S.M. 1998, c. 42
THE LIFE LEASES AND CONSEQUENTIAL AMENDMENTS ACT
Table of Contents
PART 1 | |
INTERPRETATION AND APPLICATION | |
1(1) | Definitions |
(2) | Other terms and expressions |
(3) | Meaning of "refundable" |
(4) | Proposed rental unit |
2(1) | General application |
(2) | Act binds the Crown |
(3) | Non-application to living accommodation |
(4) | Conflict with other Acts |
(5) | Conflict with agreements |
3 | Restriction or waiver of application void |
4(1) | Residential complex on leased land prohibited |
(2) | Exception for pre-existing residential complexes |
PART 2 | |
PAYMENTS AND DISCLOSURE | |
5(1) | Permitted payments |
(2) | Payments subject to section 6 requirements |
6(1) | Pre-lease payments prohibited after occupancy date |
(2) | Information to be disclosed |
(3) | Amount of pre-lease payment |
(4) | Entrance fees permitted |
7(1) | Acknowledgement of receipt |
(2) | Content of acknowledgement of receipt |
PRE-LEASE PAYMENTS | |
8(1) | Pre-lease payment held in trust |
(2) | Pre-lease payment: life lease entered |
(3) | Pre-lease payment: development not completed |
(4) | Pre-lease payment: failure to enter into lease |
(5) | Time of payment |
ENTRANCE FEES | |
9(1) | Entrance fee held in trust |
(2) | General limitation on use of entrance fees |
(3) | Refund of entrance fee to tenant |
CANCELLATION RIGHTS | |
10(1) | Statement of cancellation rights from landlord |
(2) | Cooling-off period |
(3) | Statement of cancellation rights not in lease |
(4) | Adequacy of wording |
(5) | Effective date of cancellation |
(6) | Refund of entrance fee to tenant |
ASSIGNMENT OF LIFE LEASES | |
11(1) | Permitted assignment |
(2) | Consideration for assignment |
(4) | Registration |
(5) | Prohibition re registration |
(6) | No action against district registrar |
(7) | Disclosure to assignee |
12(1) | Cooling-off period: assignee |
(2) | Adequacy of wording |
(3) | Effective date of cancellation |
(4) | Refund of amount paid for assignment |
(5) | Holdback |
FAILURE TO GIVE POSSESSION | |
13(1) | Failure to give possession |
(2) | Effective date of cancellation |
(3) | Early notice |
(4) | Tenant entitled to full refund |
(5) | Refund within 60 days of cancellation |
(6) | Unavoidable delay |
NOTICE OF POSSESSION DATE | |
14(1) | Notice of possession date |
(2) | Tenant may agree to earlier date |
CHANGE IN LANDLORD | |
15(1) | Change in ownership |
(2) | Exception |
(3) | Right to continue in occupancy |
PART 3 | |
RESERVE FUNDS, INSURANCE AND ANNUAL REPORTING | |
RESERVE FUNDS | |
16(1) | Reserve fund for non-profit landlord |
(2) | Use of reserve fund |
INSURANCE | |
17(1) | Insurance required |
(2) | Notice to tenants |
ANNUAL REPORTING | |
18(1) | Annual meeting |
(2) | Notice of meeting |
(3) | Content of notice |
PART 4 | |
TRUSTEES AND REFUNDABLE ENTRANCE FEES | |
APPOINTMENT AND QUALIFICATIONS OF TRUSTEES | |
(2) | Appointment of trustee re refund fund |
20(1) | Qualifications of trustee |
(2) | Application to court |
(3) | Replacement trustee |
(4) | Application of The Trustee Act |
INITIAL TENANTS' ENTRANCE FEES | |
21(1) | Meaning of "unleased rental unit" |
(2) | Entrance fee paid to trustee |
(3) | Trustee to hold entrance fees and pre-lease payments |
(4) | Prerequisites to payment |
(5) | Security reduced if rental unit leased |
(6) | Application of funds |
(7) | Use of funds |
REFUNDABLE ENTRANCE FEES AND THE REFUND FUND | |
22 | Minimum refundable |
23 | Refund fund |
24(1) | "Priority date" defined |
(2) | Effective date of cancellation |
(3) | Refund of entrance fees |
(4) | Priority |
25 | Use of excess funds |
26 | Limitation |
27(1) | Meaning of "fully funded" refund fund |
(2) | Right to refund |
(3) | Income after fully funded |
(4) | Payment of excess to certain landlords prohibited |
MORTGAGE SECURITY | |
28(1) | Requirement for mortgage |
(2) | Terms of mortgage |
(3) | Purchase price of land |
29 | Increase in entrance fees |
30 | Mortgage discharged |
DEFAULT | |
31(1) | Demand by trustee |
