Document ID: chunk:federal_register_of_legislation:C2025C00120:section:141:p3
Version: federal_register_of_legislation:C2025C00120
Segment Type: section
Provision Reference: s 141 (pt 3/3)
Character Range: 549005–550189

the flat or home unit, that person, or those persons, as the case requires, shall be taken to acquire or hold, or to have held, as the case may be, a proprietary right in respect of the dwelling;
 (c) where:
 (i) a loan that but for this paragraph would be a housing loan relating to a dwelling is made by a person (in this paragraph referred to as the lender) to another person (in this paragraph referred to as the borrower);
 (ii) the lender does not maintain an account in relation to the loan that is separate and apart:
 (A) from any account kept by the lender in relation to any moneys deposited with the lender or applied by the lender on behalf of the borrower otherwise than for the purpose of repaying the loan, in whole or in part, or of paying, in whole or in part, interest that has accrued or will accrue in respect of the loan; and
 (B) from any account kept by the lender in relation to any other loan made by the lender to the borrower;
  the loan referred to in subparagraph (i) is not a housing loan relating to a dwelling.
 (3) For the purposes of this Act, a loan shall not be taken to be a housing loan relating to a dwelling except as provided in this section.