Mortgage Brokerages, Lenders and Administrators Act, 2006 - Additional Draft Regulations for Consultation

III. Consultation Draft Regulations

10) Mortgage Brokerages: Licensing

under the

MORTGAGE BROKERAGES, LENDERS AND ADMINISTRATORS ACT, 2006
AMENDING O.REG. 408/07(MORTGAGE BROKERAGES: LICENSING)

Note: This is a draft regulation for discussion purposes. The Mortgage Brokerages, Lenders and Administrators Act, 2006 is not in force.

1. Ontario Regulation 408/07 is amended by adding the following section:

SURRENDER OF LICENCE

Criteria re surrender of licence

4.1 The following criteria are prescribed for the purposes of subsection 20 (3) of the Act as criteria to which the Superintendent shall have regard when determining whether the surrender of a brokerage licence is not in the public interest:

  1. Whether the applicant has any funds remaining in a mortgage brokerage trust account that was being maintained under the standards of practice.
  2. Whether any funds in the applicants mortgage brokerage trust account have not been accounted for.
  3. Whether the applicant has failed to make reasonable arrangements for the retention of the records required by the standards of practice, or has failed to inform the Superintendent about the location in which the records are to be kept.
  4. Whether any deeds, instruments or agreements signed by or on behalf of a borrower, lender or investor and any other documents given to the applicant by the borrower, lender or investor in connection with the applicants business of dealing or trading in mortgages have not been returned.
  5. Whether the applicant has any outstanding fees, charges or penalties payable under the Act.