229 Receipt Of Standard Mortgage Terms By Mortgagor

• 229 (1) If Part 2 of a mortgage consists of a set of standard mortgage terms referred to in section 225(5)(a) or (b), the mortgagee or the mortgagee’s agent must, at or before the time the mortgage is executed,

• (a) give a true copy of the standard set together with a statement of additions, amendments or deletions referred to in section 226(2), if any, to each person comprising the mortgagor, and
• (b) obtain an acknowledgement from each of those persons that the copy and statement have been received.

• (2) If subsection (1) is not complied with, the terms of Part 2 of the mortgage are deemed to be the terms, prescribed by the Board of Directors under section 227(1), that were in effect at the time the mortgage was executed, but the failure to comply does not extinguish

• (a) the mortgage debt or the obligation to repay it,
• (b) the right of the court to foreclose the mortgagor’s right to redeem, or
• (c) any other right or remedy that is available to the parties under the general law of mortgages.

1979-219-219.5; 1989-69-25, effective April 1, 1990 (B.C. Reg. 53/90); 2004-66-108, effective January 20, 2005 (B.C. Reg. 16/2005); 2016-5-39, Sch. 1.