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DEBT COLLECTORS ACT, 1998

Some lease agreements contain certain terms regarding the levy of collection costs for either late or arrear payments that may not be recoverable in terms of the Debt Collectors Act, 1998 (hereinafter referred to as the act).

The Debt Collectors Act prohibits a person or entity from acting as a debt collector unless registered as such with the council of debt collectors. Failure to comply with this provision will render a contravener guilty of an offence and liable on conviction to a fine or to imprisonment for a period not exceeding three years.

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