BILL NO. 57
2nd Session, 63rd General Assembly
67 Elizabeth II, 2018
Private Member's Bill
Credit Union Act
First Reading: September 25, 2018
Clause 1 adds a definition of "micro-loan".
Clause 2 allows credit unions to make policies respecting micro-loans.
Clause 3 allows credit unions to exclude micro-loans, or the guaranteed portions of micro-loans, from their liquidity reserve calculations.
Clause 4 allows the Minister responsible for the Credit Union Act to guarantee or partially guarantee micro-loans made by credit unions.
Clause 5 allows the Governor in Council to make regulations respecting micro-loans.
1 Section 3 of Chapter 4 of the Acts of 1994, the Credit Union Act, as amended by Chapter 11 of the Acts of 2004 and Chapter 49 of the Acts of 2010, is further amended by adding immediately after clause (u) the following clause:
- (ua) "micro-loan" means a loan that is
2 Section 45 of Chapter 4 is amended by
- (2) Subject to the regulations, a loan policy adopted pursuant to subsection (1) may allow for the credit union to make micro-loans to its members, including directors and officers, and its employees.
3 Section 49 of Chapter 4 is amended by adding immediately after subsection (2) the following subsection:
- (3) A credit union may exclude micro-loans, or the guaranteed portions of micro-loans, from the calculation of any liquidity reserve requirement in accordance with, and where authorized by, the regulations.
4 Chapter 4 is further amended by adding immediately after Section 255 the following Section:
- 255A (1) Subject to subsection (2), the Minister may, in accordance with the regulations, guarantee or partially guarantee a micro-loan made by a credit union.
5 Subsection 257(1) of Chapter is amended by adding immediately after clause (j) the following clause:
- (ja) respecting the making of micro-loans by credit unions, including
- (i) the total amount of micro-loans that may be made by a credit union,
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