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Canada Small Business Financing Regulations

Version of section 25 from 2016-02-19 to 2024-06-19:

 If the non-compliance described in any of the following paragraphs was inadvertent, the Minister must pay the lender the amount of any loss, calculated in accordance with subsection 38(7), on the portion of the amount of principal outstanding on the loan to which the non-compliance does not relate:

  • (a) the loan was made to finance a purchase or improvement that does not fall within the scope of a class of loan referred to in subsection 5(1) or that is not permitted under subsection 6(1);

  • (b) the conditions set out in subsection 5(3) were not satisfied in respect of a loan that included the cost of decontamination of real property or immovables;

  • (c) [Repealed, SOR/2009-102, s. 15]

  • (d) the requirements with respect to security set out in these Regulations were not satisfied in respect of the loan; or

  • (e) the lender has not provided all of the documentation described in subsection 38(4) in respect of a claim for the loss.

  • SOR/2009-102, ss. 15, 25(F)
  • SOR/2014-7, s. 13
  • SOR/2016-18, s. 5

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