Second Reading - Bill 159
(18 November 2014)
From Hansard (Pages 11-12)
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Bill No. 159 — The Family Farm Credit Repeal Act
The Speaker: — I recognize the Minister of Agriculture.
Hon. Mr. Stewart: — Thank you, Mr. Speaker. At the end of my remarks, Mr. Speaker, I will move second reading of The Family Farm Credit Repeal Act, 2014.
The Family Farm Credit Act needs to be repealed. This Act has long since become redundant. The Family Farm Credit Act was enacted in February of 1979. Its purpose was to make long-term credit available for the establishment and development of family farms. It also provided the basis for the intergenerational transfer of farms. At the time the Act enabled Co-operative Trust Company of Canada or CTCC to make loans to farmers. It also enabled CTCC to issue securities and raise money to lend to farmers. Furthermore the Ministry of Finance was able to purchase and guarantee those securities under this Act.
In April 2012 and December 2013, the Ministry of Finance indicated that they were not aware of any present securities under this Act. Nor were they aware of any securities purchased by the Minister of Finance in recent years under this Act. During our review of this Act, agencies were consulted and no issues were identified. The CTCC was the only lending institution that was an approved agency under this Act. They have since restructured into Concentra Trust and Concentra Financial. No other associated agencies exist under this Act, and loan guarantees have not been offered for many years.
Initially the Department of Co-operation and Co-operative Development administered this Act. This was followed by a period when Consumer and Commercial Affairs took responsibility for it. Following that, the Ministry of Justice was responsible for The Family Farm Credit Act, and finally the Act was transferred to the Ministry of Agriculture in 2007-2008 fiscal year.
Also in 1994 the last outstanding payments under this Act came due. Mr. Speaker, there are no outstanding actions on file in regards to this Act. There are no outstanding securities or guarantees remaining under this Act. The programming under this Act is no longer offered, and all of the payments under this Act have come due and have been settled.
Financing options are now available to producers through regular lending institutions. These include banks, credit unions, and Farm Credit Canada. Therefore any action regarding this Act should have no effect on the agricultural community in Saskatchewan.
Mr. Speaker, I propose that this redundant Act be repealed from the records of the legislature. As far as is possible, records should be kept clear of redundancies. Therefore, Mr. Speaker, I move that The Family Farm Credit Repeal Act, 2014, be read a second time. Thank you, Mr. Speaker.
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