Mortgage Institutions Act. Country/Territory Nigeria Document type Legislation Date 1989 (2013) Source FAO, FAOLEX Long titleAn 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