The Building Societies (Investigation of Complaints) Order 1990

Article 3

SCHEDULE VARIATIONS OF PART II OF SCHEDULE 12 TO THE ACT

1.  After paragraph 3 of Part II there shall be inserted the following paragraph:

“Borrowers: Loans by appropriate mortgage companies

3A.   The operation or termination of the account of a borrower on the security of land from an appropriate mortgage company and the grant or refusal to grant a borrower from such a company further advances secured on the same or different land or other facilities normally available to borrowers of his description.

Note:

The operation or termination of the account of a borrower from an appropriate mortgage company includes any aspect of the relationship or the termination of the relationship between the lender and such a borrower including in particular the exercise of any power over the security.

Note:

“Appropriate mortgage company” means a company of that description which is for the time being the object of investment and support by a building society in accordance with the Building Societies (Designation of Qualifying Bodies) Order 1990(1).

Note:

the grant of advances includes the terms on which they are granted.”

2.  For paragraphs 6 to 9 of Part II there shall be substituted the following paragraphs

“Banking Services

6.   The terms on which are provided, the operation of, or the withdrawal of banking services.

Note:

“Banking Services” means the services of that description provided in accordance with Schedule 8 to this Act.

Trusteeship

7.   The terms on which are provided, the operation or termination of services of Trusteeship.

Note:

“Trusteeship” means the services of that description provided in accordance with Schedule 8 to this Act.

Executorship

8.   The terms on which are provided or the operation of services of Executorship.

Note:

“Services of Executorship” means services of that description provided in accordance with Schedule 8 to this Act.”

(1)

S.I. 1990/1434