NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 - REG 65C Residential investment property loans--exemption from Code

NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 - REG 65C

    The 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.