SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Apply the legal requirements related to Credit Management 
SAQA US ID UNIT STANDARD TITLE
243122  Apply the legal requirements related to Credit Management 
ORIGINATOR
SGB Banking and Micro Finance 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04  5 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 		 2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2026-06-30   2029-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is for people working within a Credit Management environment, where the acquisition of competence against this standard will ensure an elementary understanding of the legal knowledge as it relates to the profession of credit management. The purpose of the unit standard is for the learner to understand the legal framework applicable to credit environment. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
It is assumed that the learners accessing this Unit Standard are competent in Communication at Level 3. 

UNIT STANDARD RANGE 
Legislation and statutes includes, but is not limited to: The National Credit Act; Matrimonial Property Act; Insolvency Act; Companies and Close Corporations Act; and the basic Law of Contracts. 

Specific Outcomes and Assessment Criteria: 

SPECIFIC OUTCOME 1 
Demonstrate an understanding of the National Credit Act. 

ASSESSMENT CRITERIA 

ASSESSMENT CRITERION 1 
The objectives of the National Credit Act are explained in terms of heir applicability to lenders and borrowers. 

ASSESSMENT CRITERION 2 
The elements of a credit agreement are listed and their implications explained for credit companies and borrowers. 

ASSESSMENT CRITERION 3 
Legal obligations, duties, rights and benefits of the creditor are explained with examples. 

ASSESSMENT CRITERION 4 
Legal obligations, duties, rights and benefits of the debtor are explained with examples. 

SPECIFIC OUTCOME 2 
Apply the legal principles pertaining to delinquent accounts. 

ASSESSMENT CRITERIA 

ASSESSMENT CRITERION 1 
A delinquent account is identified and initiating procedure is described with examples. 

ASSESSMENT CRITERION 2 
The relationship between and sequential process of delinquency, legal proceedings and insolvency are described. 

ASSESSMENT CRITERION 3 
The process of managing delinquent accounts is described, explaining the duties of each role player. 

SPECIFIC OUTCOME 3 
Demonstrate an understanding of legal security. 

ASSESSMENT CRITERIA 

ASSESSMENT CRITERION 1 
At least ten forms of legal security are listed and the implications of each one for the debtor and the consumer explained with examples. 

ASSESSMENT CRITERION 2 
Examples of real and personal security are given to draw a comparison between them. 

ASSESSMENT CRITERION 3 
The relationship between the creditor, the debtor and the surety is explained. 

SPECIFIC OUTCOME 4 
Demonstrate an understanding of the Matrimonial Property Act as it pertains to Credit Management. 

ASSESSMENT CRITERIA 

ASSESSMENT CRITERION 1 
The difference between being "married in community of property " and "married out of community of property" is explained as it pertains to the extending of credit. 

ASSESSMENT CRITERION 2 
The difference between being married with and without accrual are explained as it pertains to credit. 

ASSESSMENT CRITERION 3 
The implications of matrimonial law on Credit Management is interpreted in given case studies and possible scenarios. 

SPECIFIC OUTCOME 5 
Demonstrate an understanding of the Insolvency Act. 

ASSESSMENT CRITERIA 

ASSESSMENT CRITERION 1 
Specific features of the Insolvency Act, as it pertains to individuals and corporations are explained. 

ASSESSMENT CRITERION 2 
The Eight Acts of insolvency are clarified. 

ASSESSMENT CRITERION 3 
The differences between liquidation and sequestration are explained with examples. 

ASSESSMENT CRITERION 4 
The consequences of liquidation and sequestration for the insolvent or sequestrated entity are identified and explained with examples. 

ASSESSMENT CRITERION 5 
An insolvency claim is processed using the correct documentation and work site procedure. 

SPECIFIC OUTCOME 6 
Demonstrate an understanding of the Basic Law of Contracts. 

ASSESSMENT CRITERIA 

ASSESSMENT CRITERION 1 
The difference between a contract and an agreement is explained. 

ASSESSMENT CRITERION 2 
The elements of a valid contract are numerated and explained. 

ASSESSMENT CRITERION 3 
A verbal contract is defined. 

ASSESSMENT CRITERION 4 
The capacity to act is defined and its implication for Credit Management are explained. 

ASSESSMENT CRITERION 5 
The broad principles of the Law of Contracts are used to interpret contracts through case studies or scenarios. 

ASSESSMENT CRITERION 6 
Minimum of five types of breach of contract are listed and remedies for their solution explained. 

ASSESSMENT CRITERION 7 
A credit application form for a consumer is completed in order to bring forth a valid contract for credit. 

SPECIFIC OUTCOME 7 
Demonstrate an understanding of the Companies and Closed Corporations Act as it pertains to Credit Management. 

ASSESSMENT CRITERIA 

ASSESSMENT CRITERION 1 
The different forms of business ownership are explained. 

ASSESSMENT CRITERION 2 
The concept of Legal Personality is explained. 

ASSESSMENT CRITERION 3 
The fiduciary duties of a director are listed and explained. 

ASSESSMENT CRITERION 4 
The entity taking liability for debt is identified. 


UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • This Unit Standard will be assessed by an assessor and moderated by a moderator registered with the relevant accredited ETQA.
  • Assessors should be in possession of a relevant qualification that is at least one level higher than the level of this qualification.
  • Training providers must be accredited by a relevant ETQA.
  • Assessment should include both formative and summative assessment. 
    		•

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO WORKING 
    The learner is able to work effectively with others to ensure that legal requirements are applied, documented and adhered to. 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able to organise and manage him/herself to reflect the ongoing development of own and future legal competence and compliance. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information which might hinder legal compliance. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively with all stakeholders to ensure that all parties fully understand all legal obligations, rights and duties, procedures and processes. 

    UNIT STANDARD CCFO SCIENCE 
    The learner is capable of using science and technology to source acts, statutes and other legislative information. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner understands the implications of credit and debt as it influences related systems in the legal, commercial and social spheres. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  57901   Further Education and Training Certificate: Credit Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  FASSET 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.