A Bill for an Act to establish the Institute of Montage Brokers and Lender of Nigeria has passed through second reading on the floor of the House of Representatives.
The Bill which was sponsored by the member representing Pankshin/Kanke/Kanam federal constituency of Plateau state, Timothy Golu seeks to regulate activities and ensure professionalism in the mortgage system in the country.
The Bill passed first reading on Wednesday, March 21, 2016.
According to him, so many Nigerians are struggling hard to own properties and decent houses.
“In the current mortgage system in the country and that quacks had taken over the system. As a result, the law maker said there were many avoidable litigation in various courts across the country,” he said.
Golu added that operations of professionals in any sector of the economy has a body that regulates the activities of it members.
He said such regulations was responsible for high level of sanity and professionalism displayed by practitioners in law, media, construction among others.
According to him, the Mortgage sector has the capacity to attract investments and to aid the ongoing efforts of government to diversify the economy.
In his debate, Rep. Lawal Abubakar (Adamawa-APC) said establishing the Institute of Montage Brokers and Lender of Nigeria would be proliferation of government agencies.
He explained that a department, dedicated to oversee the mortgage sector already existed in the Central Bank of Nigeria (CBN).
Abubarkar said the Mortgage Banks Association also exists and it controls the activities of its members.
The law maker said if the bill was allowed to see the light of the day, it would amount to proliferation of organisations in the mortgage sector.
In his ruling, the Speaker Yakubu Dogara referred the bill to the House Committee on Housing for further legislative actions.
You can also read this article in the Newspapers/magazines below:
Nigeria Newspapers – http://breaking.com.ng/nigeria/mortgage-brokers-bill-scales-second-reading
AlphaPlus Magazine – http://alphaplusmag.com/mortgage-professionalism-bill-passes-second-reading