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In This Volume

  • 230 (1) If the registrar considers
  • (a) that a mortgagee makes frequent use of similar mortgage terms referred to in section 225(5)(c), and
  • (b) that it would be appropriate to file the mortgage terms as a set under section 228,
  • the registrar may, on terms the registrar considers advisable, order the mortgagee to file the frequently used mortgage terms as a set of standard mortgage terms under section 228.
  • (2) If the mortgagee does not comply with an order under subsection (1), the registrar may refuse to accept for registration any mortgage made in favour of that mortgagee in which any of the frequently used mortgage terms referred to in subsection (1)(a) are expressly set out in Part 2 of the mortgage.
  • (3) The registrar, on hearing the mortgagee or the mortgagee’s representative, may
  • (a) vary or set aside the order under subsection (1), or
  • (b) make any other order the registrar considers appropriate.

1979-219-219.6; 1989-69-25, effective April 1, 1990 (B.C. Reg. 53/90).

PRACTICE

Section 230 empowers the registrar to require a lender to file a set of standard mortgage terms. As one of the primary objectives of the amendments to the Act in 1989 was the reduction of storage and paper-handling costs, the registrar does not permit express mortgage terms in circumstances where paper can be eliminated by filing the mortgage terms once under s. 228 of the Act.