National Credit Act, 2005 (Act No. 34 of 2005)

Chapter 2 : Consumer Credit Institutions

Part C : Administrative Matters

35. Finances

1)        The National Credit Regulator and the Tribunal are each financed from-

a)        money appropriated by Parliament;

b)        any fees payable in terms of this Act;

c)        income derived from their respective investment and deposit of surplus money in terms of subsection (2); and

d)        other money accruing from any source.

2)        The National Credit Regulator or the Tribunal may invest or deposit money that is not immediately required for contingencies or to meet current expenditures-

a)        on a call or short-term fixed deposit with any registered bank or financial Institution in the Republic; or

b)        in an investment account with the Corporation for Public Deposits established in terms of section 2 of the Corporation for Public Deposits Act, 1984 (Act No. 46 of 1984).

36. Reviews and reports to Minister

1)        At least once every five years, the Minister must conduct an audit review of the exercise of the functions and powers of the National Credit Regulator, and the Tribunal.

2)        In addition to any other reporting requirement set out in this Act, the National Credit Regulator and the Tribunal must each report to the Minister annually on its activities, as required by the Public Finance Management Act, 1999 (Act No. 1 of 1999).

3)        As soon as practicable after receiving a report of a review contemplated in subsection (1), or after receiving a report contemplated in subsection (2), the Minister must-

a)        transmit a copy of the report to the Premier of each province; and

b)        table it in Parliament.