Section 4: Functions of central bank

(1) The central bank shall regulate, supervise and oversee the operations of a mortgage refinance institution. (2) Without prejudice to the generality of subsection (1), the functions of the central bank are- (a) to regulate and supervise the operations of mortgage refinance institutions; (b) to consider applications for licences to carry out mortgage refinance business in accordance with this Act; (c) to consider applications for approval to carry out Islamic mortgage refinance business in accordance with this Act; (d) to approve underwriting standards developed by mortgage refinance institutions for the purpose of granting credit facilities to primary mortgage lenders; (e) to issue directives, standards, guidelines, orders and circulars regulating the manner in which the objectives of this Act may be achieved; and (f) to do such other things as it may deem necessary for the administration of this Act.