Protection of Residential Mortgage or Hypothecary Insurance Act

Marginal note:Ministerial regulations

• 42 (1) The Minister may, after consulting with the Governor of the Bank of Canada and the Superintendent, make regulations establishing criteria that a mortgage or hypothecary loan must meet in order for it to be an eligible mortgage loan.

• Marginal note:Criterion  — guarantee

  (1.1) Any criterion established by a regulation made under subsection (1) that relates to a guarantee of payment referred to in subsection 14(1) of the National Housing Act may apply to an existing insured mortgage or hypothecary loan.

• Marginal note:Ministerial regulations — agreements and undertakings

  (2) The Minister may make regulations specifying, for the purposes of paragraph 43(k), agreements entered into by Her Majesty and a company in respect of mortgage or hypothecary insurance, and undertakings given by a company under an agreement as defined in section 43.

• Marginal note:Coming into force

  (3) A regulation made under this section comes into force on the day on which it is published in the Canada Gazette or on any later day that is specified in the regulation unless the regulation provides otherwise and it gives effect to a budgetary or other public announcement, in which case the regulation must not come into force before the day on which the announcement was made.