Guidelines

Section B: Registration, Administration and Reporting

15 Offences and Punishment

Offences under the CSBFA may arise as a result of:

• anyone making a false statement, a misrepresentation or furnishing false or misleading information;
• a borrower fraudulently disposing of any assets taken as security for the CSBF loan;
• a borrower fraudulently using the proceeds for the CSBF loan for a purpose other than acquiring the assets for which the loan was approved.

Act ss.16(1)

Such offences and punishment can be either:

• indictable (fine up to $500,000 or up to 5 years in prison, or both); or
• summary conviction (fine up to $50,000 or up to 6 months in prison, or both).

Any proceedings related to a summary conviction offence must be commenced within three years after the subject matter of the proceedings arose.
Act ss.16(2) and (3)