OL3704 Assignment 3 (QUALITY ANSWERS) Semester 2 2024
QUESTION 1 Create a mind map of the functions that the National Credit Regulator is legislated to perform.  (5) SECTION B: DEBT COLLECTORS ACT 114 OF 1998 QUESTION 2 On 1 September 2024, Alvereen borrows R15 000 from DEF Bank and agrees to r...
Mind Map: Functions of the National Credit Regulator (NCR)
The National Credit Regulator (NCR) has several key functions aimed at protecting
consumers and ensuring that credit providers operate fairly and responsibly. Here's a
simple mind map outlining these functions:
1. Regulation of the Credit Industry:
o The NCR ensures that all credit providers comply with the National Credit
Act.
o It monitors and controls the credit market to prevent reckless lending.
2. Education and Awareness:
o The NCR is responsible for educating consumers about their rights and
obligations when it comes to credit.
o It also raises awareness about responsible borrowing and the dangers of
over-indebtedness.
3. Investigation and Enforcement:
o The NCR investigates complaints from consumers regarding credit
providers.
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