Canada Small Business Financing Regulations

32 A lender that discontinues its commercial lending business and sells all of its outstanding loans to another lender must notify the Minister in writing of the sale of the outstanding loans. The Minister’s liability under the Act in respect of losses sustained by the lender as a result of the outstanding loans continues in respect of losses sustained by the other lender as a result of those loans, and other loans of the other lender must not be taken into account in determining that liability.