(1) Where the repayment of a loan secured by a mortgage on a dwelling house is subject to a guarantee, a mortgagor or mortgagee, as the case may be, shall obtain the consent of the Authority before he or she executes any alterations or improvements to such dwelling house.
(2) If any mortgagor or mortgagee acts in contravention of subregulation (1) he or she is liable on summary conviction to a fine of $250.
(3) In this regulation “mortgagor” and “mortgagee” include the assignee of, or the successor in title to, the interest of the mortgagor or mortgagee, as the case may be, in the dwelling house.