Mortgage Institutions (Amendment) Act, 2016

.-:, . ' .. : j·.·.'''' ·. ' .', ~ : . ---~· ,,' . ' ::.~-- ~ '';: ·; . . . !· r· ,,.· ,, .. ., MORTGAGE INSTITUTIONS (AMENDMENT) ACT, 2016 · . EXPLANATORY MEMORANDUM This Abtrunends the Mortgage Institutions Act Cap, M19, Laws of the Federation ofNigeria, 2004 by reviewing the prescribed penalties. . •· 0 • · • . ... ····-··-"-"-'------' MORTGAGE INSTITUTIONS (AMENDMENT) ACT, 2016 ARRANGEMENT OF SECTIONS Section: 1. .Amendment of Cap. M19, LFN, 2004. 2. Amendment of sections 1, 2 and 17. 3. Amendmentofsection·i5. 4. Amendment ofsections 20 and 21. 5. Citation. J 9-£3 I ·MORTGAGE INSTITUTIONS{AMEND:MENT) ACT, 2016 •,;,. ; A Bill For An Act to amend the Mortgage Institutions Ad Cap. M19, Laws of the Federation of Nigeria, 2004 by reviewing the prescribed penalties; and foJ; related matters. . . , .. [ ENACTED by the National Assembly of the FediiraLRepublic of Nigeria 1. ·The Mortgage Institutions.Act Cap. M19,La~s of the Federation of Nigeria, 2004 (in this Act referred to as "the Principal Act") ls amended as set out in this Act. · Q 2. ·Sections 1 (2) and (3).and 2{7')and 17 (3)ofihe.Prihcipal Act are amendedby substituting for the expression, "NlOO", the expression, "NlOOO". 3.- Section 15 (4) of the Princip11l Act is amended by substituting for the expression, ''N200", the expression, ''N20,000". 4. SeCtions 20 and 21 of the Principal Act are amended .by substituting for the expression, ''NlO;OOO", the expression, ''NlOO,OOO". · 5 .. this Act may be cited as.the Mortgage Institutions (Amendment) Act, 2016. l Commencement Amendment of Cap. MJ9, LFN, 2004 Amendment of · sections 1, 2 and 17 Amendment of section 15 Amendment of sections· 20 and 21 .Citation ·J··.·. ! \ \ ) Q I' c/ I, CERTIFY, IN ACCORDANCE WITH SECTION 2 . (1) ·oF THE ACTS AUTHENTICATION. ACT CAP. A2, lAWS OF THE FEDERATION OF NIGERIA 2004, THA,1 ;;tms IS A 'fRUE COPY OF THIS ;BILL PASSED BY BOTH HOUSES OF THE. · NATlONAL ASSEMBLY . . ·~'.,·. MOHAMMED ATABASANI"OMOLORI CLERK TO THE NATIONAL ASSEMBLY ¥' DAYOFJANUARY,2017 (SHORT TITLE OF THE BILL Mortgage Institutions (Amendment) Bill, 2016. Schedule to the Mortgage Institutions (Amendment) Bill, l016 LONG TITLE OF THE BILL An Act tci amend the Mortgage Institutions Act Cap. M19, Laws of the Federation of Nigeria, 2004 by reviewing the pre!';cribed penalties; and for related Ili~tters. SUMMARY OF THE CONTENTS OF TI-ill BILL Tills Bill amends the Mortgage Institutions Act Cap. M19;Laws of the Federation of-Nigeria, 2004 by reviewing the prescribed penalties. . DATEPASSED I BY THE SENATf 22"d Noveii1ber, 2016 . DATE PASSED BY THE HOUSE OF REPRESENTATIVES 7th June, 2016 I certify that this Bill has been carefully CO!llpared by me with the decision reached by the National.Assembly and fo!IDd by me to be true and correct decision of the Houses and is in accordance with theprovisions of the Acts Authentication Act Cap. A2, L<j.ws of the Fed.eration . ofNigeria, 2004. • · · . . . · ~- · . MO DATABASANI-OMOLORI ~ i ~ Clerk to the National Assembly \ Q ~as ~ . If f4 Day of January, (2017 . P.M· ~-eM t1&t~~l1:fD 1 S~, Gc.etJ ~ , . IASSENT ~j ~~ \- ~ \k ~ ~\..c 6 r/ L~UHAMMADU BUHlru,GCFR 6Y~ · b"j t ~ nlill>j 1 !LO I '=f President of the Federal RepJblic of Nigeri~ Day of Januai-yJ017 . I . i