HOMEOWNER INTEREST ASSISTANCE ACT

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.

HOMEOWNER INTEREST ASSISTANCE ACT

[RSBC 1996] CHAPTER 196

*Contents*
Section
	1	Program
	2	Power to make regulations
	3	Agreements
	4	Effective date
	5	Security

Program

1 The Lieutenant Governor in Council may make regulations the Lieutenant Governor in Council considers necessary or advisable for the purpose of carrying out a program under which the government may advance money to homeowners in order to reduce the effect of interest charges payable in respect of the principal residence of persons who qualify for assistance under the program.

Power to make regulations

2 Without limiting section 1, the Lieutenant Governor in Council may make regulations as follows:

(a) prescribing conditions of eligibility for assistance under the program;

(b) fixing the maximum amount of assistance that a homeowner may receive under the program;

(d) setting the terms and conditions on which money advanced under the program is to be repaid;

(e) authorizing the minister to delegate to any person the minister's powers and duties under this Act or the regulations;

(f) defining, enlarging or restricting words and expressions that are used in this Act.

Agreements

3 (1) The minister may enter into agreements for the purpose of carrying out the program.

(2) Without limiting subsection (1), the minister may enter into agreements with a person liable to repay money under a particular mortgage created under section 5, including agreements modifying terms and conditions of that mortgage set under section 2 (d) or substituting other terms and conditions for those fixed under section 2 (d).

(3) If the minister enters into an agreement under subsection (2),

(a) the terms and conditions of the mortgage in respect of which the agreement is made, as modified or substituted under the agreement, are deemed to be included in the mortgage, and

(b) in addition to the indebtedness secured under the mortgage at the time of the agreement, the mortgage is deemed to secure any interest payable under the agreement on that indebtedness.

(4) Despite section 18 of the Financial Administration Act, the minister may compromise or write off all or part of the indebtedness under any particular mortgage created under section 5.

Effective date

4 Regulations made under this Act may be made effective retroactively to a date or dates not earlier than September 14, 1982.

Security

5 (1) If assistance under the program is to be given, the minister must apply to register in the land title office a certificate in prescribed form containing all of the following:

(a) a description of the land or manufactured home sufficient to identify it in the records of the office in which it is registered;

(b) a statement of the principal sum of the maximum assistance that a homeowner is eligible to receive under the program, whether or not that sum is advanced to the homeowner;

(d) other prescribed information.

(2) Despite subsection (1), if assistance is given in respect of a manufactured home, the minister must register a financing statement, as defined in the Personal Property Security Act, in the personal property registry established under that Act in the form and manner prescribed under that Act.

(3) Despite the statement of the principal sum referred to in subsection (1) (b), the homeowner is not liable to repay a principal sum more than the actual sum advanced.

(4) The registrar of titles or the registrar of the personal property registry, as the case may be, must without fee,

(a) if a certificate describes a parcel of land, register it as a charge against the title of the land, and

(b) if the minister has a security interest in a manufactured home, register the financing statement.

(5) Despite subsection (4), the registrar of titles must not register a certificate against a title of land in respect of which there is registered a judgment, certificate of pending litigation or claim of builder's lien.

(6) Registration of the certificate is deemed to create a mortgage and registration of a financing statement in the personal property registry is deemed to create a security interest within the meaning of the Personal Property Security Act

(a) of the homeowner's interest in the land or manufactured home described in it,

(b) in favour of the government,

(d) containing prescribed terms and conditions and any other terms and conditions stated in the certificate.

(7) The law between mortgagor and mortgagee applies to a mortgage created by registration of a certificate in a land title office and the government may enforce the mortgage by any remedy available to a mortgagee to enforce the mortgage.

(8) The Personal Property Security Act, other than section 49, applies to a security interest created by registration of a financing statement in the personal property registry.

(9) Despite section 28 of the Property Law Act, if money is advanced under a certificate after it is registered, those advances rank ahead of all securities registered after the registration of the certificate and rank ahead of advances of funds, whenever made, made under those securities.

(10) On payment of the debt secured by the certificate, the minister must advise the registrar that the debt has been paid and on receiving that advice the registrar must cancel the registration of the certificate without fee.

(11) A registrar of land titles and, if a security interest in a manufactured home has been registered in the personal property registry, the registrar of the manufactured home registry office must not register a transfer or conveyance of the interest in the land or manufactured home mortgaged under this section until the mortgage created under this section is discharged, except in circumstances as may be prescribed.