Home Loan and Mortgage Disclosure Act, 2000Chapter I : Introductory provisions5. Functions of Office |
| (1) | The Office is responsible for— |
| (a) | receiving the required information; |
| (b) | analysing and interpreting the required information; |
| (c) | receiving and investigating public comments on financial institutions relating to home loans; |
| (d) | making available to the public, information that indicates whether or not financial institutions are serving the housing credit needs of their communities, and rating such financial institutions in accordance with such information; |
| (e) | assisting in identifying possible discriminatory lending patterns and assisting any statutory regulatory body in enforcing compliance with anti-discriminatory legislation; |
| (f) | reporting to the Minister annually in respect of its work during the preceding year, and such report must include an analysis of the performance of each financial institution in complying with the terms of the Act; and |
| (g) | making recommendations to the Minister on any matter falling within the scope of this Act. |
| (2) | The Office— |
| (a) | must ensure that financial institutions comply with this Act and the provisions of item 4 of the Schedule to the Promotion of Equality and Prevention of Unfair Discrimination Act, 2000 (Act No. 4 of 2000); |
| (b) | must advise the Minister on the format, content and timing of disclosure by financial institutions in terms of the requirements of this Act; |
| (c) | may require financial institutions to substantiate information disclosed in terms of this Act where reasonable doubt may exist whether or not the information disclosed is fully accurate or comprehensive; and |
| (d) | may investigate and institute proceedings to verify the validity of information disclosed by a financial institution in accordance with the requirements of this Act, and for that purpose, such financial institution must afford the Office all reasonable assistance and access to premises and information to enable the Office to analyse and interpret such information. |