Home Loan and Mortgage Disclosure Act, 2000

Chapter I : Introductory provisions

3. Information to be disclosed by financial institution

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(1)A financial institution must, in respect of home loans, disclose the following information:
(a)The total number and amount in rand of completed home loan applications received during the financial year in respect of which the financial statements have been prepared in respect of such—
(i)categories of borrowers as may be prescribed; and
(ii)geographic areas as may be prescribed;
(b)the total number and amount in rand of home loan applications declined and the reasons for the rejections in respect of such—
(i)categories of prospective borrowers as may be prescribed; and
(ii)geographic areas as may be prescribed;
(c)the total number and amount in rand of all borne loans, closed and disbursed by a financial institution during the financial year in respect of which such financial statements have been prepared;
(d)the total number and amount in rand of all home loans approved by a financial institution during the financial year in respect of which financial statements have been prepared, which must include information in respect of such particular—

(i)        categories of borrowers as maybe prescribed; and

(ii)        geographic areas as maybe prescribed; and

(e)such other information as may be prescribed.

 

(2)When a financial institution discloses the required information in terms of subsection (1), it must also disclose such information in respect of the immediately preceding financial year.

 

(3)No person may disclose the required information unless—
(a)it is done in terms of this Act;
(b)required in terms of any other legislation; or
(c)ordered to do so by a court of law.