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Building Societies Act 1965

Advances - General provisions as to advances on mortgage

48: Advance for single premium life policy

You could also call this:

"Old rule about getting money for life insurance from building societies no longer applies"

This part of the law used to talk about getting money for a type of life insurance policy. However, it's no longer part of the current law. The government removed this section on 1 September 1987. This means you can't use this rule anymore when dealing with building societies.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM371691.

Topics:
Money and consumer rights > Banking and loansHousing and property > Buying and selling homes
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47: Restrictions on second or subsequent mortgages, or

"Old rules about extra mortgages no longer apply"

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Part 3Advances
General provisions as to advances on mortgage

48Advance for single premium life policy (Repealed)

    Notes
    • Section 48: repealed, on , by section 12 of the Building Societies Amendment Act 1987 (1987 No 175).