Source: http://www.bclaws.ca/civix/document/id/complete/statreg/00_04041_01
Timestamp: 2020-06-05 13:18:13
Document Index: 80494150

Matched Legal Cases: ['art 2', 'art\n20', 'art 2', 'art:\n20', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2']

Part 2.1 — Assignment Reporting Requirements
20.2 Application of Part
20.3 Requirements respecting assignments
20.4 Filing information respecting assignments
20.6 Lieutenant Governor in Council's exemptions
47.1 Transition — definitions
47.2 Transition — duties if assignment of pre-existing purchase agreement
47.3 Transition — if no information or records collected
47.4 Transition — regulations for transition to Part 2.1
2	(1) This Act applies to a developer who markets, in British Columbia, a development unit.
9	A developer must not market a shared interest in land that is located outside British Columbia unless
15	(1) A developer must not enter into a purchase agreement with a purchaser for the sale or lease of a development unit unless
19	(1) In this section:
20	(1) The superintendent may exempt, with or without conditions, the following from all or part of a provision of this Part:
20.1 In this Part:
"administrator" means the administrator designated under the Property Transfer Tax Act;
"assignment" means a transfer of some or all of the rights, obligations and benefits under a purchase agreement made in respect of a strata lot in a development property, whether the transfer is made by the purchaser under the purchase agreement to another person or is a subsequent transfer.
20.2	This Part applies in respect of purchase agreements, entered into by developers, for the sale or lease of strata lots in development properties located in British Columbia.
Requirements respecting assignments
20.3 (1) Unless the developer does not permit the assignment of the purchase agreement, a developer who enters into a purchase agreement for the sale or lease of a strata lot must include in the purchase agreement, in the prescribed form, all of the following:
(a) a term prohibiting any assignment of the purchase agreement without the prior consent of the developer;
(b) a notice that, before the developer consents to an assignment of the purchase agreement, the developer will be required to collect from the proposed parties to the assignment agreement the information and records referred to in subsection (2);
(c) a term requiring all proposed parties to an assignment agreement to give to the developer the information and records referred to in subsection (2).
(2) A developer must not consent to any assignment of a purchase agreement unless the developer first collects, from each proposed party to the assignment agreement, all prescribed information and records, including personal information,
(a) respecting the identity of the party,
(b) respecting contact and business information of the party,
(c) respecting the terms of the assignment agreement, and
(d) required for the purposes of section 20.5 [confidentiality].
(3) A developer who has consented to an assignment of a purchase agreement must
(a) collect from the parties to the assignment a copy of the written and signed assignment agreement, and
(b) keep a copy of the assignment agreement in the prescribed manner for the prescribed period.
Filing information respecting assignments
20.4 (1) A developer must file with the administrator, in the form and manner required by the administrator and as required by the regulations, the following:
(a) for each assignment to which the developer consents, the information and records collected under section 20.3 (2) [requirements respecting assignments];
(b) if paragraph (a) does not apply, a statement that no information or records were collected under section 20.3 (2).
(2) The administrator may require a developer to file additional information or records for the purpose of verifying the information and records filed under subsection (1).
(3) A developer must comply with a requirement made under subsection (2) within the period set by the administrator.
20.5 (1) Subject to subsection (2), the administrator or another person having custody or control of information or records collected under this Part must not use or disclose the information or records except
(a) for the purposes of administering or enforcing this Act, a taxation Act, the Home Owner Grant Act or the Land Tax Deferment Act,
(iii) provides for the disclosure of information and records to and the exchange of similar information and records with that other government,
(d) for the purpose of the compilation of statistical information by the government or the government of Canada, or
(2) If the superintendent has custody or control of information or records collected under this Part, the superintendent must not use or disclose the information or records except for a purpose set out in subsection (1) (a) or (b).
(3) Except in respect of a proceeding under an Act referred to in subsection (1) (a), the administrator or another person to whom subsection (1) applies may not be compelled in a civil proceeding to disclose or give evidence respecting any information or records obtained by the administrator or person in the course of exercising powers or performing duties under this Act.
