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

III. Consultation Draft Regulations

7) General

under the

MORTGAGE BROKERAGES, LENDERS AND ADMINISTRATORS ACT, 2006

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

EXPIRY OF INTERIM ORDERS
(SECTIONS 18 AND 35 OF THE ACT)

Interim order to suspend a licence

1. If an interim order suspending a licence is made under subsection 18 (3) of the Act, the prescribed period after which the interim order expires in the circumstances described in subsection 18 (5) of the Act is 21 days after the date on which the order is made.

Interim compliance order

2. If an interim order is made under subsection 35 (5) of the Act, the prescribed period after which the interim order expires in the circumstances described in subsection 35 (9) of the Act is 21 days after the date on which the order is made.

PUBLIC REGISTER OF LICENSEES (SECTION 28 OF THE ACT)

Public register of brokerages, mortgage administrators

3. (1) The public register of brokerages and mortgage administrators that is to be maintained under subsection 28 (1) of the Act must contain the following information about each brokerage and mortgage administrator:

  1. Each name in which it is licensed and its licence number.
  2. The type of licence that it holds and whether the licence is in good standing or is suspended.
  3. Its mailing address in Ontario as it appears in the records maintained by the Superintendent.
  4. Its telephone number.
  5. Any conditions, other than prescribed conditions, that apply to the licence.
  6. For a brokerage, the name of its principal broker.

(2) For two years after a brokerage or mortgage administrator ceases to be licensed, the register must contain the following information about the former brokerage or mortgage administrator:

  1. Each name in which it was licensed and its former licence number.
  2. The type of licence that it held.
  3. The date on which it ceased to be licensed.
  4. Whether the licence was surrendered or revoked.
Public register of brokers and agents

4. (1) The public register of mortgage brokers and agents that is to be maintained under subsection 28 (1) of the Act must contain the following information about each broker and agent:

  1. 1. The name in which he or she is licensed and the licence number.
  2. 2. The type of licence that he or she holds, its expiry date and whether the licence is in good standing or is suspended.
  3. 3. The name of the brokerage on whose behalf he or she is authorized to deal or trade in mortgages.
  4. 4. Any conditions, other than prescribed conditions, that apply to the licence.

(2) If a broker or agent ceases to be licensed, the register must contain the following information about the former broker or agent until the date described in subsection (3):

  1. The name in which he or she was licensed and his or her former licence number.
  2. The type of licence that he or she held.
  3. The name of the brokerage on whose behalf he or she was authorized to deal or trade in mortgages immediately before ceasing to be licensed.
  4. The date on which he or she ceased to be licensed.
  5. Whether the licence expired, whether renewal of the licence was refused, whether the licence was surrendered or whether it was revoked.

(3) The information required by subsection (2) must be kept on the register until two years after the expiry date of the individuals licence or, if the licence was surrendered or revoked before the expiry date, until two years after the date on which the licence would have expired if it had not been surrendered or revoked.

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