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Acts and Regulations
2014, c.41
- Mortgage Brokers Act
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Current to 1 January 2024
Mortgage Brokers Act
1
 PRELIMINARY MATTERS
1
Definitions
2
Non-application of Act
3
Exemptions
4
Delegating powers and duties
2
 LICENSING
5
Licence required
6
Endorsement required
7
Mortgage brokerage licence and endorsement
8
Mortgage broker’s licence
9
Mortgage associate’s licence
10
Mortgage administrator’s licence
11
Application for a licence or an endorsement
11.1
Education requirements
12
Financial security may be required
13
Granting, reinstatement or amendment of licence
14
Granting or reinstatement of endorsement
15
Licence or endorsement not transferable
16
Continuous licence or endorsement
17
Register of licence holders
18
Automatic suspension of licence or endorsement
19
Suspension or cancellation of licence or endorsement by Director
20
Surrender of licence
21
Further information or material
22
Change in circumstances
3
 BROKERING MORTGAGES
23
Principal broker
24
Prohibition
25
Duty to ensure compliance
26
Duty to act in borrower’s best interests
27
Duty to act in private investor’s best interests
28
Duties owed to borrower
29
Duties owed to private investor
30
Money received in trust to be turned over immediately
4
 MORTGAGE ADMINISTRATORS
31
Principal administrator
32
Written agreement required
33
Duty to act in private investor’s best interests
34
Disclosure to private investor
5
 GENERAL REGULATION OF MORTGAGE BROKERAGES, MORTGAGE BROKERS, MORTGAGE ASSOCIATES AND MORTGAGE ADMINISTRATORS
35
Duty to act in good faith
36
Guarantee of investment in mortgage prohibited
37
Record-keeping
38
Restriction on tied-selling
39
Working capital requirements
40
Other requirements and prohibitions
6
 TRUST PROPERTY
A
 Records
41
Requirements re records
42
Records relating to trust property
B
 Requirements Regarding Trust Property
43
Prerequisites to handling trust money
44
Prerequisites to receiving or holding mortgage in trust
45
Trust property to be kept separate
46
Trust money to be placed in trust account
47
Administration of trust money by mortgage administrator
48
Administration of trust account
7
 ANNUAL FILING REQUIREMENTS
49
Annual return
50
Declaration
51
Annual financial statement
52
Interim financial statements
53
Standards of financial reporting
8
 ADVERTISING AND COMMUNICATIONS
54
Advertising
55
False or misleading advertisement
56
Information to be disclosed in correspondence
57
Representations as to financial standing
9
 COMPLIANCE REVIEWS
58
Compliance review
59
Removal of documents
60
Misleading statements
61
Obstruction
10
 INVESTIGATIONS
62
Provision of information to Director
63
Investigation order
64
Powers of investigator
65
Power to compel evidence
66
Investigators authorized as peace officers
67
Seized property
68
Report of investigation
69
Prohibition against disclosure
70
Non-compellability
11
 ENFORCEMENT
71
Offences generally
72
Carrying on business without a licence
73
Misleading or untrue statements
74
Interim preservation of property
75
Orders in the public interest
76
Administrative penalty
77
Appointment of receiver
78
Directors and officers
79
Resolution of administrative proceedings
80
Limitation period
12
 APPEALS AND REFERRALS
81
Appeal of decision
82
Referral to Tribunal
13
 GENERAL PROVISIONS
83
Clear and concise language to be used
84
Certificate evidence
85
Conflict with the Right to Information and Protection of Privacy Act
86
Reciprocity
87
Late fee
88
Administration
89
Regulations
90
Notice and publication of rules
91
Changes by Secretary of the Commission
92
Consolidated rules
14
 CONSEQUENTIAL AMENDMENTS AND COMMENCEMENT
93
Financial and Consumer Services Commission Act
94
Commencement
SCHEDULE A
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