S-29.01 - Act respecting trust companies and savings companies

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205. No loan secured on immovable property may be granted in an amount which, together with any other claim of the same rank or prior rank against such property, is greater than 80% of the market value of the charged property at the time the loan is granted, except in the case of a loan approved or insured within the meaning of the National Housing Act (R.S.C. 1985, c. N-11) or unless the excess amount is guaranteed or insured by the government of Québec, of another Canadian province, of Canada or of a territory of Canada, or by any agency thereof, or under a hypothec insurance policy issued by an insurance company authorized to carry on business in Canada.
1987, c. 95, s. 205; 2007, c. 16, s. 3; 2008, c. 7, s. 114.
205. For the purposes of section 203, no loan secured on immovable property may be granted in an amount which, together with any other claim of the same rank or prior rank against such property, is greater than 80% of the market value of the charged property at the time the loan is granted, except in the case of a loan approved or insured within the meaning of the National Housing Act (Revised Statutes of Canada, 1985, chapter N-11) or unless the excess amount is guaranteed or insured by the government of Québec, of another Canadian province, of Canada or of a territory of Canada, or by any agency thereof, or under a hypothec insurance policy issued by an insurance company authorized to carry on business in Canada.
1987, c. 95, s. 205; 2007, c. 16, s. 3.
205. For the purposes of section 203, no loan secured on immovable property may be granted in an amount which, together with any other claim of the same rank or prior rank against such property, is greater than 75 % of the market value of the charged property at the time the loan is granted, except in the case of a loan approved or insured within the meaning of the National Housing Act (Revised Statutes of Canada, 1985, chapter N-11) or unless the excess amount is guaranteed or insured by the government of Québec, of another Canadian province, of Canada or of a territory of Canada, or by any agency thereof, or under a hypothec insurance policy issued by an insurance company authorized to carry on business in Canada.
1987, c. 95, s. 205.
205. For the purposes of section 203, no loan secured on immovable property may be granted in an amount which, together with any other claim of the same rank or prior rank against such property, is greater than 75 % of the market value of the charged property at the time the loan is granted, except in the case of a loan approved or insured within the meaning of the National Housing Act (Revised Statutes of Canada, 1970, chapter N-10) or unless the excess amount is guaranteed or insured by the government of Québec, of another Canadian province, of Canada or of a territory of Canada, or by any agency thereof, or under a hypothec insurance policy issued by an insurance company authorized to carry on business in Canada.
1987, c. 95, s. 205.