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National Credit Regulator continues with its fight against lenders flouting the National Credit Act Print E-mail
Thursday, 03 July 2014

The National Credit Regulator (NCR) conducted an onsite operation in Gauteng in a bid to combat the abuse of consumers by lenders and ensure compliance with the National Credit Act (NCA) in June 2014. The investigation focused on credit providers operating in the Pretoria, Boksburg, Benoni and Kempton Park areas. A total of 21 credit providers were investigated. During the operation, two people were arrested and as a result, two criminal cases were opened. The suspects were found to be in possession of 390 bank cards, said Nomsa Motshegare, CEO at the NCR.

The focus of this kind of operation is primarily to identify credit providers who are unlawfully garnishing, retaining pension cards, bank cards, identity documents and personal identity numbers (PIN) of their clients as surety. “Retaining these cards is a contravention of the National Credit Act and it is a criminal offence”, said Motshegare.
 
She stated that this is part of the NCR’s ongoing strategy to root out predatory lending practices and to ensure that all credit providers, no matter where they conduct business, comply with the provisions of the NCA. “The exploitation of vulnerable and unsuspecting consumers by credit providers will not be tolerated.”

This operation was not the last one and many will continue to be conducted in different parts of the country, concluded Motshegare.

(Source - NCR Media Release)
 

 

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