National Housing Act (R.S.C., 1985, c. N-11)

Act current to 2012-05-02 and last amended on 2007-04-20. Previous Versions

Marginal note:Debts treated as loans

  • 2.1 (1) For the purposes of this Act, a transaction by which a person becomes indebted to a creditor is to be treated as the making of a loan from the creditor to the person.

  • Marginal note:Persons treated as owner

    (2) If the Corporation is of the opinion that the circumstances so warrant, a lessee, a purchaser under an agreement or an occupant may be treated as an owner for the purposes of this Act.

  • 1999, c. 27, s. 2.

PURPOSE

Marginal note:Purpose

3. The purpose of this Act, in relation to financing for housing, is to promote housing affordability and choice, to facilitate access to, and competition and efficiency in the provision of, housing finance, to protect the availability of adequate funding for housing at low cost, and generally to contribute to the well-being of the housing sector in the national economy.

  • R.S., 1985, c. N-11, s. 3;
  • 1992, c. 32, s. 6;
  • 1999, c. 27, s. 2.

RIGHTS AND OBLIGATIONS OF THE CORPORATION

Marginal note:Her Majesty has rights and obligations of the Corporation

4. Every right or obligation acquired or incurred by the Corporation under this Act, whether in its name or in the name of Her Majesty, is a right or obligation of Her Majesty.

  • R.S., c. N-10, s. 4.

4.1 [Repealed, 1999, c. 27, s. 3]

APPROVED LENDERS

Marginal note:Designation

  • 5. (1) The Corporation may designate any person as an approved lender for the purposes of this Act.

  • Marginal note:Term of designation

    (2) The designation of an approved lender and any renewal of that designation are in force for any period that the Corporation may specify.

  • Marginal note:Conditions and restrictions

    (3) The Corporation may, at any time, establish conditions and restrictions applicable to an approved lender.

  • Marginal note:Suspension

    (4) The Corporation may, at any time, suspend or cancel the designation of an approved lender.

  • Marginal note:Fees

    (5) The Corporation may establish schedules of fees payable by approved lenders in relation to their designation and supervision.

  • R.S., 1985, c. N-11, s. 5;
  • R.S., 1985, c. 25 (4th Supp.), s. 2;
  • 1999, c. 27, s. 3.
Marginal note:Powers of approved lenders

  • 6. (1) Subject to subsection (2), an approved lender who is subject to the jurisdiction of Parliament may, notwithstanding any restrictions on the power of the lender contained in any other statute or law,

    • (a) make loans on such terms and conditions as are provided for by or under this Act;

    • (b) acquire from the Corporation any secured obligation in favour of the Corporation that is to be insured or guaranteed by the Corporation after it is acquired;

    • (c) dispose of or acquire insured loans together with the security taken in respect of those loans;

    • (d) pledge an insured loan with the Corporation or an approved lender to secure the repayment of money borrowed, and borrow money from the Corporation or an approved lender on the security of an insured loan;

    • (e) administer an insured loan for and on behalf of the holder of the loan; and

    • (f) on such terms and conditions as are specified by the Corporation, act as agent for the Corporation in the exercise of any of the Corporation’s powers and functions under Part I and in the making or administering of loans that the Corporation is authorized to make.

  • Marginal note:Restriction of powers

    (2) The Corporation may restrict the powers that an approved lender may exercise under subsection (1).

  • R.S., 1985, c. N-11, s. 6;
  • 1999, c. 27, s. 3.