Amendments to Property Act introduced in response to stakeholder concerns27 November 2019
FREDERICTON (GNB) – The provincial government has introduced amendments to the Property Act to reduce expenses and change outdated requirements related to the publication of mortgage sale notices.
“We have heard from the legal community that the Property Act needed to be updated,” said Justice Minister and Attorney General Andrea Anderson-Mason. “Our government has listened, and we agree that these amendments are required to reduce the burden to those who work in this area of the law.”
New Brunswick lawyers have expressed concern about the costs to mortgage lenders due to the current requirement to publish a notice of mortgage sale four times in a newspaper. This requirement is unique to New Brunswick. Under the proposed amendments, a notice of mortgage sale would only need to be published twice in a newspaper, putting the province in line with other Canadian jurisdictions.
“We are pleased that the government is listening to stakeholders and is making changes to modernize notice requirements,” said Steven Christie, president of the Canadian Bar Association – New Brunswick Branch. “These changes will better reflect how our society currently receives its information.”
The proposed amendments will also eliminate current requirements to post notices at the land registry office, a courthouse and a public place.27-11-19