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

III. Consultation Draft Regulations

11) Mortgage Brokers And Agents: Licensing

under the

MORTGAGE BROKERAGES, LENDERS AND ADMINISTRATORS ACT, 2006
AMENDING O.REG. 409/07

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

1. Section 3 of Ontario Regulation 409/07 is amended by adding the following subsection:

(2) Subsection (1) does not apply if the individual was required, as a condition of the prior licence, to successfully complete an education program by a specified date and the individual did not do so.

2. Section 6 of the Regulation is amended by adding the following subsection:

(2) Subsection (1) does not apply if the individual was required, as a condition of the prior licence, to successfully complete an education program by a specified date and the individual did not do so.

3. Subsection 7 (1) of the Regulation is amended by striking out both in the portion before paragraph 1 and substituting all.

4. Section 9 of the Regulation is amended by adding the following subsection:

(2) Despite subsection (1), an individuals licence cannot be renewed if the individual was required, as a condition of the previous licence, to successfully complete an education program by a specified date and the individual did not do so.

5. Clause 15 (3) (c) of the Act is revoked and the following substituted:

(c) if the individual undertakes, as a condition of his or her licence, to successfully complete an approved education program for mortgage agents before July 1, 2009.

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