Maryna holds the BA, LLB, LLM degrees and is a Director at the Cape Town offices of STBB. She is an admitted Attorney, Notary Public and Conveyancer with many years of experience in the field of property law and conveyancing. She is also the firm's Marketing Director and attends to external publications for the firm as well as conducts ongoing training for estate agent and bankers training and is a regular seminar presenter for attorneys and property practitioners.

Newsflash | Must I Register Even If I Lend Only R1 000?

The National Credit Act sets out the requirements that detail when a person lending money to another must formally register with the National Credit Regulator. Before the recent amendments to the Act, registration as a credit provider was only necessary when the principal debt owing to that money lender exceeded R500 000, or if that lender had entered into more than 100 credit agreements with borrowers.

In November 2016, these requirements were amended and as a result, there is now no minimum threshold at which a credit provider must register for arm’s length credit agreements. This means that if a credit provider (money lender) lends even R1 000 to a borrower, the money lender is required to register with the Commissioner as a credit provider. Failure to register as a credit provider may result in the agreement being declared void.

Certain exceptions exist and it is necessary in each instance to ascertain if the Act and the registration requirements are applicable. Contact STBB should you require assistance in this regard.