The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Lending institutions and savings institutions

299.—(1) The Housing Act 1985 is amended as follows.

(2) In section 36(4) (liability to repay is a charge on the premises), for the words from “a building society” to “a friendly society” substitute—

• “an authorised deposit taker

• an authorised insurer”.

(3) In section 151B(5) (mortgage for securing redemption of landlord’s share)(1), for the words from “a building society” to “a friendly society” substitute—

• “an authorised deposit taker

• an authorised insurer”.

(4) In section 156(4) (liability to repay is a charge on the premises)(2), for the words from “a building society” to “a friendly society” substitute—

• “an authorised deposit taker

• an authorised insurer”.

(5) In section 447(1) (recognised lending institutions)—

(a) the entries relating to “ building societies”(3), “trustees savings banks”, “banks”, “insurance companies” and “friendly societies” in the list of lending institutions recognised for the purposes of section 445 are repealed; and

(b) at the beginning of that list insert—

• “an authorised deposit taker

• an authorised insurer”.

(6) In section 448(1) (recognised savings institutions)—

(a) the entries relating to “building societies”(4), “trustees savings banks” and “banks” in the list of savings institutions recognised for the purposes of section 446 are repealed; and

(b) at the beginning of that list insert—

• “an authorised deposit taker”.

(7) In section 576 (meaning of “lending institution”) for the words from “a building society” to “an insurance company” substitute—

• “an authorised deposit taker, or

• an authorised insurer.”

(1)

Section 151B was inserted by the Leasehold Reform, Housing and Urban Development Act 1993 (c. 28), section 118.

(2)

Subsection (4) of section 156 was amended by the Housing Act 1988, section 140(1), Schedule 17, paragraph 106.

(3)

The reference to building societies was substituted by the Building Societies Act 1986 (c. 53), section 120(1), Schedule 18, paragraph 18(3).

(4)

The reference to building societies was substituted by the Building Societies Act 1986 (c. 53), section 120(1), Schedule 18, paragraph 18(3).