Foreclosure involves lengthy legal proceedings taken in the Court of Queen’s Bench and is governed by several statutes, including The Land Contracts (Actions) Act (the LCAA). The LCAA is consumer protection legislation intended to protect borrowers by requiring lenders to obtain leave of the court before starting foreclosure. The protection is provided as time: time to bring the mortgage up to date, refinance, or sell the property before foreclosure or judicial sale or, if that is not possible, time to find alternative accommodation. The LCAA is 70 year old legislation, having been enacted in 1943. This Final Report considers the steps required by the LCAA for non-farm land mortgages and recommends reforms to better protect borrowers in current conditions.
Publications by Subject Heading: Debtor and Creditor Law
Reform of The Land Contracts (Actions) Act: Consultation Paper Mar 2013
The Land Contracts Act is meant to protect consumers by requiring leave of the court before a mortgagee may start foreclosure proceedings. The Commission reviews the steps required by the Act for residential mortgages and considers whether they remain necessary or desirable. It suggests approaches that might be taken for reform of the Act and invites responses.
Uniform Reviewable Transactions Act Sep 2012
Loi_uniforme_Transactions_Revisables (Sept, 2012)
This Act is intended to provide a comprehensive approach to the debtor/creditor relationship. Uniform legislation is needed to incorporate the piecemeal reforms from the last 100 years and to improve on the often inconsistent approach to creditors’ rights. The proposed Act clarifies transactions at undervalue, relief for unsecured creditors, creditor hierarchies, securities, and the creditor sharing principle.
Reform of Fraudulent Conveyances and Fraudulent Preferences Law: Part I Transactions at Undervalue Supplementary Report Aug 2011
A joint project with the Uniform Law Conference of Canada on reform of fraudulent conveyances and fraudulent preferences law. This report is in response to suggestions by delegates at the 2010 Uniform Law Conference of Canada to Part 1 of the project addressing transactions at undervalue and fraudulent transactions. It incorporates clarifications and changes regarding recommendations in the original report on exempt properties, limitation periods, risk for bona fide purchasers, and remedies for creditors.
Reform of Fraudulent Conveyances and Fraudulent Preferences Law: Part II Preferential Payments Final Report Aug 2011
Topics covered in this report include title and structure of the proposed Act, the scope of new preferential payments law, provincial harmonization with the federal Bankruptcy and Insolvency Act, the integration of preferences law with other law on transactions, remedies for creditors, the exemption of arm’s length payments from challenges, and limitation periods.
Reform of Fraudulent Conveyances and Fraudulent Preferences Law: Report on Quebec Law Aug 2010
Under Quebec’s Code Civil, transactions at undervalue and preferential transfers are subject to the same rules, and outcomes have been found to be predictable and consistent. This paper is meant to provide an overview of this part of Quebec law, and no recommendations are made.
Reform of Fraudulent Conveyances and Fraudulent Preferences Law: Part I Transactions at Undervalue and Fraudulent Transactions Final Report Aug 2010
This paper is part one of a two-part report on fraudulent conveyances and fraudulent preferences. The entire report outlines draft legislation that, if adopted in each province and territory, would provide uniform laws across Canada.
Reform of Fraudulent Conveyances and Fraudulent Preferences Law (Transactions at Undervalue and Preferential Transfers) Progress Report Aug 2009
This report provides an update on The Uniform Law Conference of Canada’s project on reform of fraudulent conveyance and fraudulent preference laws. The aim of the project is to create draft legislation for each province/territory to adopt.
Reform of Fraudulent Conveyances and Fraudulent Preferences Law: Part II Preferential Transfers Aug 2008
The Uniform Law Conference of Canada (Civil Law section) outlines its work on fraudulent preferences and the effort to create uniform draft legislation for the provinces to adopt. This report includes summaries of existing provincial and federal legislation, and review of the policy considerations and issues still to be determined.
Reform of Fraudulent Conveyances and Fraudulent Preferences Law: Part I Transactions at Undervalue Sep 2007
The Uniform Law Conference of Canada (Civil Law section) outlines its work on fraudulent preferences and the effort to create uniform draft legislation for the provinces to adopt. This Report includes summaries of existing provincial and federal legislation, and review of the policy considerations and issues still to be determined.
