Registration of Notices of Security Interests
Many companies really fail to bring to the homeowners attention that if they rent some, then a lien will be registered against the title to their property.
Oftentimes, the consumer has no idea. As well, the contract we be assigned, so someone else might be enforcing the security
The Act will set out the obligation for businesses to discharge notices of security interests (NOSIs) as required.
The Act will include an alternative process for a consumer seeking to discharge a NOSI when a business fails to do so.
If a business fails to discharge a NOSI within 15 days of the consumer terminating their contract:
the Ministry may then issue a compliance order to the business to have the NOSI discharged.
If the business still fails to discharge the NOSI, the Director may provide an order to the consumer that the consumer may register on title to discharge the NOSI.
Very often a buyout is negotiated. The furnace contract needs to be paid out, however, the homeowner was not even aware that a lien had been registered.
This legislation needs to updated as soon as possible.
Brian Madigan LL.B., Broker