Bill 29 (Legislature 25, Session 3)

L25 S3 235

Alberta — Bills

Bill Ms Graham BILL 29 LAW OF PROPERTY AMENDMENT ACT, 2003 ( A s s e n t e d t o , 2 0 0 3 ) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: Amends RSA cL-7 The Law of Property Act is amended by this Act. 2

Section is amended by adding the following after subsection (4):

(4.1) Sections and and subsections (2) and (5) of this

section do not apply to a high-ratio mortgage, as defined in the regulations, (

a) given to secure a loan under the National Housing Act (Canada), or (

b) insured by an insurer licensed under the Insurance Act to undertake mortgage insurance in Alberta. (4.2) Subsection (4) applies to mortgages entered into before the coming into force of this subsection and to the renewal of those mortgages and subsection (4.1) applies to high-ratio mortgages entered into after the coming into force of this subsection and to the renewal of those mortgages. 3

Section is amended by adding the following after subsection (4):

(4.1) This

section does not apply in respect of a high-ratio mortgage, as defined in the regulations, (

a) given to secure a loan under the National Housing Act (Canada), or (

b) insured by an insurer licensed under the Insurance Act to undertake mortgage insurance in Alberta. (4.2) Subsection (4) applies to mortgages entered into before the coming into force of this subsection and to the renewal of those mortgages and subsection (4.1) applies to high-ratio mortgages entered into after the coming into force of this subsection and to the renewal of those mortgages. 4 The following is added after

section 50: Regulations 50.1 The Lieutenant Governor in Council may make regulations defining “high-ratio mortgages” for the purposes of sections 43(4.1) and (4.2) and 44(4.1) and (4.2). 5 This Act comes into force on Proclamation. Explanatory Notes Amends

chapter L-7 of the Revised Statutes of Alberta 2000. 2 Section 43(4) presently reads:

(4) Sections and and subsections (2) and (5) of this

section do not apply to a mortgage given to secure a loan under the National Housing Act (Canada) or the National Housing Act (Canada), RSC c188. 3 Section 44(4) presently reads:

(4) This

section does not apply in respect of a mortgage given to secure a loan under the National Housing Act (Canada) or the National Housing Act (Canada), RSC c188. 4 Regulation-making power. 5 Coming into force. Title: 2003 (25th, 3rd) Bill 29, Law of Property Amendment Act, 2003

Document details

Collection	Alberta — Bills
Citation	L25 S3 235
Type	bill
Volume / chapter	L25 S3 235
Language	en
Format	json
Source	PROVINCIAL
Identifier	4e90236ad7c65921fdc1d68c6d9746ddab6c50e9

Source file is stored in the law ingest library (json).