POPI refers to South Africa’s Protection of Personal Information Act which seeks to regulate the Processing of Personal Information. Personal Information broadly means any information relating to an identifiable, living natural person or juristic person (companies, CC’s etc.) and includes, but is not limited to: contact details: email, telephone, address etc. demographic information: age,...
Section 3
The Financial Advisory and Intermediary Services Act, or the FAIS Act for short, exists to protect you, the consumer, from receiving inadequate financial advice. The FAIS Act states that anyone who provides financial advice must be registered with the Financial Sector Conduct Authority (FSCA). This means only registered financial practitioners can give you advice about which insurance products (or any...
Purpose of the Act To establish a Financial Intelligence Centre and a Money Laundering Advisory Council to combat money laundering activities and the financing of terrorism and related activities; to impose certain duties on institutions and other persons who might be used for money laundering purposes and the financing of terrorism and related activities; to amend the Prevention of Organised Crime...
The National Credit Act (NCA) was signed into law on 15 March 2005 and governs the assessment, application, and maintenance of credit granted by a credit provider to a consumer within the Republic of South Africa. The NCA must be read in conjunction with the Regulations passed in terms of the Act. The NCA has updated areas of the law that were contained in the Credit Agreements Act, the Usury Act, and...
In the past, people have not always been protected against the suppliers of goods or services. Suppliers misled consumers about the quality of their goods or services or offered goods or services on unreasonable terms and conditions, leaving the consumer with no remedy in the event of a problem occurring with these goods or services. From 1 April 2011, the Consumer Protection Act (“CPA”) provides...
The role of the rental practitioner Rental Property Law places the practitioner in a dynamic position. A practitioner is an extension of their principal. A practitioner can never represent both landlord and tenant in this transaction. As such, your duty lies with your landlord, so place a qualified tenant! The relationship between landlord and practitioner is governed by: Case law....
What is the rental mandate? The rental mandate is the formal agreement between the principal and the Property Practitioner. A management mandate can only be a sole mandate, so it must be in writing. Section 3.3 of the Code of Conduct. Section 22 CPT – Plain language. It provides that the Property Practitioner must fulfil the terms of the mandate, after which the Property Practitioner is...
Property Practitioners are to keep in mind the following administrative tasks required when dealing with a Landlord. Record the following: - Legal ownership. - FICA details. - Type of management contract. - Property inspection report. - Banking details/account payment details. Record maintenance of: - Market trends. - Regular feedback sessions with the landlord. - Body...
When letting properties to tenants, Property Practitioners are often asked to include a clause giving the tenant the right to purchase the property at a later date, usually during the period of the tenancy. Many letting Property Practitioners are unaware that there are two very different ways of doing this, leading to misinterpretation of the steps that must be taken for the tenant to exercise their...
Definition of a Property Practitioner A Property Practitioner is defined as someone (a person or a firm) who: Buys or sells, lets or hires, or publicly exhibits. Immovable property, or A business undertaking (commercial or industrial). Negotiates or facilitates any of the above. Canvasses or offers to canvass a seller, purchaser, landlord, or tenant. Collects monies payable on...