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Canada Small Business Financing Regulations (SOR/99-141)

Regulations are current to 2022-11-16 and last amended on 2022-07-04. Previous Versions

  •  (1) A lender may make an interim claim to the Minister in accordance with this section for loss sustained as a result of a loan where the lender has taken all of the measures described in subsection 37(3) that are applicable and

    • (a) paragraph 37(3)(b) applies but the guarantee or suretyship has not been fully realized; or

    • (b) paragraph 37(3)(d) applies but the compromise settlement has not been fully implemented.

  • (2) The Minister must pay the interim claim as if the lender had fully implemented the compromise settlement or fully realized the guarantee or suretyship at the time the interim claim is submitted.

  • (3) Subsections 38(2) to (8) apply, with any modifications that the circumstances require, in respect of the submission of an interim claim.

  • (4) If, after the interim claim is paid, the lender, by fully implementing the compromise settlement or fully realizing the guarantee or suretyship, recovers 100% of the compromise settlement, guarantee or suretyship, the lender must so notify the Minister and the interim claim is deemed to be a final claim.

  • (5) If, after the interim claim is paid, the lender, by fully implementing the compromise settlement or fully realizing the guarantee or suretyship, recovers less than 100% of the compromise settlement, guarantee or suretyship, the lender may submit a final claim under section 38 for the difference.

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