Marginal note:Minister’s powers
15 (1) The Minister may, after giving at least twenty-one days notice in writing to a lender, conduct an audit or examination of the lender’s documents, records and books of account to verify that this Act and the regulations are being complied with in respect of a loan, including that the lender has exercised due diligence, as provided in the regulations, in the approval and administration of the loan and that the documentation submitted to the Minister in respect of the borrower is accurate and complete.
Marginal note:Records to be made available
(2) The documents, records and books of account shall, for the purposes of the audit or examination, be made available at all reasonable times to any person authorized by the Minister for the purpose.
Marginal note:Assisting authorized persons
(3) Every lender shall, for the purpose of an audit or examination under this Act, give all reasonable assistance to any person authorized by the Minister to carry out the audit or examination, provide access to all relevant sites, answer, orally or in writing, as required, all questions relating to the subject-matter of the audit or examination and provide all information and documentation in their possession and all copies required for the purpose of the audit or examination. Without the permission of the lender, the authorized person shall not remove the documentation or copies from the relevant sites.
Marginal note:Report of audit
(4) The Minister shall provide the lender with a copy of the report of the audit or examination within twenty-one days after the report is completed.
(5) If a lender refuses or intentionally fails to comply with any requirement of this section, the Minister may notify the lender in writing that the Minister is not liable under this Act to make any payment to the lender in respect of any loss sustained by it as a result of any loan made by it.
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