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Home mortgage financing law passed
Accra, Nov. 13, Ghanadot/GNA – Parliament on Thursday passed
a bill that would provide a uniform system of home mortgage
financing into law.
The Home Finance Mortgage bill would regulate the activities
of financial institutions, which provide financial
assistance related to the acquisition of residential
property.
The bill also applies to the transactions between finance
institutions and their customers for the provision of
finance for the construction, purchase, completion,
extension, renovation or improvement to a residential
property.
A parliamentary report on the bill said the move towards the
creation of standard documentation for mortgage transactions
was expected to help in the evolution of a vibrant home
mortgage market.
The House also approved a report on a Road Toll (Amendment)
Regulations legislative instrument to expand existing toll
roads in the country.
This is to increase the number of toll booth for the
mobilization of revenue to improve road network in the
country.
A committee’s report said a number of road accidents could
be linked to poor conditions of some of the road networks
and therefore a proposal to increase the number of toll
booth on the highway to generate more revenue for the
maintenance of roads in the country was in the right
direction.
GNA
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