment, on 26 January 2016.
Thirty working days were allocated for public comment and input, which
In terms of Section 51 (1) of the National Credit Act (NCA), the Minister may prescribe an application fee, initial registration fee payable upon registration, annual registration renewal fee and a penalty for late renewal of registration by NCR registrants.
The determination of fees, prescribed by the Minister, is done by way of regulations in terms of Section 171 of the NCA.
The prescribed fees had not been reviewed or adjusted since initially determined and issued by notice on 21 September 2006.
The National Credit Amendment Act, 2014 commenced on 13 March 2015 and introduced two new registrants to the NCA.
Payment Distribution Agents (PDAs) are required to register with the NCR in terms of Section 44A, while Alternative Dispute Resolution Agents (ADRs) are equally required to register in terms of Section 134A of the NCA.
Since PDAs and ADRs must also pay the fees in terms of Section 51 of the NCA, the regulations had to be amended in order to accommodate the new registrants.
Minister Davies has also prescribed a penalty for late renewal of registration by a registrant. The penalty imposed will depend on the duration of time that the re-registration of a registrant is outstanding, and will be imposed as a percentage of the particular registration fee.
The annual registration renewal fee is payable by no later than the 31 July each calendar year.
Source: Government Communication and information System