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Power To Lend To Individuals Otherwise Than By Class I Or Class 2 Advances

Volume 98: debated on Wednesday 4 June 1986

The text on this page has been created from Hansard archive content, it may contain typographical errors.

Amendments made: No. 55, in page 20, line 42, leave out from 'that' to end of line 4 on page 21 and insert

'an advance for a deposit for the purchase of land shall, if the purchase is not completed within the period of six months beginning with the date of the advance, be treated after the end of that period as a loan under this section and shall accordingly cease to be a class 1 or class 2 advance'.

No. 56, in page 21, line 4 at end insert—

'(2A) Mobile home loans do not constitute loans under this section.'.

No. 57, in page 21, line 8 after '(4)', insert

'Subject to subsection (5A) below'.

No. 58, in page 21, line 16 after 'section', insert

'or this section and section (Loans for mobile homes)'.

No. 59, in page 21 line 18 after 'as', insert

', in the case of loans under this section.'.

No. 60, in page 21, line 20 at end insert

'and, in the case of loans under this section and section (Loans for mobile homes), as made on different occasions such that loans under this section precede those made under that section.
(4A) Subsection (4) above shall have effect (subject to subsection (5A) below) in a case where a building society has made a loan undersection (Loans for mobile homes) as if it precluded a building society from making a loan to an individual under this section if the principal exceeds—
  • (a) the limit referred to in paragraph (a) of it; or
  • (b) the balance referred to in paragraph (b) of it; or
  • (c) the balance remaining after deducting from the limit imposed by or under subsection (6) of that section the aggregate of any sums outstanding in respect of loans made under that section and under this section by the society to that individual.'.
  • No. 61, in page 21, line 24 at end insert

    '(5A) The limit on loans to any one individual under this section does not apply to an advance for a deposit for the purchase of land which has come to be treated as a loan under this section and accordingly no account shall be taken of it for the purposes of subsection (4) above.'.

    No. 62, in page 22, line I leave out from beginning to end of line 17.

    No. 63, in page 22, line 19 leave out 'or (11)'. [Mr. Ian Stewart.]