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S.M. 1998, c. 42

THE LIFE LEASES AND CONSEQUENTIAL AMENDMENTS ACT


Section Table of Contents Franšais
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

 

 
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