The Departmentof Housing hereby publishes thedrafl Community Reinvest (Housing) Bill, 2002 for public information, discussionand comment.
"financial institution" means any bank or mutual bank registered as such under the Banks Act, 1990 (Act No. 94 of 1990), or the Mutual Banks Act, 1993 (Act No.
"NHBRC" means the National Home Builders Registration Council established under section2 of the Housing Consumers Protection Measures Act, 1998 (ActNo.
"Office" means the Office of Disclosure establishedin terms of the Home Loan and Mortgage DisclosureAct, 2000(Act No.
report to the Minister andto the public; and request and review a business strategy for any financial institution if this is necessary for the Officeto properly carry out its functions.
provide funding directly to niche market lendersto make available for end user loans.
use different standards for pooling or packaging home loans.
Performance and ratings reinvestment for housing.
TheOfficemustincludein its annualreporttotheMinister, a section outlining the actions it has taken to carry out its responsibilities in terms of this Act.
TheMinistermay also exempt a financialinstitutionor a category of financial institutions, from any or allof the requirementsof this Act for a specified period of time, based on the size or period of existence of the institution.
A person andlor financial institution convicted of an offence in terms of subsection (1) is liable to a fine not exceeding R500000,OO.