The Ogun House of Assembly on Thursday passed the bill establishing the Ogun Mortgages and Foreclosure Authority to regulate mortgages in the state.
Mr Damilola Soneye, the Chairman, House Committee on Lands and Housing, presented the committee’s report to the Assembly during plenary in Abeokuta.
Soneye (APC -Obafemi Owode) moved the motion for the adoption of the report and this was seconded by Wahab Haruna (ADC -Yewa North 11).
Mr Yusuf Sherif, the Majority Leader, moved the motion for the third reading of the bill and it was seconded by the Deputy Speaker, Dare Kadiri.
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, thereafter ordered that a clean copy of the bill be forwarded to Gov. Dapo Abiodun for his assent.
Speaking to the News Agency of Nigeria (NAN) in an interview on the importance of the bill, Soneye explained that the law would regulate mortgage banking and related businesses in the state.
The lawmaker said that the mortgage institutions would be better empowered to meet the demands 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,” he said.