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Commission, insurance, etc.
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75.—(1) A society shall not give any commission in consideration of or in connection with the introduction of mortgage business to the society, or in consideration of or in connection with an undertaking to introduce such business.
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(2) A society shall not enter into an arrangement with a person having a financial interest in the disposition of an estate (or with any person acting on his behalf) under which, or the effect of which is, that the society will receive commission in consideration of or in connection with the making of, or with a decision or an undertaking to make, a loan in respect of the estate.
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(3) A person shall not accept any commission in consideration of or in connection with the introduction of mortgage business to a society, or in consideration of or in connection with an undertaking to introduce such business.
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(4) An officer, solicitor or surveyor of a society shall not accept, in addition to the remuneration authorised by the rules of the society, any commission for or in connection with any loan made or proposed to be made by the society.
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(5) A director of a society, who is also an auctioneer, shall not accept any commission in his capacity as auctioneer for or in connection with a transaction involving a property for which a loan is made or proposed to be made by the society.
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(6) An officer, solicitor or surveyor of a society shall not accept any commission in connection with the effecting of an insurance policy (including a life assurance policy), where—
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(a) a charge on the policy is given as additional security for a loan made or proposed to be made by the society,
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(b) the society makes an addition to a loan to enable payment to be made of a premium on the policy, or
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(c) the policy is taken out to comply with the terms on which a loan is made or proposed to be made by the society.
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(7) A society shall not require a borrower to take out, in consideration of or in connection with the making of a loan, a life assurance policy, other than a policy providing, in the event of the death of the borrower before the loan has been repaid, for payment of a sum not exceeding the amount then outstanding on the loan or a policy taken out to provide additional security under section 78 (2).
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(8) Subsection (7) shall not apply in relation to a loan in respect of which the sum advanced will, under the terms of the mortgage, be repaid out of the proceeds of a life assurance policy taken out at the time the loan is made on the life of the mortgagor.
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(9) A person who gives any commission the acceptance of which is prohibited by subsection (3), (4), (5) or (6) shall be guilty of an offence.
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