Referenced by:
| 1) |
A moneylender carrying on the business of money lending or a credit grantor or lessor who, as the case may be, transacts credit transactions or leasing transactions in the normal course of his business shall, within fourteen days after the date on which a money lending transaction or a credit transaction or a leasing transaction was concluded, deliver or send through the post to the borrower or credit receiver or lessee, as the case may be, a duplicate or true copy of the instrument of debt executed in connection with the transaction, or if no instrument of debt was so executed, a duplicate or true copy of a document which has been signed, as the case may be, by the moneylender and borrower or the credit grantor and credit receiver or the lessor and lessee or by their duly authorized representatives and wherein the relevant particulars specified in section 3(1) or (2) or (2A) are set forth. |
| 2) |
On a written demand by a borrower or a credit receiver or a lessee and against payment of an amount prescribed by the Minister, a moneylender, excluding the holder of a debenture, or credit grantor or lessor shall, at any time during the currency of an agreement in connection with a money lending transaction or a credit transaction or a leasing transaction, furnish to such borrower or credit receiver or lessee or to any person named in such demand, a true copy of the instrument of debt concluded in connection with such transaction and a statement signed by the moneylender or credit grantor or lessor or his duly authorized representative, setting forth-- |
| a) |
the amount of the principal debt which was owing by the borrower or credit receiver or lessee at the time of the conclusion of the transaction; |
| d) |
the sum of the amounts referred to in paragraphs (a), (b) and (c); |
| f) |
the total amount paid off in respect of the principal debt and finance charges and, if applicable, in respect of the amounts referred to in paragraph (b), and the date and amount of every separate payment made by the borrower or credit receiver or lessee in connection with the transaction; |
| g) |
the outstanding balance of the principal debt; and |
Provided that in the case of a money lending transaction in terms of a credit card scheme the moneylender concerned shall not be obliged to set forth in such statement any information in respect of any loan already repaid in full on the date of the written demand for such statement.
| 3) |
A moneylender or a credit grantor or a lessor shall within three months after the date on which the transaction in question has been concluded and thereafter at intervals not exceeding three months or, if payments in terms of such transaction are payable at the end of periods exceeding three months, at the end of every such period, deliver or by post send to the borrower or credit receiver or lessee at the address stated on the agreement or such other address as may be notified in writing by the borrower or credit receiver or lessee from time to time a statement mentioning the total amount already paid in connection with such transaction since the last statement was furnished and the amount then still payable in connection with such transaction: Provided that the provisions of this subsection shall not apply in respect of any bill of exchange, debit balance or money loan referred to in section 3(3), or any debenture. |
| 4) |
If a moneylender or credit grantor or lessor to whom a demand has been made in terms of subsection (2), fails without reasonable cause to comply therewith within seven days after the demand has been received by him, he shall be guilty of an offence. |
| 5) |
The provisions of subsection (1) shall not apply to or in respect of-- |
| a) |
a money lending transaction or a credit transaction or a leasing transaction where the obligation of the borrower or credit receiver or lessee, as the case may be, is secured wholly by a bond over movable or immovable property registered in a deeds registry; |
| b) |
a debit balance in an account with a banking institution as defined in the Banks Act, 1965 (Act No. 23 of 1965), from which withdrawals may be made by cheque; |
| c) |
[deleted by s.5 of Act No. 30 of 1993]. |
| 6) |
If an agreement has been reached upon a variable finance charge rate in terms of section 2B(3) and no notice in writing of any alteration of such rate and the date upon which that alteration shall commence has in advance been delivered or sent through the post by a moneylender, credit grantor or lessor to a borrower, credit receiver or lessee, the moneylender, credit grantor or lessor shall a the first reasonable opportunity but not later than three months after the date upon which the alteration of the finance charge rate has commenced, deliver or send through the post to the borrower, credit receiver or lessee a written notice of such alteration and the date upon which that alteration has commenced. |
Protection of Businesses Act, 1978
