# Deregulation and Contracting Out Act 1994, Paragraph 7

Extent: E+W+S

(1) The Building Societies Act 1986 shall be amended as follows.
(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
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/ukpga/1994/40/schedule/11/paragraph/7 (the official version)
Page: https://openlegislation.uk/deregulation-and-contracting-out-act-1994/schedule-11/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.