Section 67 Mortgage and Property Law of Lagos State Section 67 of the Mortgage and Property Law of Lagos State 2010 is about Interpretation. It provides as follows: In this law unless the context otherwise requires –“Auditor-General” means the Lagos State AuditorGeneral; “Conveyance” includes a mortgage, charge, leases, assent, vesting declaration, disclaimer, release and every…

Section 66 Mortgage and Property Law of Lagos State Section 66 of the Mortgage and Property Law of Lagos State 2010 is about Penalties for violations, joint and several liability, treble damages, actions for injunction by Attorney-General of the State, costs and attorney fees. It provides as follows: (1) Any person or persons who violates…

Section 65 Mortgage and Property Law of Lagos State Section 65 of the Mortgage and Property Law of Lagos State 2010 is about Interest in land. It provides as follows: (1) The only estates in land which are capable of subsisting or of being a subject matter of a mortgage under this law or create…

Section 64 Mortgage and Property Law of Lagos State Section 64 of the Mortgage and Property Law of Lagos State 2010 is about Enforceability of a contract of mortgage. It provides as follows: Any contract of mortgage that does not comply with the provisions of this law shall not be enforced in a court of…

Section 63 Mortgage and Property Law of Lagos State Section 63 of the Mortgage and Property Law of Lagos State 2010 is about Power to make regulations. It provides as follows: The Board with the approval of the Commissioner may make Regulations for the purpose of implementing the provisions of this Law subject to the…

Section 62 Mortgage and Property Law of Lagos State Section 62 of the Mortgage and Property Law of Lagos State 2010 is about Prohibition of fees for preparation and submission of loan application for borrowers. It provides as follows: No fee shall be imposed or charged made upon any other person (as a part of…

Section 61 Mortgage and Property Law of Lagos State Section 61 of the Mortgage and Property Law of Lagos State 2010 is about Financing of insurance or other products sold in connection with the loan. It provides as follows: No mortgage institution shall finance, directly or indirectly, any credit life, credit property insurance, or any…

Section 60 Mortgage and Property Law of Lagos State Section 60 of the Mortgage and Property Law of Lagos State 2010 is about Prohibition against negative amortisation. It provides as follows: (1) No mortgage agreement may contain a payment schedule with regular periodic payments that cause or may cause the principal balance to increase. (2)…

Section 59 Mortgage and Property Law of Lagos State Section 59 of the Mortgage and Property Law of Lagos State 2010 is about Prohibition of collateral contract. It provides as follows: No mortgage agreement shall contain a requirement imposing an obligation on a mortgagor to purchase other financial products including insurance from thesame mortgage lender…

Section 58 Mortgage and Property Law of Lagos State Section 58 of the Mortgage and Property Law of Lagos State 2010 is about Prohibiting against kickbacks and unearned fees. It provides as follows: (1) No person shall give and no person shall accept any fee, gratification, kickback, or thing of value pursuant to any agreement…