BAN2601
EXAM
PACK
2023
, Ban 2601 Exam Pack
May/June 2018
Question 1
a. NCR consumer protection role:
The right to apply for credit
The National Credit Act provides every person, whether an individual, a group of
people or a company, has the right to apply for credit from any credit provider.
The right not to be discriminated against when applying for credit
Consumers who are applying for credit are further protected against unfair
discrimination by a credit provider. The Act forbids credit providers from
discriminating against consumers on the basis of colour, race, age, political affiliation,
sexual orientation, religious belief, or affiliation to any particular trade union.
The right to be given reasons for credit being declined
The National Credit Act gives a consumer, whose credit application has been
declined by a credit provider, the right to request written reasons explaining why
his/her application for credit has been declined.
The right to be given documents in an official language that the consumer
understands
A consumer has the right to receive documents from a credit provider in an official
language that he/she understands.
The right to confidential treatment
The consumer's right to confidentiality is protected by the provision that any person
or organisation that receives or compiles confidential information on a consumer
must use the information for the sole purpose for which the consumer has given
his/her consent, unless the usage or release of such information is a requirement in
terms of The Act.
b. The National Credit Regulator (NCR) role as a regulator:
The National Credit Regulator (NCR) was established as the regulator under the
National Credit Act 34 of 2005 (the Act) and is responsible for the regulation of the
South African credit industry.
1. It is tasked with carrying out education,
2. research, policy development,
3. registration of industry participants,
4. investigation of complaints,
5. ensuring enforcement of the Act.
6. The NCR is also tasked with the registration of credit providers, credit
bureaux and debt counsellors; and enforcement of compliance with the Act.
Question 2
EXAM
PACK
2023
, Ban 2601 Exam Pack
May/June 2018
Question 1
a. NCR consumer protection role:
The right to apply for credit
The National Credit Act provides every person, whether an individual, a group of
people or a company, has the right to apply for credit from any credit provider.
The right not to be discriminated against when applying for credit
Consumers who are applying for credit are further protected against unfair
discrimination by a credit provider. The Act forbids credit providers from
discriminating against consumers on the basis of colour, race, age, political affiliation,
sexual orientation, religious belief, or affiliation to any particular trade union.
The right to be given reasons for credit being declined
The National Credit Act gives a consumer, whose credit application has been
declined by a credit provider, the right to request written reasons explaining why
his/her application for credit has been declined.
The right to be given documents in an official language that the consumer
understands
A consumer has the right to receive documents from a credit provider in an official
language that he/she understands.
The right to confidential treatment
The consumer's right to confidentiality is protected by the provision that any person
or organisation that receives or compiles confidential information on a consumer
must use the information for the sole purpose for which the consumer has given
his/her consent, unless the usage or release of such information is a requirement in
terms of The Act.
b. The National Credit Regulator (NCR) role as a regulator:
The National Credit Regulator (NCR) was established as the regulator under the
National Credit Act 34 of 2005 (the Act) and is responsible for the regulation of the
South African credit industry.
1. It is tasked with carrying out education,
2. research, policy development,
3. registration of industry participants,
4. investigation of complaints,
5. ensuring enforcement of the Act.
6. The NCR is also tasked with the registration of credit providers, credit
bureaux and debt counsellors; and enforcement of compliance with the Act.
Question 2
