Unregistered Mashonisas beware
ALEXANDRA – Unregistered money lenders at risk of prosecution.
All informal money lenders who failed to register their businesses with the National Credit Regulator (NCR) before 11 November are now operating in contravention of the National Credit Act regulations.
This was said in a statement by Nthupang Magolego, senior legal adviser of the regulator. The warning follows the Minister of the Department of Trade and Industry Rob Davies’ announcement months ago of the new regulation which requires all credit lenders, regardless of the threshold of their credit lending, to register their businesses with the NCR.
Previously, only businesses with credit agreements above R500 000 or 100 credits were required to register. Magolego said from the deadline date, everyone ought to have registered, failing which there would be consequences on the lender as they would be operating unlawfully.
She urged consumers seeking credit to verify the status of the lenders through the NCR’s website.
Details: Lebohang Selibi 011 554 2722; lselibi@ncr.org.za; www.ncr.org.za
Read: Mashaba told ‘to pay back the money’
