The bill to establish the Ogun Mortgages and Foreclosure Authority , regulate Mortgage was on Thursday passed into law by the Ogun House of Assembly.
Mr Damilola Soneye (APC -Obafemi Owode) , Chairman, House Committee on Lands and Housing, presented the committee’s report to the House during plenary in Abeokuta.
Soneye moved the motion for the adoption of the report and seconded by Wahab Haruna (ADC -Yewa North 11).
Mr Yusuf Sherif (APC -Ado Odo Ota 1), the Majority Leader, moved the motion for the third reading of the bill seconded by the Deputy Speaker, Dare Kadiri (APC -Ijebu North 11).
Mr Deji Adeyemo, the Clerk of the House, read the bill for the third time before the members of the assembly.
The Speaker of the House, Olakunle Oluomo (APC–Ifo1), thereafter, ordered that the clean copy of the bill be forwarded to Gov. Dapo Abiodun for his assent.
Speaking in an interview on the advantages of the bill, Soneye explained that the establishment of the law would regulate mortgage banking and related business in the state.
The lawmaker said that the mortgage institutions would be better categorised to meet the demand of modern day housing development.
“The law will allow for proper mode of operations in managing our mortgages and foreclosure and ensuring the management of the expanding mortgage industry in the state.
“To guide the authority to manage various disputes emanating from mortgages and foreclosure issues . This will help to maintain peace and tranquility in the business, ” he said.