Part 3Advances
Special advances on mortgage
37Permission to exceed limit for special advances (Repealed)
Notes
- Section 37: repealed, on , by section 4(2)(b) of the Building Societies Amendment Act 1982 (1982 No 169).
Building Societies Act 1965
Advances - Special advances on mortgage
37: Permission to exceed limit for special advances
"Old rule about extra mortgage money for building societies no longer exists"
The law used to have a rule about letting building societies go over the limit for special advances on mortgages. This rule was part of the Building Societies Act 1965. However, this rule doesn't exist anymore. It was taken out of the law on 17 December 1982. The government made this change when they updated the Building Societies Act.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM371665.
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36: Ordinary limitations on special advances, or
"This rule about money lending in building societies doesn't exist anymore"
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38: Permission to make special advance to purchaser of mortgaged property, or
"Building societies can't give extra money to people buying houses with existing loans anymore"