Consumer Protection (Life Leases) Amendment Act, SA 2024 c3
Amended
- Consumer Protection Act, RSA 2000, c C-26.3
Summary
The Consumer Protection (Life Leases) Amendment Act sets out minimum requirements of life lease contracts which include;
- mandatory refund of entrance fees within 180 days of termination of the lease;
- the ability to create interest penalties for entrance fees not repaid within the required 180 days
- a mandatory ten-day cancelation period by the leaseholder after contracts are signed;
- broad regulation-making authority to further regulate the life lease industry; and
- creation of offences of non-compliance with new requirements enforceable under the Consumer Protection Act’s framework.
In Force: May 16, 2024