All entities registered with the National Credit Regulator (NCR) must pay a renewal registration fee each year by no later than 31 July as required by the National Credit Act (NCA).
If you have missed the deadline, you can still make payment within the 30-day grace period subject to a penalty fee. However, failure to pay within the 30-day grace period will result in the lapsing of your registration.
Circular 3 of 2023, published by the NCR, sets out the annual renewal of registration process and the consequences of non-compliance.
When making payment, NCR registrants are reminded of the following information to avoid delays in processing the payment:
- Use your registration number as the reference number. Check that you have captured this correctly.
- Check that you are using the correct NCR bank account details. Fees may be paid by electronic transfer or by direct deposit and proof of payment must be sent to fees@ncr.org.za
- Check that the amount covers all business premises that you are conducting registered activities from.
Consequences of non-payment:
- Non-payment of the renewal registration fee will result in an automatic lapsing of your NCR registration, and you will be prohibited from offering or engaging in activities that require registration under the NCA and holding yourself out to the public as being authorised to offer such services.
- Subsequent payments after the automatic lapse will not be accepted and where applicable will be refunded.
- All business activities concluded after the lapsing of the registration will be considered unlawful and of no force or effect.
- Debt counsellors should note that consumers under their profiles will automatically be transferred by the NCR without any further notice after the lapsing of registration. Additionally, should the debt counsellor re-register, this does not give rise to a claim of consumers that would have already been transferred to another debt counsellor.
If your NCR registration has lapsed and you want to be registered again, you will need to submit a new application together with all supporting documents. The application will be processed as a completely new application and will only be approved if all requirements are met.
Masthead can assist with your Credit Provider registration application. If you need assistance with your licence application, contact us.