Bank Act (S.C. 1991, c. 46)

Marginal note:Renewal of mortgages

627.31 If a natural person enters into a credit agreement other than for business purposes with an institution for a loan that is secured by a mortgage on real property and that is to be renewed on a specified day,

• (a) the institution shall not, during any prescribed period, make a change to the agreement that increases the cost of borrowing; and

• (b) the person’s rights under the agreement continue, and the renewal does not take effect, until the prescribed day.