Lieutenant Governor in Council's exemptions
20.6	The Lieutenant Governor in Council may exempt, by order, from all or part of a provision of this Part, with or without conditions,
(b) land that is, or will be, the subject of development, or
(ii) a false or misleading statement in a certification under section 18 [handling deposits], in information or a record filed under section 20.4 [filing information respecting assignments] or in an investigation under section 25 [investigations];
30	(1) After a hearing, if the superintendent determines that a developer is, or has been, non-compliant, the superintendent may do one or more of the following:
(b.1) order the developer to comply, or to carry out a specified activity for the purpose of complying, with a prohibition or requirement of
(i) Part 2.1 [Assignment Reporting Requirements], or
(ii) a regulation made for the purpose of Part 2.1;
38	(1) An order made under section 30 (1) (a) [orders] or 32 [orders in urgent circumstances] is not stayed by the filing of a notice of appeal under section 37 [appeals to the financial services tribunal] and may not be stayed under section 242.2 (10) (a) (i) [tribunal member hearing appeal may stay order] of the Financial Institutions Act.
39	(1) A person who does any of the following commits an offence:
section 20.3 [requirements respecting assignments],
section 20.4 (1) or (3) [filing information respecting assignments],
40	A person who commits an offence under section 39 [offences] is liable,
45	(1) In this section, "protected individual" means an individual who is or was any of the following:
(a) exempting from all or part of a provision of Part 2 [Marketing and Holding Deposits] or 2.1 [Assignment Reporting Requirements], with or without conditions,
(i.1) prescribing the form of the terms and notice referred to in section 20.3 (1) [requirements respecting assignments];
(i.2) respecting the information and records that must be collected under section 20.3 (2);
(i.3) respecting the keeping of assignment agreements for the purposes of section 20.3 (3);
(i.4) for the purposes of section 20.4 (1) [filing information respecting assignments],
(i) requiring filing on a prescribed date or within a prescribed period, whether according to a schedule or with reference to the occurrence of a prescribed event, and
(ii) authorizing another person to accept filing on the administrator's behalf;
47	(1) A prospectus or disclosure statement that was accepted for filing by the superintendent under the Real Estate Act before the repeal of that Act is deemed to be a disclosure statement filed under this Act.
47.1	In sections 47.2 to 47.4:
"administrator" has the same meaning as in section 20.1 [definitions];
"assignment" has the same meaning as in section 20.1;
"assignment agreement" means an assignment agreement referred to in section 20.3 (3) (a) [requirements respecting assignments];
"assignment information and records" means the information and records described in section 20.3 (2);
"pre-existing purchase agreement" means a purchase agreement entered into before the date section 20.3 comes into force.
Transition — duties if assignment of pre-existing purchase agreement
47.2 (1) If a pre-existing purchase agreement provides that an assignment of the purchase agreement requires the consent of the developer, the developer may consent to the assignment only if that developer first makes a reasonable effort to collect, from each proposed party to the assignment agreement, assignment information and records.
(2) If a developer consents to an assignment of a pre-existing purchase agreement, the developer must comply with section 20.3 (3).
(3) If a pre-existing purchase agreement provides that an assignment of that purchase agreement does not require the consent of the developer, or is silent with respect to obtaining the consent of the developer, but the developer receives notice of an assignment, the developer must make a reasonable effort to
(a) collect, from each party to the assignment agreement, assignment information and records, and
(b) collect a copy of the assignment agreement and keep it in accordance with section 20.3 (3) (b).
(4) Part 2.1 [Assignment Reporting Requirements] applies to assignment information and records and an assignment agreement collected under this section as if they were collected under section 20.3 (2) and (3) [requirements respecting assignments].
Transition — if no information or records collected
47.3 (1) If a developer does not collect assignment information and records in accordance with section 47.2 [transition — duties if assignment of pre-existing purchase agreement], the developer must file a statement with the administrator and the statement
(a) must indicate that no assignment information or records were collected under section 47.2 (1) or (3) (a), and
(b) must be filed in the form and manner required by the administrator and as required by the regulations.
(2) Part 2.1 [Assignment Reporting Requirements] applies to a statement filed under this section as if it were a statement filed under section 20.4 (1) (b).
Transition — regulations for transition to Part 2.1
47.4 (1) The Lieutenant Governor in Council may make regulations for meeting or removing any difficulty arising out of the transition to Part 2.1 [Assignment Reporting Requirements], and for that purpose disapplying or varying any provision of
(a) Division 4 [Disclosure Statements] of Part 2 [Marketing and Holding Deposits],
(b) Part 2.1, or
(c) sections 47.2 [transition — duties if assignment of pre-existing purchase agreement] and 47.3 [transition — if no information or records collected].
(2) The authority to make or amend a regulation under this section, but not the authority to repeal a regulation under this section, ends 3 years after the date on which this section comes into force.