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Newfoundland and Labrador
Regulation 2015


NEWFOUNDLAND AND LABRADOR REGULATION 91/15

NEWFOUNDLAND AND LABRADOR
REGULATION 91/15

Credit Union Regulations, 2009 (Amendment)
under the
Credit Union Act, 2009

(Filed October 30, 2015)

Under the authority of section 193 of the Credit Union Act, I make the following regulations.

Dated at St. John’s, October 27, 2015.

Dan Crummell
Minister of Service Newfoundland and Labrador

REGULATIONS

Analysis


        1.   S.2 Amdt.
Definitions


NLR 56/09
Amdt.

        1. Paragraph 2(b) of Credit Union Regulations, 2009 is repealed and the following substituted:

             (b)  "commercial loan" means a loan by a credit union to a business whether it be to a person, a partnership, co-operative, or corporation or another organized body that is engaged in the sale of goods and services, or the development or production for sale of goods and services where

                      (i)  the loan is secured by the assets of the business and assigned to the benefit of the credit union, or

                     (ii)  the repayment of the loan is primarily dependent on the business

but does not include a personal loan which is made to an individual who is self-employed;