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LagosHouseOfAssembly

20 May, 40 tweets, 40 min read

https://twitter.com/lshaofficial/status/1395243805364867074

#HappeningNow

Welcome to the Public Hearing on the Lagos State Mortgage and Property (Amendment) Bill, 2021.

A Bill for a Law to amend the Mortgage and Property Law, CAP,M5, Law of Lagos State.

Join the conversation using #LSHAPublicHearing #LSHAOFFICIAL

https://twitter.com/lshaofficial/status/1395243805364867074

@followlasg

#HappeningNow
***Start***
Opening Prayer by Engr. Tajudeen Kolade Ibrahim

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@housing_LASG
@akinmaf
@lsdpcofficial
@LagosHOMS

@followlasg

#HappeningNow

Introduction of invited guests and stakeholders

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@Honmakinde1
@housing_LASG
@akinmaf
@lsdpcofficial
@LagosHOMS

@followlasg

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Welcome Address by Hon. Makinde R.L
Chairman, Committee on Housing

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@Honmakinde1
@housing_LASG
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@mudashiru_obasa

***Protocols***

On behalf of the Rt. Hon. Speaker, @mudashiru_obasa and the Committee on Housing, I welcome you to this all-important Public Hearing on “A BILL FOR A LAW TO AMEND THE MORTGAGE & PROPERTY LAW, CAP. M5, LAWS OF LAGOS STATE, 2015”.

#LSHAMortgageandPropertyLaw
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@Honmakinde1

This public hearing is aimed at ensuring the participation of relevant stakeholders and members of the public to seek their opinion before the passage of the Bill into law.

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#LSHAPublicHearing #LSHAMortgageandPropertyLaw

@Honmakinde1
@housing_LASG
@lsdpcofficial
@LagosHOMS

The Lagos State Mortgage and Property Law, was enacted in 2010 (now Cap. M5, Laws of Lagos State, 2015) for the purpose of establishing the Lagos State Mortgage Board to encourage growth in Real Estate and regulation of consumer loans for property realization in the State.

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The proposed Mortgage and Property amendment vests in the Mortgage Board the role of creating a conducive environment for an accessible and affordable mortgage for the benefit of citizens of the State to acquire their own homes, ...

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@followlasg

...including advising the Governor on the funding, administration, & structure of the State mortgage finance program or policy for the benefit of the residents of the State.

#LSHAPublicHearing #LSHAMortgageandPropertyLaw

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@housing_LASG
@lsdpcofficial
@LagosHOMS
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It intends to introduce a policy that will enable residents of the State to pay a certain percentage of the cost of the production of the housing unit and pay the balance over a period of years whilst taking possession of the property.

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It plans to assist in reducing the huge housing deficit in the State to the barest minimum despite the prevailing economy downturn and the State Government intends to adopt a multi-dimensional approach to increase the housing supply.

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Furthermore, in fulfilling the aspirations of housing for all and as part of the THEMES Agenda of the current administration and the Lagos State House Assembly intends to ensure affordable and decent housing for our citizens.

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In addition, the proposed bill would help to address some key areas that include the area of speedy perfection of a mortgage title, Strata titles, sale by the auction, remedy for wrongful sale, the introduction of provision for ..

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@followlasg

...foreclosure, amongst others as well as the inadequacies of the extant Law to conform to the housing policy of the present administration.

#LSHAPublicHearing #LSHAMortgageandPropertyLaw

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@Honmakinde1
@housing_LASG
@akinmaf
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Distinguished Guests, I would like to enjoin you all to contribute immensely to the proposed legislation and assure you that all suggestions, opinions, and contributions made would be considered on merits by the Committee ...

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@followlasg

...as its recommendation(s) to the House for input in the passage of the Bill into Law.

Once again you are all welcome and happy deliberation.

***End of address***

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@lshaofficial

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Keynote Address by Rt. Hon. (Dr.) Mudashiru Ajayi Obasa, Speaker @lshaofficial ably represented by the Deputy Speaker, Hon. Wasiu Eshilokun Sanni.

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@mudashiru_obasa
@wasiu_eshilokun
@housing_LASG
@lsdpcofficial
@LagosHOMS

"We assemble here today to discuss the bill for A law to amend the Mortgage and Property Law, Cap, M5, Laws of Lagos State, 2015. This bill seeks to address a critical aspect of our economic survival and sustenance, that is the real estate sector"

- Hon. Wasiu Eshilokun Sanni

The current law encourages sectoral growth with innovations like the establishment of the Lagos State Mortgage Board & Lagos State Mortgage Finance Program with the mandates such as the encouragement of fair, transparent and affordable mortgage for the benefits of all Lagosians.

@wasiu_eshilokun

However, the extant law was enacted in year 2010, more than a decade ago and now cries for necessary amendments that befit the current realities.

- Hon. Wasiu Eshilokun Sanni
@wasiu_eshilokun

#LSHAPublicHearing

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@lsdpcofficial
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@wasiu_eshilokun

"Aside from the economic benefits of our efforts to promote the real estate sector with energies like this, this sector is also critical to the socio-security wellbeing of the state. "

- Hon. Wasiu Eshilokun Sanni
@wasiu_eshilokun

@wasiu_eshilokun

"With real estate, homes are created and the increment in homes is always tantamount to better social wellbeing, more love and less insecurity. "

- Hon. Wasiu Eshilokun Sanni
@wasiu_eshilokun

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@housing_LASG
@lsdpcofficial
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@Sobagunbiade

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Presentation of the Bill (General Overview of the Bill) by the Leader of the House, Hon. Agunbiade S.O.B

@Sobagunbiade

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HIGHLIGHTS OF THE AMENDED MORTGAGE AND PROPERTY LAW

2.1There is a new Section 23 in the proposed amendment which now provides for sale of a mortgaged property by public auction and the conditions under which the right of sale shall arise.

This is in line with the Auction Law, however, now expanded to protect all the parties involved and importantly, to prevent a situation where the property is undervalued such as to suggest fraud or collusion between the mortgagee, the auctioneer and the buyer.

2.2A novel introduction into the Mortgage and Property Law is the right of foreclosure by the mortgagee under Section 39. The extant Law is silent on foreclosure, which is left entirely in the hands of the courts, this in practice, ...

... hampers the giving out of housing loans because of the uncertainty of recovery. The proposed amendment will take care of this issue and further create an enabling environment for mortgage transactions.

2.3The purpose of the amendment in Section 39 is not to take away the jurisdiction of the courts through the Law, but to create certainty in mortgage dealings and to further protect the business environment for both public and private sectors of the economy.

The amendment is forward looking, as it considers the possibility that mortgaged property when foreclosed may be sold at a price higher than the amount owed. The excess or surplus money accruing from the foreclosure sale in this instance, shall be due to the mortgagor.

This provision is to protect the interest of the mortgagor in the foreclosure proceedings in court.

2.4Other important sections in the proposed Bill are Sections 40 and 58 of the Law. Both sections relate to voluntarily surrender of the mortgage property through signing a Deed in lieu of foreclosure and in a situation where legal or equitable Mortgagor can no longer ...

...locate the Mortgagee or the Mortgage institution is no longer a going concern, the court now have the power to issue a Discharge Order after fulfilling certain conditions which Order can be registered as a release of the mortgage.