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Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Schedules

Schedule 4 : Amendments and repeals

National Credit Act, 2005

 

SCHEDULE 4

 

AMENDMENTS AND REPEALS (continued)

(Section 290)

 

Act No. and year

Short Title

Extent of repeal or amendment

Act No. 34 of 2005

National Credit Act, 2005
1. The substitution in section 1 for the definition of "ombud with jurisdiction" of the following definition—

" 'ombud with jurisdiction', in respect of any particular dispute arising out of a credit agreement in terms of which the credit provider is a "financial institution" as defined in the [Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004)] Financial Sector Regulation Act, 2017, means an ["ombud", or the "statutory ombud"] "ombud scheme", as [those terms are respectively] that term is defined in that Act, [who] that has jurisdiction in terms of that Act to deal with a complaint against that financial institution;".
2. The amendment of section 134—
(a) by the substitution in subsection (1) for paragraphs (a) and (b) of the following paragraphs—
"(a) If the credit provider concerned is a financial institution as defined in the [Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004)] Financial Sector Regulation Act, 2017, the matter—
(i) may be referred only to the ombud with jurisdiction to resolve a complaint or settle a matter involving that credit provider, as determined in accordance with [sections 13 and 14 of] that Act; and
(ii) must be procedurally resolved as if it were a complaint in terms of that Act; or
(b) if the credit provider is not a financial institution, as defined in the [Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004)] Financial Sector Regulation Act, 2017, the matter may be referred to either—
(i) a consumer court, for resolution in accordance with this Act and the provincial legislation establishing that consumer court; or
(ii) an alternative dispute resolution agent, for resolution by conciliation, mediation or arbitration."; and
(b) by the substitution in subsection (4)(b) for subparagraph (i) of the following subparagraph—
"(i) to the ombud with jurisdiction, for resolution in accordance with this Act and in terms of the [Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004)] Financial Sector Regulation Act, 2017, if the credit provider concerned is a financial institution [and a participant in a recognised scheme] as defined in that Act;  or".