Intellectual Property Rights from Publicly Financed Research and
R 385
Consumer Protection Act, 2008 (Act No. 68 of 2008)Chapter 2 : Fundamental Consumer RightsPart I : Supplier’s accountability to consumers65. Supplier to hold and account for consumer’s property |
| 1) | Subsection (2) does not apply to a supplier that is— |
| a) | a bank, as defined in the Banks Act, 1990 (Act No. 94 of 1990); |
| b) | a mutual bank, as defined in the Mutual Banks Act, 1993 (Act No. 124 of 1993); or |
| c) | any other financial institution that is similarly licensed and authorised to conduct business and take deposits from the public in terms of any national legislation. |
| 2) | When a supplier has possession of any prepayment, deposit, membership fee, or other money, or any other property belonging to or ordinarily under the control of a consumer, the supplier— |
| a) | must not treat that property as being the property of the supplier; |
| b) | in the handling, safeguarding and utilisation of that property, must exercise the degree of care, diligence and skill that can reasonably be expected of a person responsible for managing any property belonging to another person; and |
| c) | is liable to the owner of the property for any loss resulting from a failure to comply with paragraph (a) or (b). |
| 3) | A person who assumes control of a supplier’s property as administrator, executor or liquidator of an estate— |
| a) | has a duty to the consumer— |
| i) | to diligently investigate the circumstances of the supplier’s business to ascertain the existence of any money or other property belonging to the consumer and in the possession of the supplier; and |
| ii) | to ensure that any such money or property is dealt with for the consumer’s benefit in accordance with this section; and |
| b) | is liable to the consumer for any loss, unless that person has acted— |
| i) | in good faith; and |
| ii) | without knowledge of the existence of the consumer’s interest. |
