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| This archived statute consolidation is current to November 5, 2001 and includes changes enacted and in force by that date. For the most current information, click here. |
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Section |
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1 In this Act, "minister" includes a person to whom the minister has delegated some or all of the minister's powers under this Act.
2 The Lieutenant Governor in Council may, by regulation, establish a mortgage guarantee program under which the government will guarantee a portion of the debt secured by
(a) first or second mortgages on eligible properties purchased by eligible persons, and
(b) security instruments, as defined in the Manufactured Home Act, on eligible manufactured homes purchased by eligible persons.
3 Without limiting section 2, the Lieutenant Governor in Council may make regulations as follows:
(a) establishing the maximum purchase price of properties and manufactured homes that will be eligible for the program;
(b) establishing the eligibility criteria for persons under the program;
(c) establishing the maximum amount of the guarantees for the program;
(d) defining, enlarging or restricting words and expressions used in this Act.
4 On behalf of the government, the minister may enter into agreements with a person for the purpose of carrying out the program established under this Act.
5 (1) If the government guarantees a portion of a debt under this Act and, in accordance with the terms of the guarantee, the government makes a payment to the creditor, the debtor is liable to repay the government the amount it paid together with interest on that amount at the same rate and calculated in the same manner as the debt to which the guarantee related.
(2) If the government has made a payment under a guarantee, the minister may issue a certificate stating the amount paid together with the interest owing and the name of the debtor who is liable to repay the amount, and the minister may file the certificate with the Supreme Court.
(3) On its being filed, the certificate has the same effect as if it were a judgment of the court and all proceedings may be taken on it for the recovery of the debt from the debtor named in it.
6 (1) On behalf of the government and with the approval of the Lieutenant Governor in Council, the minister may enter into an agreement to dispose of interests, specified in the agreement, in some or all of the loans outstanding under one or more of the following Acts:
(a) Home Conversion and Leasehold Loan Act;
(b) Home Purchase Assistance Act;
(c) Homeowner Interest Assistance Act;
(d) Provincial Home Acquisition Act, S.B.C. 1967, c. 39.
(2) An agreement under this section must provide that the government retains title to the mortgages or charges in respect of which the loans were granted and agrees to repurchase, in accordance with the agreement, those loans that are in default.
(3) When notified by the holder of the loan that it has been paid in full, the government must execute the necessary documents to discharge the mortgage or charge under the Land Title Act or the Manufactured Home Act.
(4) The Lieutenant Governor in Council may make regulations respecting any matter that arises under this section as a result of an agreement being entered into under it for which no provision or only partial provision has been made.
7 The Provincial Home Acquisition Act, S.B.C. 1967, c. 39, is repealed on a date to be set by regulation of the Lieutenant Governor in Council.
Copyright (c) 2001: Queen’s Printer, Victoria, British Columbia, Canada