Small Businesses Loans Regulations (C.R.C., c. 1501)

15 The maximum rate of interest per annum payable, as set out in the written promise to repay, to a lender in respect of a loan shall be the aggregate of one per cent per annum and

• (a) in the case of a lender incorporated by or under the provisions of the Bank Act or established pursuant to the Treasury Branches Act of Alberta, the prime lending rate, as fixed daily during the term of the loan, of that lender;

• (b) in the case of a lender that is a credit union, caisse populaire or other cooperative credit society and that is designated by the Minister as a lender for the purposes of the Act, the prime lending rate, as fixed daily during the term of the loan, of any one of the following institutions that is selected by the lender when the loan is made, namely,

  • (i) any one of the lenders chartered under the Bank Act,

  • (ii) the Canadian Co-operative Credit Society,

  • (iii) la Caisse centrale Desjardins du Québec, or

  • (iv) the lender’s provincial central, federation, league or society, as the case may be; or

• (c) in the case of a lender that is a trust, loan or insurance corporation that is designated by the Minister as a lender for the purposes of the Act, the prime lending rate, as fixed daily during the term of the loan, of any one of the lenders chartered under the Bank Act that is selected by the lender when the loan is made.