152A
In forceObligation of transferee if mortgage transferred
Part 12Mortgages, encumbrances, and discharges
152A Obligation of transferee if mortgage transferred
(1)
A person must not execute a transfer of a mortgage, as transferee, without first taking reasonable steps to establish that the transferor complied with any obligation imposed under this Act on the transferor, as mortgagee, to verify the mortgagor's identity or authority to enter into the mortgage.
Maximum penalty: $10 000 or imprisonment for 2 years.
(2)
A transferee must retain a copy of any document used for the purpose of fulfilling his or her obligations under subsection (1) for the period prescribed by the regulations.
Maximum penalty: $10 000 or imprisonment for 2 years.
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