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Canadian Agricultural Loans Regulations

Version of section 4 from 2006-03-22 to 2014-02-27:

  •  (1) Subject to subsections (2) and (3), a lender may consolidate or refinance debts incurred for any of the purposes set out in paragraphs 4(1)(a) to (h) and 6(1)(a) to (d) of the Act.

  • (2) No loan for the purpose of consolidating or refinancing may be made if the debts to be consolidated or refinanced are

    • (a) more than one year in arrears, in the case of loans or guaranteed farm improvement loans paid in annual instalments; or

    • (b) more than six months in arrears, in the case of loans or guaranteed farm improvement loans paid in more frequent instalments.

  • (3) No debt may be consolidated or refinanced by the lender except for a debt incurred in respect of

    • (a) a loan under the Act;

    • (b) a guaranteed farm improvement loan under the Farm Improvement Loans Act; or

    • (c) a loan granted before February 1, 1988 that

      • (i) was made to a farm products marketing cooperative, and

      • (ii) was for any of the following purposes in relation to the processing, distribution or marketing in Canada of the products of farming, namely,

        • (A) the purchase of land,

        • (B) the purchase or construction of a building or structure,

        • (C) the repair or alteration of, or the making of additions to, a building or structure, and

        • (D) the purchase or repair of machinery or apparatus.


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