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Footnote *5 These Regulations come into force on the day on which section 20 of the Supporting Vulnerable Seniors and Strengthening Canada’s Economy Act comes into force, but if they are registered after that day, they come into force on the day on which they are registered.
3 (1) The person must be
(b) a federally or provincially regulated pension fund, or its subsidiary, that was designated, before the coming into force of these Regulations, as an approved lender under section 5 of the Act.
(4) A cooperative credit society referred to in subparagraph (1)(a)(iv) need not meet the criteria set out in subsection (2) to underwrite housing loans or in subsection (3) to administer them if, before the coming into force of these Regulations, it was designated as an approved lender under section 5 of the Act.
4 For a period of one year beginning on the day on which these Regulations come into force, the amount of unencumbered paid-up capital required under subparagraph 3(1)(a)(i) is at least $1,000,000.
1 The following definitions apply in these Regulations.
