Deregulation and Contracting Out Act 1994

7 (1) The Building Societies Act 1986 shall be amended as follows. E+W+S

(2) In section 10(5) for “borrower” there shall be substituted “ mortgagor ”.

(3) In section 11(7), after “(2)(b)” there shall be inserted “ or (2)(ba)(i) or (ii) ”.

(4) In section 13(2), at the end there shall be inserted—

“(e) where the advance is to be made in connection with a disposition of other land to the borrower, any person having a financial interest in the disposition of the other land and any director, other officer or employee of his or of an associated employer; and

(f) where the advance is to be made in connection with a disposition of other land to the borrower, any person receiving a commission for introducing the parties to the transaction involving the disposition and any director, other officer or employee of his.”

(5) In section 13(3)—

(a) after “following a disposition of the land” there shall be inserted “ or in connection with a disposition of other land to the borrower ”, and

F1 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Sch. 11 para. 7(5)(b) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 16 Group 2

F2 Sch. 11 para. 7(6) repealed (1.12.1997) by 1997 c. 32, s. 46(2), Sch. 9; S.I. 1997/2668, art. 2(2)(3)(5), Sch. Pt. II