41 These Regulations come into force on April 1, 1999.
1 (1) The definitions in this subsection apply in these Regulations.
(2) Whether persons are at arm’s length from each other must, for the purposes of these Regulations, be determined in accordance with the Income Tax Act.
(3) For the purposes of these Regulations, a loan is considered to have been made on the day on which the first disbursement of funds is made by the lender.
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(10) On application by a lender, made within one year after the day on which a loan referred to in any of paragraphs 5(1)(a) to (d) is made, the Minister must
(b) where the lender determines that the loan is not in compliance with the requirements of the Act and these Regulations, refund to the lender the registration fee and the annual administration fee and delete the entire amount of the loan registered.
(11) On application by a lender, made within one year after the day on which a loan referred to in paragraph 5(1)(e) is opened, the Minister must
(b) where the lender determines that the loan is not in compliance with the requirements of the Act and these Regulations, refund to the lender the registration fee and the annual administration fee and delete the entire authorized amount of the loan registered.
(2) For the purposes of the Act and these Regulations, a loan that is made under subsection (1) is considered to be a loan of the same class as the loan of the other lender.
