Paragraph 7

The Building Societies Act 1986 shall be amended as follows.

In section 10(5) for “borrower” there shall be substituted “ mortgagor ”.

In section 11(7), after “(2)(b)” there shall be inserted “ or (2)(ba)(i) or (ii) ”.

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.”

In section 13(3)—

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