Canada Small Business Financing Act (S.C. 1998, c. 36)

Marginal note:Regulations

• 14 (1) The Governor in Council may, subject to subsection (2), on the recommendation of the Minister, make regulations for carrying out the purposes and provisions of this Act and, without limiting the generality of the foregoing, may make regulations

  • (a) authorizing the Minister to designate organizations as lenders;

  • (b) prescribing classes of loans;

  • (c) respecting loan application, loan registration and claims forms, including the information to be included in such forms;

  • (d) respecting the further conditions for eligibility referred to in subsection 4(1);

  • (e) respecting limits referred to in paragraph 4(1)(d);

  • (f) respecting eligibility criteria for borrowers;

  • (g) respecting the calculation of eligible loss;

  • (h) respecting the extent of the Minister’s liability in respect of a loan where certain provisions of this Act or the regulations have not been complied with, including prescribing conditions that may be attached to that liability;

  • (i) respecting the making of loans, including loan approval, maximum loan terms, repayment requirements and security requirements, including guarantees and suretyships;

  • (j) respecting the maximum rates of interest payable in respect of a loan;

  • (k) respecting the registration and administration of loans, including in respect of default, recovery, claims for loss by lenders and payment of claims by the Minister, including interim claim payments;

  • (l) authorizing the Minister to extend the prescribed period within which a claim may be submitted;

  • (m) respecting registration and annual administration fees that are payable under this Act, including prescribing their calculation and payment, including the time when and the manner in which the fees and charges shall be paid, the additional fees that may be charged for the late payment of the fees and charges, the refunding of fees and charges and the circumstances in which any fees and charges previously paid may be refunded in whole or in part;

  • (n) respecting fees and charges, including insurance premiums and charges for putting security in place, that are payable by the borrower;

  • (o) respecting audits and examinations;

  • (p) respecting the submission of documents, information, reports, fees and charges;

  • (q) respecting documents, information, records and books of account to be kept by lenders;

  • (r) respecting documents, information and reports to be provided under this Act;

  • (s) providing for the acquisition, assumption, transfer or assignment of loans, including the attachment of terms and conditions to those acts and the adjustment of the Minister’s liability;

  • (t) respecting, in the case of an amalgamation of lenders, the adjustment of the Minister’s liability in respect of loans made by those lenders;

  • (u) respecting the subrogation of Her Majesty in the rights of a lender with respect to a loan;

  • (v) respecting the meaning of “related” for the purposes of subsections 4(3) and 7(2); and

  • (w) prescribing anything that by this Act is to be prescribed.

• Marginal note:Ministerial recommendation

  (2) Regulations under paragraph (1)(j) shall be made on the recommendation of the Minister and the Minister of Finance.

• Marginal note:Tabling of proposed regulations

  (3) The Minister shall cause a copy of each regulation proposed to be made under subsection (1) to be laid before each House of Parliament before it is made and that House shall refer the proposed regulations to the appropriate Committee of each House.