Life Leases Interest Rate Regulation (Alta. Reg. 177/2024)

Alta. Reg. 177/2024

Alberta — Regulations

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(no amdt) ALBERTA REGULATION 177/2024 Consumer Protection Act LIFE LEASES INTEREST RATE REGULATION Interest rate 1 Interest that is payable under

section 41.4(2) of the Act is simple interest at a rate of 9% per year. Payment of interest 2(1) Subject to subsection (2), a lease operator must pay the interest accrued each month on any unreturned portion of the entrance fee to the former leaseholder or the former leaseholder’s agent or estate within 5 business days of the last day of the month in which the interest accrued.

(2) Where a lease operator fully returns the entrance fee or the balance of the unreturned entrance fee during a month in which interest must be paid under

section 41.4(2) of the Act, the lease operator must pay the interest accrued in that month, if it is not paid together with the full return of the entrance fee or the balance of the unreturned entrance fee, to the former leaseholder or the former leaseholder’s agent or estate within 5 business days of the date the entrance fee is fully returned. Expiry 3 For the purpose of ensuring that this Regulation is renewed for ongoing relevancy and necessity, with the option that it may be repassed in its present form or an amended form following a review, this Regulation expires on October 31, 2028.

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Document details

Collection	Alberta — Regulations
Citation	Alta. Reg. 177/2024
Type	regulation
Volume / chapter	2024 177
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	99c4ac2b24fc4249d1d0a7f760cd03e58d723ded

Source file is stored in the law ingest library (pdf).