Vol. 149, No. 11 — June 3, 2015

Registration

SOR/2015-109 May 15, 2015

NATIONAL HOUSING ACT

Regulations Amending the Housing Loan (Insurance, Guarantee and Protection) Regulations

P.C. 2015-589 May 14, 2015

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 21.4 (see footnote a) of the National Housing Act (see footnote b), makes the annexed Regulations Amending the Housing Loan (Insurance, Guarantee and Protection) Regulations.

REGULATIONS AMENDING THE HOUSING LOAN (INSURANCE, GUARANTEE AND PROTECTION) REGULATIONS

AMENDMENTS

1. The Housing Loan (Insurance, Guarantee and Protection) Regulations (see footnote 1) are amended by adding the following after section 3:

CONDITIONS ON THE CORPORATION

Restriction — substitution

3.1 (1) The Corporation must not replace an insured loan with another housing loan under the same insurance coverage unless

Restriction — portfolio insurance

(2) If the Corporation makes a commitment to insure a portfolio of housing loans up to a specified total value, it must not insure a housing loan in accordance with that commitment later than one year after the day on which the commitment is made.

2. The Regulations are amended by adding the following after section 4:

Existing portfolio commitment

4.1 (1) Subsection 3.1(1) does not apply in respect of insurance coverage resulting from a commitment to insure a portfolio of housing loans up to a specified total value that is made before that subsection comes into force.

Existing portfolio commitment

(2) Subsection 3.1(2) does not apply in respect of a commitment that is made before that subsection comes into force.

COMING INTO FORCE

3. These Regulations come into force on the day on which they are registered.

N.B. The Regulatory Impact Analysis Statement for these Regulations appears following SOR/2015-108, Regulations Amending the Protection of Residential Mortgage or Hypothecary Insurance Regulations.