371Nomination of practice as territory regulated mortgage

371 Nomination of practice as territory regulated mortgage (1) A solicitor who, in the solicitor’s capacity as solicitor for a lender or contributor, negotiates the making of or acts in relation to a regulated mortgage, or who proposes to do so, may, by written notice given to the law society council, nominate the solicitor’s practice as a territory regulated mortgage practice. (2) A nomination may, if the law society council approves, be made for a solicitor by another solicitor. A nomination could be made by a solicitor on behalf of members of a firm of solicitors. (3) A nomination of a solicitor’s practice as a territory regulated mortgage practice takes effect on the day written notice of the nomination is given to the law society council. (4) A nomination ceases to be in force in relation to a solicitor if— (a) the solicitor revokes the nomination by written notice given to the law society council; or (b) the solicitor’s practising certificate ceases to be in force; or (c) the law society council, by written notice given to the solicitor, rejects the nomination of the solicitor’s practice. (5) A nomination must include the information (if any) required by regulation and the legal profession rules.