MORTGAGE INSTITUTIONS (AMENDMENT) ACT, 2016

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LAWS OF THE FEDERATION OF NIGERIA 

MORTGAGE INSTITUTIONS (AMENDMENT) ACT, 2016

EXPLANATORY MEMORANDUM

This Act amends the Mortgage Institutions Act Cap. M19, Laws of the Federation of Nigeria, 2004 by reviewing the prescribed penalties.

MORTGAGE INSTITUTIONS (AMENDMENT) ACT, 2016

ARRANGEMENT OF SECTIONS

Sections:

1. Amendment of Cap. M19, LFN, 2004.
2. Amendment of sections 1, 2 and 17.
3. Amendment of section 15.
4. Amendment of sections 20 and 21
5. Citation.

MORTGAGE INSTITUTIONS (AMENDMENT) ACT, 2016

An Act amend the Mortgage Institutions Act Cap. M19, Laws of the Federation of Nigeria, 2004 by reviewing the prescribed penalties; and for related matters.

[  ]              Commencement.

ENACTED by the National Assembly of the Federal Republic of Nigeria—

Amendment of Cap. M19, LFN, 2004

1. The Mortgage Institutions Act Cap. M19 Laws of the Federation of Nigeria, 2004 (in this Act referred to as “the Principal Act”) is amended as set out it this Act.

Amendment of sections 1, 2 and 17

2. Sections 1 (2) and (3) and 2 (7) and 17 (3) of the Principal Act are amended by substituting for the expression, “N100”, the expression, “N1000”.

Amendment of section 15

3. Sections 20 and 21 of the Principal Act are amended by substituting for the expression, “N10,000”, the expression, “N100,000”.

Amendment of sections 20 and 21

4. Sections 20 and 21 of the Principal Act are amended by substituting for the expression, “N10,000”, the expression, “N100,000”.

Citation

5. This Act may be cited as the Mortgage Institutions (Amendment) Act, 2016.