The Law Reform Commission of Saskatchewan has released a report on the Reform of The Land Contracts (Actions) Act
that deals with foreclosure:
"Foreclosure involves lengthy legal proceedings taken in the Court of
Queen’s Bench and is governed by several statutes, including The Land Contracts (Actions) Act (the LCAA). The LCAA
is consumer protection legislation intended to protect borrowers by
requiring lenders to obtain leave of the court before starting
foreclosure. The protection is provided as time: time to bring the
mortgage up to date, refinance, or sell the property before foreclosure
or judicial sale or, if that is not possible, time to find alternative
accommodation. The LCAA is 70 year old legislation, having been enacted in 1943. This Final Report considers the steps required by the LCAA for non-farm land mortgages and recommends reforms to better protect borrowers in current conditions."
The report looks at other Canadian jurisdictions, including B.C., Alberta, Ontario, New Brunswick, Nova Scotia, PEI and Newfoundland and Labrador.
Labels: consumer law, government_Saskatchewan, law commissions, property law