No, it does not:
- The (Sectional’s Title) Act stipulates an owner’s obligation to pay levies; there is no “Credit Transaction” involved
- A HOA has to pay certain expenses on behalf of ALL owners; it is not extending credit.
- A HAO is not considered to be a Credit Provider, nor the levy-payer a “Consumer” in this regard.
- No “Agreement” (concerning eligibility to pay levies, or not) exists between the HOA and an owner; it is governed by the Act.
- Furthermore – Interest on overdue levies is paid in conjunction with the Act (Management Rule 31 (6); and not as per agreement between the two parties.