building society

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Related to Building and Loan Associations: Federal Savings and Loan Association

building society

a financial institution whose purpose or principal purpose is that of raising, primarily through the subscription of its members, a stock or fund for the making of loans secured on land for residential use. It was a 1986 Act which allowed building societies to act more like retail banks (see BANKING) - for example, by making unsecured loans and providing money transference facilities.
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