Home Loan & Mortgage Disclosure Bill: voting

Meeting report

HOUSING PORTFOLIO COMMITTEE
4 October 2000
HOME LOAN AND MORTGAGE DISCLOSURE BILL: VOTING

Relevant Documents:
Home Loan and Mortgage Disclosure Bill [B 53-2000]

SUMMARY
The committee checked over the amendments proposed the previous day. The Bill, with amendments, was unanimously adopted by the Committee.

MINUTES
Mr Hoon of the State Law Advisor reported to the committee on the previous day's decision to add "person includes juristic persons" to the list of definitions. He said this is already covered by the Interpretation Act and the proposed amendment might limit the definition in the Interpretation Act. Thus it would be better to leave the Bill as is and keep the wider interpretation. Mr Thatcher agreed. The Committee agreed to leave the Definition section of the Bill "as is".

The Committee agreed to the following amendments:

Clause 3 Information to be disclosed by financial institution
To change the three references to "financial period" to "financial year".

Clause 5 Functions of Office
To add to 5(1)(d) after "communities", "and rating such financial institutions in accordance with such information".

Clause 8 Period of office, vacation of office and filling of vacancies
To omit clause 8(1)(e) and replace it with:
"he or she is convicted of -
an offence involving dishonesty or corruption; or
any other offence and sentenced to imprisonment without the option of a fine;"

In clause 8(4) to omit "seven" and replace it with "six".

Clause 11 Secretariat
At clause 11(1), to delete "after consultation with the Director-General of Housing".

To add a new subclause 11(3):
"The Director-General of Housing is the accounting officer for the Office and must cause the installation of the necessary financial controls and management measures by the Office to ensure full accountability for expenses incurred by the Office".

Clause 14 Exemptions
At clause 14(2), delete all words after "year" up to and including "institutions".

Preamble
To add a new part to the Preamble:
"AND WHEREAS it is not the intention of this Act to promote, in any way, unsound lending practices among financial institutions in their business of providing home loans".

Voting
The above amendments were agreed to, the Motion of Desirability read and agreed to unanimously by all parties. Mr Lee (DP) also agreed, saying he would have questions when the Bill came before the House. The Chairperson thanked all present for their efforts and input.