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Mortgage Institutions Act.

Country/Territory
Nigeria
Document type
Legislation
Date
1989 (2013)
Source
FAO, FAOLEX
Long title
An Act to make provisions for establishment and licensing of mortgage institutions to grant loans and advance to individuals for the purchase or construction of a dwelling house; improvement or extension of an existing dwelling house; and to accept savings and deposits from members of the public and to pay interest thereon.
Subject
Land & soil
Keyword
Institution Data collection/reporting Offences/penalties
Geographical area
Africa, North Atlantic, Western Africa
Abstract

This Act provides for the licensing of mortgage institutions and lays down rules for mortgage business by licensed mortgage institutions. If any company intends to carry on mortgage business in Nigeria, it shall apply in writing through the Federal Mortgage Bank to the Minister for the grant of a licence in accordance with the following provisions of this Act. Every mortgage institution shall submit to the Federal Mortgage Bank such returns as specified. The Federal High Court shall have jurisdiction to try all offences created under this Act.

Full text
English
Website
www.placng.org

References - Legislation

Amended by

Mortgage Institutions (Amendment) Act, 2016 .

Legislation | Nigeria | 2017

Keyword: Offences/penalties

Source: FAO, FAOLEX