Factoring Entity Regulations

SOR/2001-387

Registration 4 October, 2001

BANK ACT
COOPERATIVE CREDIT ASSOCIATIONS ACT
INSURANCE COMPANIES ACT
TRUST AND LOAN COMPANIES ACT

Factoring Entity Regulations

P.C. 2001-1758 4 October, 2001

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 978^a of the Bank Act^b, 463^c of the Cooperative Credit Associations Act^d, 1021^e of the Insurance Companies Act^f and 531^g of the Trust and Loan Companies Act^h, hereby makes the annexed Factoring Entity Regulations.

^a S.C. 2001, c. 9, s. 183^b S.C. 1991, c. 46^c S.C. 2001, c. 9, s. 339^d S.C. 1991, c. 48^e S.C. 2001, c. 9, s. 465^f S.C. 1991, c. 47^g S.C. 2001, c. 9, s. 569^h S.C. 1991, c. 45

FACTORING ENTITY REGULATIONS

FACTORING ENTITY

Definition of "factoring entity"

1. For the purpose of the definition "factoring entity" in subsections 464(1) of the Bank Act, 386(1) of the Cooperative Credit Associations Act, 490(1) of the Insurance Companies Act and 449(1) of the Trust and Loan Companies Act, and in subparagraph 522.22(1)(b)(i) of the Bank Act, "factoring entity" means an entity the activities of which are limited to acting as a factor in respect of accounts receivable, which activities include the raising of money for the purpose of acting as a factor and the lending of money while acting as a factor.

COMING INTO FORCE

Coming into force

2.* These Regulations come into force on the day on which sections 464 and 522.22 of the Bank Act, 386 of the Cooperative Credit Associations Act, 490 of the Insurance Companies Act and 449 of the Trust and Loan Companies Act, as enacted by sections 127, 132, 314, 426 and 550, respectively, of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, come into force.

*[Note: Regulations in force October 24, 2001, see SI/2001-102.]