Prescribed Entities and Classes of Mortgages and Hypothecs Regulations

The Prescribed Entities and Classes of Mortgages and Hypothecs Regulations came into effect on January 1, 2012. The regulations were made under subsection 10(3) of the Interest Act, on the recommendation of the Minister of Finance. They are pursuant to section 155 of the Canada Postal Corporation Act, as amended by section 28 of chapter 2008 of the Statutes of Canada. The regulations prescribe entities that are subject to certain financial transactions, including partnerships, trusts settled for business or commercial purposes, unlimited liability corporations and companies. These entities must adhere to specific regulations when issuing mortgages and hypothecs. The prescribed class of mortgages and hypothecs consists of those issued after January 1, 2012.