Guidelines for Submission of Credit Information in Place

Department of Trade and Industry

Guidelines for the Submission of Credit Information are in place.

The Guidelines was drawn up in terms of Regulation 19(13) of the National Credit Act.

They were published for comment in June 2017.

The Guidelines set out the manner and form in which a credit or data provider must submit credit information to a credit bureau.

The Guidelines, published in Government Gazette 41224, provide detail on the reporting of credit information by credit providers, the form and manner of reporting credit information and timeframes for reporting credit information.

All new credit agreements entered into with consumers must be reported within 48 hours to a credit bureau.

Meanwhile, a raft of notices relating to the Companies and Intellectual Property Commission (CIPC) has been published in Gazette 41224:

•    Notice 1214 – Deactivation of manual filing channel for short standard private and short standard non-profit without members’ company registrations – effective from 1 May 2017;
•    Notice 1213 – Practice note 8 of 2017 – requirements for re-instatement in terms of regulations 4(2)(b);
•    Notice 1212 – Notice of introduction of online payment methods by CIPC – introduced from 28 August 2017;
•    Notice 1211 – Practice note 9 of 2017 – service of subpoenas and other court documents on CIPC – dedicated email box to receive legal documentation; and
•    Notice 1210 – Practice note 3 of 2014 - business rescue filing procedure – relevant forms listed.

In a separate matter, the trade and industry department has published, in Gazette 41224, Draft Standards for comment.

Some of the draft standards include envelopes, pet food – nutritional and manufacturing requirements, fixed radio systems, ladders and wheel flaps.

In a briefing in parliament on its Quarter 2 Performance Report, the department indicated that a socio-economic impact assessment report on the Draft Credit Amendment Bill will only be developed on request from the trade and industry committee.

Sabinet Cape Town Office