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There is therefore an intermediary procedure which the credit provider is compelled to embark on before it can enforce the terms of the credit agreement. The efficacy and duration of the procedure will largely depend on the efficiency and level of administration of the debt counsellor’s office. This again will have serious implications for the ability of credit providers to recover outstanding debt.
Only an order of court can render void a credit agreement or a provision thereof.
Dispute Settlement other than debt enforcement Any person, not only the parties to a credit agreement, may initiate a complaint to the Regulator. The Regulator may also initiate a complaint in its own name, to the Tribunal. ●●
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Ombuds (particularly the Credit Ombud), consumer courts and alternative dispute resolution agents, may hear complaints arising from the application of the NCA. The Regulator has the power to refer any matter to the National Prosecuting Authority where it believes that an offence in terms of the NCA has been committed. Tribunal hearings will follow similar procedures and platforms to the CCMA. No complaint may be referred to the Tribunal or to a consumer court more than three years after the cause of the complaint arose.
Further Consumer Rights The NCA provides the consumer with the following important rights: ●●
The right to apply for credit
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To be protected against discrimination in the granting of credit
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To be informed of the reason why the application for credit was refused, if requested To receive a credit agreement in plain and understandable and an official language, and To receive a copy of the credit agreement and a replacement copy when requested.
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The Financial Intelligence Centre Act, 38 of 2001
The Financial Intelligence Centre Act, 38 of 2001 (FICA) is a comprehensive piece of legislation dealing with money laundering controls, with the aim of fighting organized crime and terrorism, both locally and internationally. South African banks are required to obtain certain information and supporting documentation from any new customers before new accounts may be opened. Depending on whether the customer is a natural person, part of an entity, or whether he or she is a South African citizen or a foreign national permanently resident in South Africa, a private company, trust or other legal entity, will determine the nature of the information and documents required. 27