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Factoring Entity Regulations (SOR/2001-387)

Regulations are current to 2020-03-05

Factoring Entity Regulations

SOR/2001-387

BANK ACT

COOPERATIVE CREDIT ASSOCIATIONS ACT

INSURANCE COMPANIES ACT

TRUST AND LOAN COMPANIES ACT

Registration 2001-10-04

Factoring Entity Regulations

P.C. 2001-1758 2001-10-04

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 978Footnote a of the Bank ActFootnote b, 463Footnote c of the Cooperative Credit Associations ActFootnote d, 1021Footnote e of the Insurance Companies ActFootnote f and 531Footnote g of the Trust and Loan Companies ActFootnote h, hereby makes the annexed Factoring Entity Regulations.

Factoring Entity

Definition of factoring entity

 For the purpose of the definition factoring entity in subsections 464(1) of the Bank Act, 386(1) of the Cooperative Credit Associations Act, 490(1) of the Insurance Companies Act and 449(1) of the Trust and Loan Companies Act, and in subparagraph 522.22(1)(b)(i) of the Bank Act, factoring entity means an entity the activities of which are limited to acting as a factor in respect of accounts receivable, which activities include the raising of money for the purpose of acting as a factor and the lending of money while acting as a factor.

Coming into Force

Marginal note:Coming into force

Footnote * These Regulations come into force on the day on which sections 464 and 522.22 of the Bank Act, 386 of the Cooperative Credit Associations Act, 490 of the Insurance Companies Act and 449 of the Trust and Loan Companies Act, as enacted by sections 127, 132, 314, 426 and 550, respectively, of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, come into force.

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