Registration as a Credit Provider

In terms of a recent judgement of Van Heerden v Nolte (19428/11) 2014 ZAGPPHC 12;  2014(4) SA 584(GP) (attached hereto for ease of reference) it was held that where money is lent to anyone (as part of a property transaction or not) and the total amount of your loan is more than R500 000,00 then, in terms of the NCA (National Credit Act) the lender must register as a credit provider.  Failing to register as a credit provider will render the loan agreement as unlawful and void.     

It is irrelevant if, as is the case in the judgement referred to, if the loan is a "once-off" or if the lender doesn't "frequently" provide credit.  If the total amount loaned is over R500 000,00, registration is required.  In other words, the NCA's registration requirement does not apply to  only those who make a business out of providing credit, but also applies to any person lending money.

Beware!!

Ingevolge 'n onlangse beslissing, naamlik Van Heerden v Nolte (19428/11) 2014 ZAGPPHC 12;  2014(4) SA 584GP (hierby aangeheg vir u kennisname) was dit beslis dat indien daar 'n lening gemaak word aan enige iemand, ongeag of dit deel is van 'n eiendomstransaksie al dan nie, en die totale bedrag van die lening oorskry R500 000,00 moet die lener registreer as 'n kredietverskaffer, in terme van die NKW (Nasionale Krediet Wet).  Indien 'n persoon versuim om as 'n kredietverskaffer te registreer, sal die leningsooreenkoms onwettig en nietig geag word.

Dit is irrelevant indien, soos in die voormelde saak, of die lening 'n "once-off" is en of die persoon wat die lening verskaf het dit op 'n gereelde basis doen of nie.  Indien die totale bedrag van die lening R500 000,00 oorskry is registrasie verpligtend.  Dit is dus duidelik dat die Nasionale Krediet Wet nie net van toepassing is op mense wat 'n besigheid maak uit die verskaffing van lenings nie, maar is ook van toepassing op enigiemand wat 'n lening verleen.

Wees versigtig!!