NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 - REG 65C Residential investment property loans--exemption from Code
NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 - REG 65C
Residential investment property loans--exemption from CodeThe Code does not apply to the provision of credit if:
(a) the credit is provided for either of the following purposes:
(i) to purchase, renovate or improve residential property for investment purposes; or
(ii) predominantly to refinance credit that has been provided wholly or predominantly to purchase, renovate or improve residential property for investment purposes; and
(b) the credit is not provided for the purpose of investment in a single residence; and
(c) the total amount if the credit provided, or to be provided, is more than $5 000 000.
Note: Subsection 6(13) of the Code provides that the regulations
may exclude the provision of credit of any class from the Code.