Document ID: chunk:federal_register_of_legislation:C2013C00595:clause:3_21
Version: federal_register_of_legislation:C2013C00595
Segment Type: clause
Provision Reference: sch 3 cl 21
Character Range: 17677–19484

21  Subsection 23(1)
Repeal the subsection, substitute:
 (1) An FHSA is inactive if:
 (a) the FHSA provider receives a notice from the FHSA holder under subsection 20(1) that contains:
 (i) a statement under paragraph 20(4)(a); or
 (ii) an authority under paragraph 20(4)(b);
  (and does not receive a revocation of that notice under subsection 20(5)); or
 (b) all of the following subparagraphs apply:
 (i) the FHSA provider receives a notice from the Commissioner under subsection 21(1);
 (ii) the FHSA provider does not receive a revocation of that notice under subsection 21(4);
 (iii) within 30 days after receiving that notice, the FHSA provider does not receive a notice from the FHSA holder under subsection 20(1) that contains a statement under paragraph 20(4)(aa); or
 (c) the FHSA provider receives a notice from the FHSA holder under subsection 20(1) that contains a statement under paragraph 20(4)(aa) (and does not receive a revocation of that notice under subsection 20(5)); or
 (d) the FHSA provider receives a notice from the Commissioner under subsection 67(2) (and does not receive a revocation of that notice); or
 (e) the FHSA is opened or issued in response to an application to which subparagraph 19(1)(b)(ii) applies, where the other FHSA referred to in that subparagraph was inactive only because of:
 (i) paragraph (c) of this subsection; or
 (ii) an earlier application of this paragraph.
Note: Paragraph (a) or (b) applies if the FHSA holder does not satisfy the FHSA eligibility requirements. However, neither paragraph need apply if the only one of those requirements not satisfied is the one about never holding an interest in a main residence. In that case, the FHSA holder can cause paragraph (c) to apply, keeping the FHSA open until an FHSA mortgage payment can be paid.