Waiver of time period referred to in subsection 16(3) of Act
18(1)A borrower may waive the time period for delivery of a disclosure statement referred to in section 16(3) of the Act if
(a)
the borrower has received independent legal advice regarding the effect of the waiver and a statement to that effect, signed by the lawyer providing the advice, is attached to the waiver,
(b)
the mortgage loan to which the waiver relates provides the borrower with prepayment rights that are at least as favourable to the borrower as those provided by section 23 of the Act for credit agreements that are not in relation to mortgage loans, or
(c)
any obligation to which paragraph 16(3)(a) of the Act applies will be extinguished and any payment to which paragraph 16(3)(b) of the Act applies will be refunded to the borrower by the credit grantor if the borrower notifies the credit grantor within 2 business days after receiving the disclosure statement that the borrower intends to withdraw from or does not intend to enter into the credit agreement.
18(2)The waiver is effective only if
(a)
it is in writing and signed by the borrower, and
(b)
in the case of a waiver under paragraph (1)(c), the waiver document clearly and prominently discloses the borrower’s rights referred to in paragraph (1)(c).
Waiver of time period referred to in subsection 16(3) of Act
18(1)A borrower may waive the time period for delivery of a disclosure statement referred to in section 16(3) of the Act if
(a)
the borrower has received independent legal advice regarding the effect of the waiver and a statement to that effect, signed by the lawyer providing the advice, is attached to the waiver,
(b)
the mortgage loan to which the waiver relates provides the borrower with prepayment rights that are at least as favourable to the borrower as those provided by section 23 of the Act for credit agreements that are not in relation to mortgage loans, or
(c)
any obligation to which paragraph 16(3)(a) of the Act applies will be extinguished and any payment to which paragraph 16(3)(b) of the Act applies will be refunded to the borrower by the credit grantor if the borrower notifies the credit grantor within 2 business days after receiving the disclosure statement that the borrower intends to withdraw from or does not intend to enter into the credit agreement.
18(2)The waiver is effective only if
(a)
it is in writing and signed by the borrower, and
(b)
in the case of a waiver under paragraph (1)(c), the waiver document clearly and prominently discloses the borrower’s rights referred to in paragraph (1)(c).