2010/07/15 08:22:46 AM Jetta Posts: 1	1. Is the rental of a property regarded as a "service" under the National Credit Act 34 of 2005? 2. Must the money received from tenants be deposited into an account specifically named "Trust" or can it be deposited into an ordinary company account, either current bank account or savings bank account from where the owners and others can be paid.
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2010/07/16 09:57:46 AM Michelle Posts: 142	1. Lease of immovable property is not regarded as a service in the National Credit Act (NCA). NCA Section 8 (2) (b) specifically states the lease of immovable property is not a credit agreement. Therefore for the most part the NCA does not regulate leases. However, when the estate agent or landlord makes use of a credit bureau, they then need to comply with the NCA. For example getting the consent of the tenant prior to performing a credit check on the tenant. Or giving the tenant 20 business days notice of intention to blacklist. 2. If the estate agent is holding the deposit, the deposit must be held in the estate agents trust account.
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