(1) |
A person must not promote, offer to supply, supply or induce any person to accept the supply of any service that has as its dominant function— |
(b) |
the unauthorised transfer of any right of a credit provider under a credit agreement to a third person. |
(2) |
Subsection (1)(b) does not apply in respect of— |
(a) |
any negotiation, by an attorney on behalf of a consumer, with the credit provider concerned; or |
(b) |
any action carried out by, on behalf of or with the permission of the credit provider concerned. |
(3) |
A person who offers to supply, or supplies, and service for the express or implied purpose of— |
(a) |
improving a consumer's credit record, credit history or credit rating; or |
(b) |
causing a credit bureau to remove credit information from its records concerning that consumer, |
may not charge a consumer, or receive any payment from the consumer, for the credit repair service until that service has been fully performed, and must provide each consumer with a disclosure statement in the prescribed manner and form.
(4) |
Subsection (3) does not apply in respect of any credit repair service rendered by an attorney, or a registered credit bureau. |
(5) |
A person who offers to supply, or supplies, or supplies— |
(a) |
any service for the express or implied purpose of investigating fees, charges or interest charged on a credit agreement; or |
(b) |
a computer software programme originating within the Republic, which is programmed to calculate fees, charges or interest charged on a credit agreement, for valuable consideration. |
(6) |
This section does not apply to a debt counsellor in respect of any action authorised in terms of this Act. |
[Section 126A inserted by item A3 of Schedule 1 of Act No. 68 of 2008]