National Credit Regulator v Pangolin Loans (Pty) Ltd (NCT/213199/2021/57(1)) [2022] ZANCT 19 (24 March 2022)

National Credit Regulator v Pangolin Loans (Pty) Ltd (NCT/213199/2021/57(1)) [2022] ZANCT 19 (24 March 2022)

The Tribunal found that the Respondent repeatedly contravened multiple provisions of the National Credit Act and its Regulations, including failing to conduct affordability assessments, charging excessive interest and fees, failing to provide prescribed documentation, and including unlawful provisions in credit agreements. The Respondent did not oppose the application or provide any evidence to the contrary. The Tribunal admitted the Applicant's evidence as uncontroverted. The Respondent's conduct constituted prohibited conduct under section 150(a) of the NCA. The Tribunal was empowered under section 57(1) to cancel the Respondent's registration and under section 151(3) to impose an...

Citation
[2022] ZANCT 19
Parties
Applicant: National Credit Regulator; Respondent: Pangolin Loans (Pty) Ltd
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
24 March 2022
Case Number
NCT/213199/2021/57(1)
Procedural Posture
Cancellation Application / Default Judgment After Unopposed Application
Outcome
Application granted in full; Respondent's registration cancelled, administrative fine imposed, and consumer redress ordered.
Judges
D Terblanche, T Bailey, F Manamela
Legal Topics
National Credit Act, Reckless Lending, Administrative Fine, Credit Provider Registration, Consumer Protection
Banking and Finance Civil Procedure National Credit Act Reckless Lending Administrative Fine Credit Provider Registration Consumer Protection

Case Brief

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Parties

National Credit Regulator

Applicant

Pangolin Loans (Pty) Ltd

Respondent

Procedural Posture

Cancellation Application / Default Judgment After Unopposed Application

Legal Issues

  1. 1 Whether the Respondent repeatedly contravened the National Credit Act, its Regulations, and conditions of registration.
  2. 2 Whether the Respondent's registration as a credit provider should be cancelled under section 57(1) of the NCA.
  3. 3 Whether the Respondent's credit agreements were reckless and prohibited conduct under the NCA.

Ratio Decidendi

The Tribunal found that the Respondent repeatedly contravened multiple provisions of the National Credit Act and its Regulations, including failing to conduct affordability assessments, charging excessive interest and fees, failing to provide prescribed documentation, and including unlawful provisions in credit agreements. The Respondent did not oppose the application or provide any evidence to the contrary. The Tribunal admitted the Applicant's evidence as uncontroverted. The Respondent's conduct constituted prohibited conduct under section 150(a) of the NCA. The Tribunal was empowered under section 57(1) to cancel the Respondent's registration and under section 151(3) to impose an...

Court Disposition

Application granted in full; Respondent's registration cancelled, administrative fine imposed, and consumer redress ordered.

Orders

  • The Respondent's conduct is declared to be in repeated contravention of specified sections of the National Credit Act and Regulations.
  • The Respondent's registration as a credit provider is cancelled under section 57 of the NCA.