491 Law Society may require information about mortgage practices
(1) The Law Society Council may, by notice in writing, require a solicitor to provide information to the Law Society Council about any of the following:(a) whether the solicitor, an associate of the solicitor or a person engaged by the solicitor negotiates the making of or acts in respect of regulated mortgages or has done so in the past,(b) details of regulated mortgages that continue to have effect,(c) whether the solicitor proposes:(i) to nominate the solicitor’s practice as a State regulated mortgage practice, or(ii) to transfer responsibility for any regulated mortgage, or(iii) to take no further action in respect of any regulated mortgage,(d) such other information, relating to regulated mortgages, as the regulations or the legal profession rules may require to be provided.(2) A contravention of this section is capable of being professional misconduct.
Nothing in this Part affects the terms of any policy of indemnity insurance approved under section 406 (Solicitor to be insured and to make contributions).
493 Regulations and rules relating to Part
(1) The regulations and, subject to the regulations, the legal profession rules may make provision for or with respect to:(a) regulated mortgages, including run-out mortgages, and(b) the involvement of solicitors in managed investment schemes.(2) In particular, the regulations and the legal profession rules may make provision for or with respect to the following:(a) the negotiation of the making of or acting in respect of regulated mortgages by solicitors,(b) the manner in which the Law Society Council is to be given any notice or other information under this Part,(c) the form of notices and authorities for the purposes of this Part,(d) the manner in which notices are to be given in accordance with this Part.(3) If the regulations or the legal profession rules prescribe a form of notice or authority for the purposes of this Part, the notice or authority is to be given in the prescribed form.