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27 Payments From Consolidated Revenue Fund In Relation To The Reconstruction Loan Portfolio

In This Volume

  • 27 (1) The Minister of Finance or BC Housing as agent for the Minister of Finance may approve an application for a reassessment of financial assistance previously approved for an eligible homeowner only if the homeowner’s initial application to the reconstruction program was received by the Homeowner Protection Office on or before July 31, 2009.
  • (2) Despite section 21(3) of the Financial Administration Act, the Minister of Finance may pay the following amounts out of the consolidated revenue fund:
  • (a) financial assistance in the amount approved by the Homeowner Protection Office for an eligible homeowner whose initial application to the reconstruction program was received by the Homeowner Protection Office on or before July 31, 2009;
  • (b) financial assistance in the amount approved on an application under subsection (1).
  • (3) The following are debts due to the government:
  • (a) amounts outstanding in respect of loans made to a homeowner under the reconstruction program and interest payable on those amounts;
  • (b) amounts outstanding in respect of loans made by the Minister of Finance under subsection (2) and interest payable on those amounts;
  • (c) amounts paid out under the terms of a guarantee given under the reconstruction program to another person in respect of a loan made to a homeowner and interest payable on those amounts;
  • (d) amounts paid out under the terms of a guarantee given by the Minister of Finance to another person in respect of a loan made to a homeowner and interest payable on those amounts;
  • (e) any other amounts payable to the government in relation to the reconstruction loan portfolio.
  • (4) An initial application to the reconstruction program for financial assistance for home reconstruction that was received by the Homeowner Protection Office after July 31, 2009 is conclusively deemed not to have been made or received.

2010-2-34, effective April 1, 2010.