16. (1) A lender shall register every loan with the Minister, in a form approved by the Minister,

• (a) in the case of a loan made for any purpose set out in any of paragraphs 4(1)(a) to (c), (g) and (h) and 6(1)(a), (d) and (e) of the Act, within 60 days after the date on which the first disbursement is advanced; and

• (b) in the case of loans made for any purpose set out in paragraph 4(1)(d), (e) or (f) or 6(1)(b) or (c) of the Act, within 180 days after the date on which the first disbursement is advanced.

(2) The Minister may, on application by a lender, extend the time set out in paragraph (1)(a) or (b) if the Minister is satisfied that the lender was unable to register the loan within that time.

17. (1) A lender shall pay to the Minister at the time of registration of a loan a fee in the amount of 0.85% of the amount of every loan.

(2) A lender may charge a borrower an administration charge in respect of a loan up to a maximum amount of

• (a) the lesser of 0.25% of the loan principal or $250, if the loan is for less than $250,000; and

• (b) 0.1% of the loan principal, if the loan is for $250,000 or more.

18. (1) A lender shall immediately report in writing to the Minister any act or omission by a farm products marketing cooperative that constitutes a default or breach of any obligation under a loan made for a purpose set out in subsection 6(1) of the Act.

(2) The Minister may, from time to time, require a lender to provide reports or information in respect of any loan on a form approved by the Minister.

19. (1) In this section, the default date is the day after the day on which a payment under a loan was scheduled to have been made but was not made.

(2) If a borrower is in default in respect of a payment on a loan made for a purpose set out in subsection 4(1) of the Act, the lender shall

• (a) take any action that it considers advisable in the circumstances to

  • (i) effect collection of the unpaid balance of the loan,

  • (ii) obtain additional security,

  • (iii) realize on any or all of the security it has taken, or

  • (iv) effect any compromise with or grant any concession to any person other than the borrower; and

• (b) submit to the Minister, within six months after the default date, a Report on Defaulted Loan, unless the claim referred to in section 20 has been submitted.

(3) If a borrower is in default in respect of a payment on a loan made for a purpose set out in subsection 6(1) of the Act, the lender shall, within 15 days after the default date,

• (a) take any action referred to in paragraph (2)(a) that is agreed on with the Minister;

• (b) submit to the Minister a Report on Defaulted Loans; and

• (c) inform the Minister prior to appointing an independent consultant to monitor the activities of the borrower.