Section 8 Mortgage and Property Law of Lagos State

Section 8 of the Mortgage and Property Law of Lagos State 2010 is about Powers of the Board. It provides as follows:

(1) The Board shall have the power to—
(a) borrow, deposit or accept any money from any person or corporation in respect of its functions under this Law;

(b) sell, let, dispose of or grant rights over the undertaking or any property of the Board for cash or for shares or any security of any company or for other consideration.

(c) encourage and negotiate sub-prime mortgage lending to the public on facilities provided by the State Government for Lagos State Mortgage Scheme, based or its intervention funding;

(d) appoint appropriate skilled personnel to advise the Board on the management and the implementation of any mortgage Scheme;

(e) act as an intermediary between the public or any group or special interest and the mortgage brokers, lenders and allied enterprises;

(f) give adequate protection to the members of the public seeking mortgage loans and generally to ensure that the mortgage industry is operated fairy, honestly, efficiently and free from deception or noncompetitive practices;

(g) assist in negotiating on behalf of public is or any group or special interest, reasonable interest rate with Mortgage Lending Institutions and ensure the
availability of funds on reasonable terms to provide affordable housing on Lagos State Government facility.

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