H-1 - Family Housing Act

Section 4 Disposition versions

1999-10-22

4. The Government may, on the recommendation of the Société and whenever it deems it expedient by reason of the increased cost of borrowed money, guarantee and pay part of the interest exacted by the lender, computed at the rate of 3% per annum even though the interest so exacted exceeds the annual rate of 5%, provided it does not exceed the maximum rate fixed by regulation of the Government for the period therein indicated and this up to a capital sum of $7,000 in the case of a self-contained dwelling and $12,000 in the case of a two-unit dwelling.

The preceding paragraph shall apply:

(a)  to the renewal or prolongation, after maturity, of any loan granted on or before 30 September 1967 and which until that date benefitted from the government’s contribution of interest authorized by this Act;

(b)  to any new loan granted after 30 September 1967 by a society within the meaning of paragraph e of section 1 and which meets the requirements of the other provisions of this Act.

Every regulation of the Government made under this section shall be published in the Gazette officielle du Québec and shall come into force on the day of its publication or on such later date as is fixed for such purpose by the regulation.

1968, c. 40, s. 2; 1999, c. 40, s. 144.

1977-12-31

4. The Government may, on the recommendation of the Corporation and whenever it deems it expedient by reason of the increased cost of borrowed money, guarantee and pay part of the interest exacted by the lender, computed at the rate of 3% per annum even though the interest so exacted exceeds the annual rate of 5%, provided it does not exceed the maximum rate fixed by regulation of the Government for the period therein indicated and this up to a capital sum of $7 000 in the case of a self-contained dwelling and $12 000 in the case of a two-unit dwelling.

The preceding paragraph shall apply:

(a)  to the renewal or prolongation, after maturity, of any loan granted on or before 30 September 1967 and which until that date benefitted from the government’s contribution of interest authorized by this Act;

(b)  to any new loan granted after 30 September 1967 by a society within the meaning of paragraph e of section 1 and which meets the requirements of the other provisions of this act.

Every regulation of the Government made under this section shall be published in the Gazette officielle du Québec and shall come into force on the day of its publication or on such later date as is fixed for such purpose by the regulation.

1968, c. 40, s. 2.