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Additional powers of Minister to prescribe rules.
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6.—(1) The Minister may, after consultation with the Registrar, prescribe rules in respect of any one or more of the following matters, either generally or by reference to a specified class or classes of rules or societies, denoted by reference to such matters as the Minister may consider appropriate:
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(a) the prohibiting or restricting of the charging of redemption fees;
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(b) the making available to a member to whom a loan is to be made of the report made under section 79 (1) (b) of the Principal Act relating to the value of any security for the loan;
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(c) removing or restricting the right of a society to require a member to effect insurance on any security for a loan with an insurer directed by the society or through the agency of the society or of any intermediary directed by the society;
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(d) precluding or restricting a society from requiring a member to pay its costs of legal investigation of title to any such security; and
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(e) the arranging by a society through an insurer or an intermediary nominated by it for the provision of mortgage protection insurance.
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(2) Where rules have been prescribed by regulations in relation to any of the matters referred to in subsection (1) of this section, such rules shall, with effect from one month after the commencement of the regulations, be part of the rules of any society to which they are declared to be applicable by the regulations by which such rules have been prescribed, notwithstanding any provision of the Acts or the rules of the society.
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(3) In this section “redemption fee” means, in relation to a loan, any sum in addition to principal and any interest due on such principal (without regard to the fact of the redemption of the loan) at the time of redemption of the whole or part of the loan.
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