Mortgage Institutions Act.
Country
Type of law
Legislation
Date of original text
Date of latest amendment
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.
Attached files
Web site
Long title of text
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.
Notes
Revised edition of Decree No. 53 of 1989.
Repealed
No
Source language
English
Legislation Amendment
No