Sunday, July 27, 2014

Law Reform Commission of Saskatchewan Report on Foreclosure Protection

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.

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posted by Michel-Adrien at 3:47 pm


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