Reverse Mortgage Regulation, 2002

Reverse Mortgage Regulation, M.R. 65/2002 The Mortgage Act , C.C.S.M. c. M200 Regulation 65/2002 Registered April 24, 2002 bilingual version (HTML) Definition 1 In this regulation, "Act" means The Mortgage Act . Form of disclosure 2 For the purpose of providing disclosure in accordance with subsection 33(2) of the Act, the lender must complete Parts D to K and Part M of the form set out in the Schedule, and then provide a copy of the entire form (Parts A to M), as completed, to each person entitled to disclosure. Form of acknowledgment of receipt 3 For the purpose of subsection 33(1) of the Act, a statement acknowledging receipt of the prescribed form must be in the form set out in Part A of the Schedule. Must use form obtained from or approved by the Consumer Protection Office 4 A lender who completes and provides a form under section 2 must use a form obtained from or approved by the Consumer Protection Office. M.R. 151/2014 Schedule not to be altered 5 If, in a form that is provided to a person under section 2, one or more words have been added or deleted such that the alteration changes the substantive meaning of the form or is likely to mislead, the form as altered is invalid for the purposes of the Act. Disclosure invalid if terms change 6 If there is a material change in any information disclosed in a form that is provided to a person under section 2, between the times when (a) the lender first provides a copy of the form to a person entitled to disclosure; and (b) the reverse mortgage loan is secured by a charge on real property; any form that was provided to a person under section 2 in respect of the loan is invalid for the purposes of the Act. Coming into force 7 This regulation comes into force on the day The Mortgage Amendment Act , S.M. 2001, c. 11, comes into force. SCHEDULE Reverse Mortgage Disclosure Form