(2) | Mandatory foreclosure proceedings |
(3) | Waiver or postponement |
(4) | Meeting of tenants |
32 | Distribution of refund fund |
33 | Surplus on mortgage sale |
PART 5 | |
GENERAL PROVISIONS | |
34 | Non-profit landlord limited to one residential complex |
35 | Right of first refusal |
36(1) | Notice of life lease filed against the land |
(2) | Failure to file notice |
37(1) | Investment by landlord |
(2) | Investment by trustee |
OFFENCES AND PENALTIES | |
38(1) | Offence: false or misleading statement |
(2) | Offence: contravention of Act or regulations |
(3) | Directors, officers and agents |
(4) | Defence |
(5) | Penalties |
(6) | Limitation |
NOTICE AND MISCELLANEOUS | |
39(1) | Giving of notices |
(2) | Disclosure to tenant |
(3) | Notice of cancellation |
(4) | When given by mail |
(5) | Director or commission may give directions |
(6) | Actual notice is sufficient |
40 | Substantial compliance |
41 | Certificate of director as proof |
REGULATIONS | |
42 | Regulations by L.G. in C. |
43 | Regulations by minister |
PART 6 | |
APPLICATION TO MATTERS ARISING BEFORE THE COMING INTO FORCE OF THIS | |
44(1) | Pre-lease payments made before coming into force |
(2) | Entrance fees paid before coming into force |
(3) | Assignments made before coming into force |
45(1) | Life leases entered into before coming into force |
(2) | Entrance fee received after coming into force |
46 | Disclosure where entrance fee paid |
47 | Section 10 cancellation right |
48 | Section 12 cancellation right |
49 | Annual disclosure |
50 | Notice of life lease filed against the land |
51 | Requirement for reserve fund |
PART 7 | |
CONSEQUENTIAL AMENDMENTS | |
DIVISION 1 | |
THE REAL PROPERTY ACT | |
52 | C.C.S.M. c. R30 amended |
53(1) | |
(2) | |
(4) | Amendment of term of life lease |
54 | |
DIVISION 2 | |
THE RESIDENTIAL TENANCIES ACT | |
55 | C.C.S.M. c. R119 amended |
56(1) | |
(2) | |
(1.2) | Proposed rental unit |
(3) | |
(5) | Reference to Life Leases Act includes regulations |
57(1) | |
(2) | Standard form of tenancy agreement |
(2) | |
(3) | |
(6) | Representation re life lease |
58(1) | |
(2) | |
(1.1) | Life lease requirements |
(3) | |
59 | |
60 | |
61 | |
22.1 | Renewal of life lease for specified term |
62 | |
24 | No automatic renewal for temporary tenancies |
63 | |
64 | |
65 | |
(4) | Prohibited assignment of life lease |
66 | |
68.1 | Right of first refusal |
67 | |
68(1) | |
(2) | |
(3) | Termination by giving notice: life lease |
(4) | Limitation |
69 | |
(2) | Application to life leases |
70 | |
71(1) | |
(2) | |
(3) | |
(6.1) | Tenant's right of refusal: conversion to life lease |
(4) | |
(5) | |
(9) | No termination of life lease without director's approval |
72 | |
99.1(1) | Application to director |
(2) | Notice of application |
(3) | Objection |
(4) | Order |
(5) | Factors to consider |
73(1) | |
102(1) | "Temporary tenancy" defined |
(1.1) | Termination of temporary tenancy |
(2) | |
74 | |
(4) | Non-application to life leases |
75 | |
76 | |
RENT INCREASE AFTER TERMINATION OF LIFE LEASE | |
126.1(1) | Rent increase after termination of life lease |
(2) | Limit of one application |
(3) | When application to be made |
(4) | Whole building review |
(5) | Notice by director |
(6) | Objection by tenant |
(7) | Order setting rent |
77(1) | |
(1.1) | Rent increase for previously exempt unit |
(2) | |
78 | |
LIFE LEASES IN NON-PROFIT RESIDENTIAL COMPLEX | |
140.1(1) | Application for rent review |
(2) | Inquiry and notice by director |
(3) | Order |
(4) | Factors to consider |
79(1) | |
(2) | |
(3) | |
(3.1) | Authority re section 38 of The Life Leases Act |
80(1) | |
(2) | |
(6) | Matter under The Life Leases Act |
(7) | Proceedings initiated in court |
(8) | Powers of the court |
(9) | Director's decision final |
81(1) | |
(2) | |
(6) | Order against trustee |
82 | |
83 | |
84 | |
85 | |
86 | |
87 | |
88 | |
197.1 | Life lease payments |
PART 8 | |
C.C.S.M. REFERENCE AND COMING INTO FORCE | |
89 | C.C.S.M. reference |
90 | Coming into force |