Canadian Agricultural Loans Regulations

20 (1) A lender shall take all of the measures described in subsection 19(2) that are applicable before submitting to the Minister a claim for loss sustained as a result of a loan.

(2) A claim for loss shall be submitted within 18 months of the default date or, if an extension has been granted by the Minister, then within that extended time period.

(3) The Minister shall, on the written request of the lender, extend the period of 18 months so that a lender can continue to carry out the collection measures prior to submitting its claim for loss, if the request is received within 18 months of the default date.

(4) A claim for any loss shall be submitted to the Minister in the form approved by the Minister, together with a copy of the borrower’s application form and proof of registration of the security referred to in section 15, if applicable.

(5) The lender shall provide the Minister with any other documentation that the Minister may require to justify payment to the lender.

(6) The payment is to be made within 60 days after the Minister approves the claim for loss.