153B
In forceObligations of mortgagee
Part 13Extensions
153B Obligations of mortgagee
(1)
A mortgagee under a registered mortgage must not execute an instrument renewing or extending the mortgage without first verifying, in accordance with the verification of authority guidelines, the mortgagor's authority to enter into the transaction for the renewal or extension of the mortgage.
Maximum penalty: $10 000 or imprisonment for 2 years.
(2)
A mortgagee 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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