On the off chance that you loan cash and charge interest you have to enroll with the National Credit Regulator.
Failure to do so by Friday will see you fall foul of the law.
According to the NCR, anybody, including loan sharks, who grants credit and charges interest on it must register their business before Friday or face the possibility of a fine.
“It doesn’t matter how much you give out as credit, or if it is a once- off transaction, you need to be registered,” said NCR manager for investigations Jacqueline Peters.
In May this year Trade and Industry Minister Rob Davies determined a new threshold of zero for the purpose of determining whether or not a credit provider is required to be registered in terms of the National Credit Act.
In the past a person or entity was compelled to register if the value of credit agreements amounted to R500,000, or if it concluded 100 credit agreements.
Peters said the new law excluded loans that did not fall under the credit act.
“As from Friday anyone who grants credit and is not registered will be fined 10% of the business’s annual turnover, or R1-million,” she said.