Section 7 Mortgage and Property Law of Lagos State

Section 7 of the Mortgage and Property Law of Lagos State 2010 is about Functions of the Board. It provides as follows:

(1) The functions of the Board shall be to—
(a) generate conducive environment for accessible and affordable mortgage or charge for the benefit of citizens of the State to acquire their own homes;

(b) advise the Governor on the funding, administration and structure of the State mortgage finance programme or policy for the benefit of the residents of the State;

(c) articulate any Lagos Mortgage Scheme or Policy which the Government has or may put in place from to time in connection with the making processing, registering or administration of mortgage lending in the State;

(d) protect the residents of the State and the stability of the State’s economy from unconscionable practices of mortgage brokers, lenders and all persons holding themselves out as offering funds on the security by way or mortgage or charge on any property in the State for development or the acquisition of homes or housing estates;

(e) implement and honour on behalf of government all obligations in any Agreement made between government and other parties with regards to the provisions of funds for land ownership or development of Estates in the State;

(f) report to government any default or breach on the part of any of the parties to any obligations or requirements in the Agreement mentioned in paragraph (c) above and to inform government with all dispatch on ways of remedying such default or breach by defaulting parties;

(g) encourage, promote and co-ordinate all forms of research concerned with the mortgage lending industry as it relates to economic wellbeing of the State and its residents, the stamping and registration system relating to mortgages in the State, the mode of application for application for Governor’s consent relating to secured credit transactions, and generally to disseminate same to government and the public;

(h) ensure continued intervention of government in the Lagos Mortgage Scheme through a formalised and institutionalised process;

(i) advise the Government on the adoption of standards and policies under which property -secured credit should be provided;

(j) act in an advisory capacity to the Government with regard to the mortgage lending industry and property secured credit;

(k) ensure the continued prominence and participation of government in the Lagos State Mortgage Scheme through the activities of the Board and those of other agencies of government;

(l) maintain a central statistical database of mortgages and transactions secured on, property in the State;
(m) perform such other functions as may from time to time be referred to it by the Governor or the State Executive Council as the case may be;

(n) secure compliance with the provisions of this Law and protect the interest of mortgagors of residential houses and other real estate within the State against unfair terms and unconscionable conduct of mortgage finance provides; and

(o) mediate in disputes between parties arising from mortgage transactions under this Law.