SCHEDULE 4
AMENDMENTS AND REPEALS (continued)
(Section 290)
Act No. and year
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Short Title
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Extent of repeal or amendment
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Act No. 34 of 2005
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National Credit Act, 2005
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| 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;".
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| 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". |
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