The National Credit Act (NCA) (Grade 12 NSC Matric Business Studies): Flashcards
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NCA full name & main function
NCA full name & main function
National Credit Act - governs consumer credit in South Africa
NCR role under NCA
NCR role under NCA
National Credit Regulator - enforces NCA & monitors credit
Key problem NCA addresses
Key problem NCA addresses
High consumer debt levels in South Africa
Blacklisting duration period
Blacklisting duration period
5 years - prevents obtaining credit
Discrimination grounds prohibited by NCA
Discrimination grounds prohibited by NCA
Race, gender, age, religion, language, culture, sexual orientation
Affordability assessment purpose
Affordability assessment purpose
Determine if customer can afford credit before approval
Serious NCA violation penalty
Serious NCA violation penalty
Business licence may be revoked
Recklessly granted credit recovery
Recklessly granted credit recovery
Cannot be recovered at all by business
NCA compliance registration requirement
NCA compliance registration requirement
Register business with National Credit Regulator
FICA full name & purpose
FICA full name & purpose
Financial Intelligence Centre Act - anti-money laundering law