Life Leases Interest Rate Regulation

(no amdt) ALBERTA REGULATION 177/2024 Consumer Protection Act LIFE LEASES INTEREST RATE REGULATION Interest rate 1 Interest that is payable under section 41.4(2) of the Act is simple interest at a rate of 9% per year. Payment of interest 2 (1) Subject to subsection (2), a lease operator must pay the interest accrued each month on any unreturned portion of the entrance fee to the former leaseholder or the former leaseholder’s agent or estate within 5 business days of the last day of the month in which the interest accrued. (2) Where a lease operator fully returns the entrance fee or the balance of the unreturned entrance fee during a month in which interest must be paid under section 41.4(2) of the Act, the lease operator must pay the interest accrued in that month, if it is not paid together with the full return of the entrance fee or the balance of the unreturned entrance fee, to the former leaseholder or the former leaseholder’s agent or estate within 5 business days of the date the entrance fee is fully returned. Expiry 3 For the purpose of ensuring that this Regulation is renewed for ongoing relevancy and necessity, with the option that it may be repassed in its present form or an amended form following a review, this Regulation expires on October 31, 2028.