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The Life Leases Act

C.C.S.M. c. L130

The Life Leases Act

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
(3) Amendment of term
(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
(4) Statement by trustee or landlord
(5) Owner representative to attend meeting
TENANT REPRESENTATION AT BOARD MEETINGS
18.1 (1) Tenant representation at board meetings
(2) Notice of board meeting
(3) Right to attend and be heard
(4) Confidential matters
(5) Board minutes
(6) Access to minutes
AUDITED FINANCIAL STATEMENTS
18.2 (1) Meaning of "majority of tenants"
(2) Audited financial statements
(3) Tenant entitled to a copy of audited statements
(4) Withdrawal of request
(5) Personal information in financial statements
PART 4
TRUSTEES AND REFUNDABLE ENTRANCE FEES
APPOINTMENT AND QUALIFICATIONS OF TRUSTEES
19 (1) Appointment of trustee re entrance fees
(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
(3.1) No deduction for damage or arrears
(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 (1) Non-profit landlord limited to one residential complex
(2) Exception for property managers
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
37.1 (1) Payment of shortfall as a rent increase
(2) Landlord to give written notice
(3) Paying shortfall by a lump sum payment
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 ACT
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
52 to 88
PART 8
C.C.S.M. REFERENCE AND COMING INTO FORCE
89 C.C.S.M. reference
90 Coming into force