Bill C-3 explained in plain English

The amendments update financial regulations, maritime trade rules, and housing policies, affecting lender oversight, vessel registration, and administrative services, with specific changes to sections of the National Housing Act, Coasting Trade Act, and other federal legislation.

The amendments to various Canadian federal and Ontario provincial bills primarily focus on updating financial regulations, maritime trade rules, and housing policies. Key changes include: 1. National Housing Act: Allows the Governor in Council to create regulations about approved lenders, which may affect mortgage insurance and lending criteria. This amendment is effective when the Act comes into force. 2. Office of the Superintendent of Financial Institutions Act: Subsection 23(1) was replaced, likely altering the oversight responsibilities for financial institutions, though specific details are not provided in the text. 3. Coasting Trade Act: Revisions to vessel registration requirements, including mandatory registration of Canadian-built vessels under Part 2 unless exempted. Subsection 77(f) now specifies that registration can be revoked if the owner fails to meet certain criteria, impacting maritime compliance. 4. Financial Administration Act: Amendments to administrative services, possibly affecting how government services are managed, though the exact changes are not detailed in the provided text. 5. Budget Implementation Act, 2006: Part 9 was repealed, which may have previously dealt with specific financial or administrative provisions, though the exact nature of these provisions is not specified in the text. These amendments take effect on specified dates, such as June 1, 2011, for some provisions. The exact implications depend on the full text of the affected acts and their implementation details.