Marginal note:Debts treated as loans
2.1 (1) For the purposes of this Act, a transaction by which a person becomes indebted to a creditor is to be treated as the making of a loan from the creditor to the person.
Marginal note:Persons treated as owner
(2) If the Corporation is of the opinion that the circumstances so warrant, a lessee, a purchaser under an agreement or an occupant may be treated as an owner for the purposes of this Act.
- 1999, c. 27, s. 2.
3. The purpose of this Act, in relation to financing for housing, is to promote housing affordability and choice, to facilitate access to, and competition and efficiency in the provision of, housing finance, to protect the availability of adequate funding for housing at low cost, and generally to contribute to the well-being of the housing sector in the national economy.
- R.S., 1985, c. N-11, s. 3;
- 1992, c. 32, s. 6;
- 1999, c. 27, s. 2.
RIGHTS AND OBLIGATIONS OF THE CORPORATION
Marginal note:Her Majesty has rights and obligations of the Corporation
4. Every right or obligation acquired or incurred by the Corporation under this Act, whether in its name or in the name of Her Majesty, is a right or obligation of Her Majesty.
- R.S., c. N-10, s. 4.
4.1 [Repealed, 1999, c. 27, s. 3]
5. (1) The Corporation may designate any person as an approved lender for the purposes of this Act.
Marginal note:Term of designation
(2) The designation of an approved lender and any renewal of that designation are in force for any period that the Corporation may specify.
Marginal note:Conditions and restrictions
(3) The Corporation may, at any time, establish conditions and restrictions applicable to an approved lender.
(4) The Corporation may, at any time, suspend or cancel the designation of an approved lender.
(5) The Corporation may establish schedules of fees payable by approved lenders in relation to their designation and supervision.
(6) The Governor in Council may, on the recommendation of the Minister of Finance, make regulations respecting the designation of approved lenders, including regulations establishing criteria that a person must meet in order to be so designated.
- R.S., 1985, c. N-11, s. 5;
- R.S., 1985, c. 25 (4th Supp.), s. 2;
- 1999, c. 27, s. 3;
- 2011, c. 15, s. 22.
- Date modified: