On Jun. 15, ISR CB consulted on extending time limit re exception.
ISR CB opened a consultation to extend the time limit of the exception regarding the liability of a group of bank borrowers to a credit card company.
Overview
Cir H-2567-06 of Aug. 1, 2018 made exception re liability of group of bank borrowers to credit card company from meeting limitation in Proper banking management order no. 313 - limitations on the liability of a borrower and of a group of borrowers.
It was also determined the liability would not be included in the aggregate limitation of large borrowers for a five-year period which is expected to end on Aug. 1, 2023.
ISR CB proposes to extend this period until Dec. 31, 2024.
Effectiveness
Comments must be submitted by Jun. 22, 2023.
Jul. 2023 Deadline Extension
On Jul. 31, 2023, ISR CB published a circular regarding the exception given in relation to the liability of a group of bank borrowers, specifically this liability will not be included in the aggregate limit of large borrowers (section 4(e) of the directive 313).
This was for a period of five years and was due to end on Aug. 1, 2023, however, the request to extend this period until Dec. 31, 2024 granted under circular H-06-2754.
