About the project

The Reverse Mortgages Project:

• was carried out from 2004 to 2006 by BCLI’s division the Canadian Centre for Elder Law;
• featured a six-month consultation, which included a presentation at the 2005 Canadian Elder Law Conference;
• culminated in a final report containing a draft of recommended reverse mortgages legislation.

What will reverse mortgages legislation do?

Reverse mortgages legislation will:

• require that reverse-mortgage borrowers receive enhanced disclosure about the loan they are entering into and its implications for their finances;
• create a seven-day cooling-off period starting the day after the borrower receives the required disclosure;
• give borrowers access to enhanced statutory remedies.

Why should the legislature enact it?

Reverse mortgages legislation will benefit British Columbians by:

• protecting the vulnerable class of older-adult borrowers who may be eligible for a reverse mortgage;
• ensuring that best practices prevail within the reverse-mortgage industry.

For more information on the Reverse Mortgages Project, please visit the project webpage.

The post Quick facts about the Reverse Mortgages Project first appeared on British Columbia Law Institute.

“BCLI is grateful to receive CBABC’s endorsement of its work,” said BCLI chair Lisa A. Peters, QC. “We look forward to implementation of some or all of our recommendations by government in the future.”

The four reports endorsed in the Agenda for Justice 2017 are the Report on Proposals for Unfair Contracts Relief (2011), Report on Proposals for a New Commercial Tenancy Act (2009), Report on Reverse Mortgages (2006; a publication of BCLI’s division, the Canadian Centre for Elder Law), and Report on the Uniform Civil Enforcement of Money Judgments Act (2005).

For more information on these reports, please visit their respective project webpages. For more information on CBABC’s Agenda for Justice 2017, please visit CBABC’s website.

The post BCLI welcomes recognition in CBABC Agenda for Justice 2017 first appeared on British Columbia Law Institute.

Among the steps that the CBA says can be taken at little or no cost to improve the justice system would be to implement BCLI recommendations on reverse mortgages, unfair contracts, and the enforcement of money judgments.

An Agenda for Justice also urges legislative action in other areas where BCLI has carried out extensive law reform work.  It recommends that the Wills, Estates and Succession Act be brought into force as soon as possible.  This Act, passed in 2009 but not yet in force, originated from a 2006 BCLI report.  The CBA’s platform document also recommends introduction of an Unincorporated Non-Profit Associations Act for B.C., based on the work of the Uniform Law Conference of Canada (ULCC) in that area.  BCLI played a prominent role in the ULCC project.

An Agenda for Justice also presses for enactment of a Franchise Act in BC, and mentions BCLI’s current project on this.

BCLI welcomes the CBA’s endorsement of its past and present work and recommendations.

The BCLI reports mentioned in the CBA BC Branch platform document An Agenda for Justice

are:

Report on Proposals for Unfair Contracts Relief

Report on Reverse Mortgages

Report on the Uniform Civil Enforcement of Money Judgments Act

Report on the Privacy Act of British Columbia

The post Canadian Bar Association’s “Agenda for Justice” Urges Implementation of BCLI Reports first appeared on British Columbia Law Institute.