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
F1Sch. 11 para. 7(5)(b) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 16 Group 2
F2Sch. 11 para. 7(6) repealed (1.12.1997) by 1997 c. 32, s. 46(2), Sch. 9; S.I. 1997/2668, art. 2(2)(3)(5), Sch.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