N.H.A. Maximum Interest Rates Regulations (C.R.C., c. 1107)

Regulations are current to 2019-07-01

N.H.A. Maximum Interest Rates Regulations

C.R.C., c. 1107

NATIONAL HOUSING ACT

Regulations Respecting the Maximum Interest Rates Payable on Loans Made Under the National Housing Act

Short Title

 These Regulations may be cited as the N.H.A. Maximum Interest Rates Regulations.

Interpretation

 In these Regulations, Act means the National Housing Act.

Maximum Rate of Interest

  •  (1) The maximum rate of interest per annum payable by a borrower in respect of a loan to be made under section 28 of the National Housing Act, as computed annually and not in advance, shall be,

    • (a) for a loan made in the period ending on June 30, 1969, 9 3/8 per cent; and

    • (b) for a loan made in an interest period commencing on or after July 1, 1969, 2 1/4 per cent plus the average yield on long-term bonds of Canada for all Wednesdays in the averaging period immediately preceding such interest period, calculated to the nearest 1/8 per cent or, if the result is equidistant from two multiples of 1/8 of one per cent, to that multiple thereof that is the lower.

  • (2) In this section,

    average yield on long-term bonds of Canada

    average yield on long-term bonds of Canada means the simple arithmetic mean of the Wednesday closing midmarket yields, as computed from the yields published by the Bank of Canada, on all long-term bonds of Canada; (rendement moyen des obligations à long terme du gouvernement du Canada)

    averaging period

    averaging period means a period of four weeks ending on the last Wednesday on or before December 31st, March 31st, June 30th or September 30th; (période d’établissement de moyennes)

    interest period

    interest period means a period of three months commencing on January 1st, April 1st, July 1st or October 1st; (période d’intérêt)

    long-term bonds of Canada

    long-term bonds of Canada means marketable bonds issued by the Government of Canada payable in Canadian currency and due to mature in not less than 10 years. (obligations à long terme du Canada)

 The maximum rate of interest payable by a borrower in respect of a loan to be made under the Act, shall be

  • (a) if the loan is made under section 15, 25, 43, 45.2, 47 or 51 of the Act, 17 1/2 per cent per annum, computed semi-annually and not in advance; and

  • (b) if the loan is made under section 27.5, 34.1 or 42 of the Act, 16 per cent per annum, computed semi-annually and not in advance.

  • SOR/78-96, s. 1
  • SOR/78-312, s. 1
  • SOR/78-474, s. 1
  • SOR/78-881, s. 1
  • SOR/79-117, s. 1
  • SOR/79-387, s. 1
  • SOR/79-710, s. 1
  • SOR/79-787, s. 1
  • SOR/79-944, s. 1
  • SOR/80-125, s. 1
  • SOR/80-231, s. 1
  • SOR/80-322, s. 1
  • SOR/80-329, s. 1
  • SOR/80-400, s. 1
  • SOR/80-401, s. 1
  • SOR/80-455, s. 1
  • SOR/80-518, s. 1
  • SOR/80-735, s. 1
  • SOR/80-736, s. 1
  • SOR/80-775, s. 1
  • SOR/80-788, s. 1
  • SOR/80-872, s. 1
  • SOR/80-914, s. 1
  • SOR/81-50, s. 1
  • SOR/81-102, s. 1
  • SOR/81-155, s. 1
  • SOR/81-227, s. 1
  • SOR/81-307, s. 1
  • SOR/81-376, s. 1
  • SOR/81-417, s. 1
  • SOR/81-460, s. 1
  • SOR/81-521, s. 1
  • SOR/81-645, s. 1
  • SOR/81-746, s. 1
  • SOR/81-852, s. 1
  • SOR/81-888, s. 1
  • SOR/82-22, s. 1
  • SOR/82-179, s. 1
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