Amendment No. 273 is a substitution for amendment No. 273 on the list of amendments circulated on 6 September 1994.
SECTION 107.
I move amendment No. 273:
In page 57, paragraph (a), line 36, after "made" to insert "or as soon as may be practical thereafter".
The purpose of section 107 is to ensure that at the time the loan is made, the borrower receives a copy of the mortgage deed for his own information. Such copy should be additional to any copy given to the borrowers' solicitor.
Amendment No. 273 will effectively neutralise the provisions of subsection (a) by removing the requirement that a borrower should receive his own copy of the mortgage deed. Therefore, I withdraw the original amendment and substitute the new one, which is designed to avoid a situation where the closing of the sale of a house may be delayed because a copy of the deed of the borrower is not available. This is only common sense. We are still ensuring that both sides will get a copy. The previous amendment only made it possible that the legal representative would get a copy and they would then act for the client. I now see how erroneous that was and this amendment ensures that the borrower also gets a copy.
I will accept that.
Amendment agreed to.
Section 107, as amended, agreed to.