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In This Volume

  • 227 (1) The Board of Directors may prescribe one set of standard mortgage terms for the purposes of
  • (a) this Division, and
  • (b) adoption under section 225(5)(a).
  • (2) The Board of Directors must not amend a set of standard mortgage terms prescribed under subsection (1), but the Board of Directors may repeal the set and prescribe another set under that subsection.
  • (3) If the Board of Directors repeals the set of standard mortgage terms prescribed under subsection (1), the terms of any mortgage that adopted that set before the repeal are conclusively deemed to be the terms of that mortgage, subject to any modification made under section 226.
  • (4) The Registrar of Regulations must, on depositing a regulation under section 3 of the Regulations Act, deliver to the director, in the manner specified by the director, true copies of the regulation and the director must, on receiving them, file a true copy of the regulation in each land title office in British Columbia and on filing it becomes part of the records of each land title office in British Columbia.

1979-219-219.3; 1989-69-25, effective April 1, 1990 (B.C. Reg. 53/90); 1991-12-4, effective May 1, 1992 (B.C. Reg. 33/92); 2004-66-108, effective January 20, 2005 (B.C. Reg. 16/2005).

REGULATIONS

Section 4 of the Land Title Act (Board of Directors) Regulation, B.C. Reg. 332/2010, provides that the standard mortgage terms set out in Schedule B of that regulation are the standard mortgage terms prescribed under s. 227 of the Act.