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Related documents
- Is amended by Prevention and Combating of Corrupt Activities Act, 2004
- Is amended by National Credit Act, 2005
- Is commenced by Home Loan and Mortgage Disclosure Act, 2000: Commencement
South Africa
Home Loan and Mortgage Disclosure Act, 2000
Act 63 of 2000
- Published in Government Gazette 21900 on 15 December 2000
- Assented to on 8 December 2000
- Commenced on 2 July 2007 by Home Loan and Mortgage Disclosure Act, 2000: Commencement
- [This is the version of this document as it was from 27 April 2004 to 31 May 2006.]
- [Amended by Prevention and Combating of Corrupt Activities Act, 2004 (Act 12 of 2004) on 27 April 2004]
Chapter I
Introductory provisions
1. Definitions
In this Act, unless the context indicates otherwise—“auditors” means the auditors of the financial institution appointed in terms of the requirements of the Companies Act, or any other applicable law;“borrower” means any person who is indebted to a financial institution in respect of a home loan;“Companies Act” means the Companies Act, 1973 (Act No. 61 of 1973);“Department” means the Department of Housing;“financial institution” means any bank, or mutual bank registered as such under the Banks Act, 1990 (Act No. 94 of 1990), or the Mutual Banks Act, 1993 (Act No. 124 of 1993), or any other registered financial, institution whose business is, in full or in part, either the acceptance of deposits from the general public, the advance of credit to persons or both such acceptance and advance, with the security of a registered mortgage bond or any other form of accepted security, for the purpose of providing home loans;“home” means a residential structure that is recognised by a financial institution as collateral, in full or in part, for a home loan;“home loan” means a loan or advance by a financial institution to a person for purposes of constructing, purchasing, renovating or improving in any way such person’s home, with the security of a registered mortgage bond or any other form of accepted security;“Minister” means the Minister of Housing;“Office” means the Office of Disclosure established by section 4;“prescribed” means prescribed by regulation;“regulation” means a regulation made under section 12;“required information” means the information contemplated in section 3;“secretariat” means the secretariat contemplated in section 11.2. Disclosure obligations by financial institution
3. Information to be disclosed by financial institution
4. Establishment of Office of Disclosure
There is hereby established an office to be known as the Office of Disclosure.5. Functions of Office
6. Constitution of Office
The Office consists of no more than 10 members appointed by the Minister by virtue of their expertise and experience in matters related to banking, housing finance and investment, community economics and civil rights.7. Chairperson and deputy chairperson
8. Period of office, vacation of office and filling of vacancies
9. Meetings of Office
10. Remuneration and allowances of members of Office
Any member of the Office who is not in the full-time service of the State must be paid such remuneration and allowances as the Minister may, with the approval of the Minister of Finance, determine.11. Secretariat
12. Regulations
The Minister must, in consultation with the Minister of Finance and the Governor of the Reserve Bank, make regulations regarding any matter which—13. Amendment to Usury Act, 1968 (Act No. 73 of 1968)
The definition of “housing loan” in section 1 of the Usury Act, 1968 (Act No. 73 of 1968), is hereby amended by the substitution for paragraph (c) of the following paragraph:14. Exemptions
15. Offences and penalties
16. Short title and commencement
This Act is called the Home Loan and Mortgage Disclosure Act, 2000, and takes effect on a date determined by the President by proclamation in the Gazette.History of this document
02 July 2007
01 June 2006 amendment not yet applied
Amended by
National Credit Act, 2005
27 April 2004 this version
15 December 2000
08 December 2000
Assented to
Cited documents 4
Legislation 4
Documents citing this one 29
Gazette 27
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