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Budget Implementation Act, 2008 (S.C. 2008, c. 28)

Assented to 2008-06-18

Marginal note:1991, c. 45

Trust and Loan Companies Act

Marginal note:2001, c. 9, s. 550

163. Subparagraphs (a)(iv) and (v) of the definition “commercial loan” in subsection 449(1) of the Trust and Loan Companies Act are replaced by the following:

  • (iv) a loan that is secured by a mortgage on real property, if

    • (A) the mortgage is on residential property and the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, or

    • (B) the mortgage is on real property other than residential property and

      • (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, and

      • (II) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property,

  • (v) a loan that is secured by a mortgage on real property, if

    • (A) the mortgage is on residential property and

      • (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired, and

      • (II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent,

    • (B) the mortgage is on real property other than residential property and

      • (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired,

      • (II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent, and

      • (III) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property, or

    • (C) the loan is one referred to in paragraph 418(2)(d),

Coming into Force

Marginal note:Order in council

  • 164. (1) Subject to subsection (2), the provisions of this Part, other than sections 148, 149, 151 to 155, 157 to 159, 161 and 163, come into force on a day or days to be fixed by order of the Governor in Council.

  • Marginal note:Deemed coming into force

    (2) Section 156 comes into force or is deemed to have come into force on July 1, 2008.