Section 5—Disclosure (1) A financial institution shall, at least fourteen days before the disbursement of a loan to the mortgagor, disclose all relevant information in writing to the Mortgagor in accordance with the relevant sections of Borrowers and Lenders Act. (2) A mortgagor shall acknowledge receipt of the information in writing within seven days. (3) A financial institution shall provide a mortgagor a minimum period of fourteen days after the date of receipt of the application from the mortgagor to the day of the disbursement of the loan and execution of the mortgage agreement to enable the mortgagor seek legal and financial advice on the documents related to the loan. (4) A financial institution which contravenes this section is liable to the mortgagor for (a) actual damages the mortgagor sustains as a result of the contravention; and (b) any court costs and legal fees. (5) Without limiting subsection (4), a mortgagee who fails to comply with this section is liable to a fine of not more than one thousand penalty units(6) A financial institution is not liable under subsection (4) if on discovery of an error made in a disclosure, it notifies the mortgagor of the error and makes the necessary adjustments to the mortgagor's account within sixty days after the discovery of the error. (7) The Bank of Ghana shall issue notices as it considers necessary for the effective implementation of this section. 

Procedures to Follow

Not Avaiable

Responsible Institution

Securities and Exchange Commission

No. 30, 3rd Circular Road, Cantonments, Accra.

Relevant Forms to Download

Not Available

Fees / Charges

Not Avaiable