Home Mortgage Finance Act, 2009
An Act to facilitate home mortgage finance in Sierra Leone and strengthen the enforcement of mortgage security.
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Summary
The Home Mortgage Finance Act, 2009 was enacted to promote the availability of mortgage finance for housing in Sierra Leone. It forms part of the 2009 commercial-law reforms aimed at deepening the financial sector and supporting home ownership.
The Act provides a framework for mortgage lending secured on residential property, clarifying the creation, registration, priority and enforcement of mortgages. By making mortgage security more certain and enforceable, it encourages lenders to provide longer-term housing finance and supports the development of a housing-finance market.
Main provisions
- Provides a framework for home mortgage finance secured on property.
- Clarifies the creation, registration and priority of mortgages.
- Strengthens the enforcement of mortgage security.
- Encourages lending for housing and home ownership.
- Forms part of the 2009 financial-sector reforms.