Reverse Mortgages: Final Report Nov 2006
Reverse mortgages can provide access to home equity for cash-poor seniors, but critics suggest that the true cost of these loans is high, and that borrowers forced to move for health or other reasons may find the reverse mortgage to be a problem. The Commission recommends regulation, including disclosure requirements to insure that consumers are fully informed about the effects of reverse mortgages.
Family Financial Arrangements: Guarantees: Final Report Nov 2006
Guarantees of loans from financial institutions by a family member of the borrower can be problematic, especially if the guarantor is a vulnerable elderly person. The Commission recommends consumer protection measures to protect guarantors, including enhanced mandatory disclosure by financial institutions of the legal effects of guarantees.
Family Loans and Guarantees: Consultation Paper Jan 2006
This consultation paper investigates loans made by one family member to another, and guarantees of loans obtained from financial institutions by a family member of the borrower. Both are common, and are often ways in which a parent can help an adult child financially. Unfortunately, both can also lead to misunderstanding. Potential problems are greatest if the lender or guarantor is a vulnerable elderly person. In such cases, the financial transaction may amount to elder abuse.
Reverse Mortgages: Consultation Paper Jan 2006
Reverse mortgages allow seniors to use equity in their homes while remaining in the home. The interest is allowed to accumulate, and is paid off when the person dies or leaves the home. There are various benefits and drawbacks to reverse mortgages. The Commission looks to regulation of these loans, including the need for full disclosure and independent advice and counselling.
Distress for Rent: Proposals May 1993
Distress allows a landlord to seize and sell a tenant’s goods to satisfy arrears in rent. It is a remedy fraught with uncertainty and in need of integration into the personal property security regime. The Commission recommends abolishing distress in its current form, and replacing it with a new system that would allow a landlord’s interest in rental payments to be converted into security interests.
A New Personal Property Security Act: Tentative Proposals Jan 1991
Though The Personal Property Security Act has functioned well for the seven years it has been in place, it is in need of sufficient amendment to warrant its repeal and replacement. Most importantly, this approach would allow harmonization of the personal property security law of Western Canada. The Commission proposes a draft of a new Act.
Consumer Credit Act: Proposals Feb 1989
Saskatchewan’s out-dated consumer credit legislation needs to be reformed to better address the needs of consumers. This is a final report based on the Commission’s earlier tentative proposals. The Commission recommends enactment of two statutes: The Consumer Credit Act and The Pawnbrokers Act. These proposals reflect current thinking in the area of consumer protection.
Personal Property Security Act: A Handbook Aug 1987
This Handbook offers an in depth look at the Saskatchewan Personal Property Security Act. Information is provided on the content of the Act, including basic explanations of the provisions of the Act and of relevant case law that has emerged. The authors offer their opinions on the strengths and weaknesses of the legislation and provide commentary where appropriate.
Secured Consumer Credit Transactions, Summary of Recommendations: Tentative Proposals for a Consumer Credit Act, Part III May 1981
These proposals are meant to act as a supplement to The Personal Property Security Act that was enacted in 1980. They are designed to enhance consumer protection in credit transactions.
Consumer Credit Act, Part I – Background and Underlying Considerations and Part II – Statistics: Tentative Proposals Aug 1980
This Report suggests that consumer credit is on the rise in the province and will continue to grow. As a result, the complex law surrounding consumer credit should be reformed. Creditor education is key to reforming the laws to ensure full disclosure and fair treatment.
Personal Property Security Act – Proposals: Report to the Attorney General Jul 1977
The Law Reform Commission submits draft legislation for a Personal Property Security Act. The proposed Act follows work in other Canadian jurisdictions and the United States in harmonizing personal property security agreements. Where possible, the Commission attempts to modify and adopt, rather than replace, existing law.
Personal Property Security Act: Tentative Proposals Feb 1976
This report follows the Commission’s tentative proposals on personal property security law. Draft legislation is included to introduce the technical proposals. Background information on basic characteristics of the proposed Act is also included.
Personal Property Security Law in Saskatchewan: Background Paper May 1975
A personal property security transaction occurs when a person borrows money or purchases something on credit and gives the lender or seller security for the debt. The law in this area has developed chaotically. As a result, the Commission has decided to undertake a study of personal property law in the province with a final report to be submitted to the Attorney General.