NEWFOUNDLAND AND LABRADOR REGULATION 32/20

This is an official version.

Important Information
(Includes details about the availability of printed and electronic versions of the Statutes.)

Newfoundland and Labrador
Regulation 2020

NEWFOUNDLAND AND LABRADOR
REGULATION 32/20

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

(Filed April 23, 2020)

Under the authority of section 193 of the Credit Union Act, 2009, I make the following regulations.

Dated at St. John's, April 23, 2020.

Tom Osborne
Minister of Service Newfoundland and Labrador

REGULATIONS

Analysis

1. S.16 Amdt.
Commercial lending

NLR 56/09
as amended

1. Section 16 of the Credit Union Regulations, 2009 is amended by adding immediately after subsection (3) the following:

(4) Notwithstanding subsection (1), a credit union may, with the approval of the guarantee corporation, make a commercial loan to a member in excess of $25,000 that is not fully secured by cash and assigned to the benefit of the credit union where the loan is made under a commercial loan program developed by the Government of Canada in response to COVID-19.