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The Loans for Mortgage Interest (Transaction Fee) (Amendment) Regulations (Northern Ireland) 2020

S.R. 2020/125 · Made 1 July 2020

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Social Security

Made 1st July 2020

Laid before Parliament - 2nd July 2020

Coming into operation 3rd August 2020

The Secretary of State in exercise of the powers conferred by Articles 3, 13 and 14(4)(b) of the Welfare Reform and Work (Northern Ireland) Order 2016f1 makes the following Regulations.

These powers are exercisable by the Secretary of State by virtue of Article 4(1)(a) of the Welfare Reform (Northern Ireland) Order 2015f2.

Annotations to the whole text

Footnotes

f1

S.I. 2016/999 (N.I. 1). Article 3 is cited for the meaning of “prescribed”.

f2

S.I. 2015/2006 (N.I. 1). Article 4 was amended by Article 4 of the Welfare Reform and Work (Northern Ireland) Order 2016.

Contents

  1. 1Citation and commencement
  2. 2Amendments of the Loans for Mortgage Interest Regulations (Northern Ireland) 2017
  3. Signature
  4. Explanatory note

1Citation and commencement

(1)

These Regulations may be cited as the Loans for Mortgage Interest (Transaction Fee) (Amendment) Regulations (Northern Ireland) 2020.

(2)

These Regulations come into operation 3rd August 2020.

2Amendments of the Loans for Mortgage Interest Regulations (Northern Ireland) 2017

In Schedule 4 (direct payments to qualifying lenders) to the Loans for Mortgage Interest Regulations (Northern Ireland) 2017f1, omit paragraph (6) (fees payable by qualifying lenders).

Signature

Signed by authority of the Secretary of State for Work and Pensions

Stedman-Scott

Parliamentary Under Secretary of State

Department for Work and Pensions

1st July 2020

Explanatory note

(This note is not part of the Regulations)

Regulation 2 of these Regulations amends Schedule 4 to the Loans for Mortgage Interest Regulations (Northern Ireland) 2017 (S.R. 2017 No. 176) to remove the requirement for qualifying lenders to pay a fee to the Department in respect of each occasion on which a payment is made directly to the qualifying lender.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, public or voluntary sectors is foreseen.