Uncollectable debts

(1) If the updated version of the statement of unpaid claims provided under subsection 477.59(11) or (12) indicates that an unpaid amount of a loan has been written off by the lender as an uncollectable debt in accordance with the lender’s normal accounting practices, and the candidate is the candidate of a registered party, then the Chief Electoral Officer shall without delay inform the lender, the registered party and, if the registered party has a registered association in the candidate’s electoral district, the registered association.

Representations

(2) The Chief Electoral Officer shall give the lender, the registered party and the registered association the opportunity to make representations to him or her.

Chief Electoral Officer’s determination

(3) The Chief Electoral Officer shall, without delay after receiving the representations, determine whether the unpaid amount has been written off by the lender as an uncollectable debt in accordance with the lender’s normal accounting practices. He or she shall then inform the lender, the candidate, the registered party and the registered association of his or her determination.

Registered association or party liable

(4) If the Chief Electoral Officer determines that the unpaid amount has been written off by the lender as an uncollectable debt in accordance with the lender’s normal accounting practices, then the registered association or, if there is no registered association, the registered party becomes liable for the unpaid amount as if the association or party, as the case may be, had guaranteed the loan.

2014, c. 12, s. 86.