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

IV. Table of Concordance

January 2008 Consultation Draft Regulation “Mortgage Brokerages: Standards of Practice” compared to November 2006 Consultation Draft “Standards of Practice: Brokerages

Section DescriptionJanuary 2008November 2006
Definitions 1 1
Designated classes of lenders and investors 2 1 (“specified person or entity)
Duties re syndicated mortgages 3 n/a
Standards of practice 4  
Use of authorized name 5 2
Use of name, etc., in public relations materials 6 3
Duty to provide licence information 7 4
Complaints by public 8 13
Duty to verify borrower’s identity 9 27
Duty to verify lender’s identity 10 27
Duty to verify investor’s identity 11 27
Duty re unlawful transactions 12 16
Duty re borrower’s legal authority 13 28
Duty re accuracy of mortgage application 14 28
Restriction re tied selling 15 24
Restriction re guarantees 16 19
Duty to return certain documents 17 25
Disclosure re role of brokerage 18 n/a
Disclosure re lender as major customer 19 33
Disclosure re business relationship with lenders 20 33
Representations re status of payments 21 6
Fees, etc., payable by the customer 22 30, 35, 38
Fees, etc., payable by others 23 31
Fees, etc., payable by the brokerage to others 24 31
Fees, etc., for referral by brokerage 25 29
Duty re suitability of mortgage for customer 26 18
Disclosure of risks 27 32, 36, 39
Disclosure of a brokerage’s relationships 28 33, 37, 40, 41
Disclosure of potential conflicts of interest 29 33, 37, 40, 41
Duty re mortgage previously in default 30 44
Duties re reverse mortgages 31 34
Disclosure forms, etc., re mortgages 32 42
Disclosure form, etc., re mortgage renewals 33 43
Clarity of disclosure, etc. 34 45
Disclosure based on estimate, etc 35 45
Deadline for disclosures to borrowers 36 33, 37, 40, 41, 34, 36, 37
Deadline for disclosures to investors 37 38, 39, 40, 41
Payment by borrower 38 20
Payment, etc., by lender or investor 39 17
Receipt for deemed trust funds 40 48
Duty to establish policies and procedures 41 14
Duty to establish complaints process 42 13
Duty to have insurance 43 15
Duty re authorization of brokers, agents 44 7, 8, 9
Restrictions on payments by brokerage 45 21, 22
Required records 46 59
Security of records 47 59
Record of retention 48 59
Deemed trust funds 49 46
Authorized trust accounts 50 47
Administration of trust account 51 48
Record of trust account transactions 52 49
Monthly reconciliation statement for trust account 53 50
Duty to report shortfall in trust account 54 51
Annual reconciliation statement for trust account 55 58
Duty re concurrent businesses 56 23
Use of certain information 57 n/a
Designation when dwelling is place of business 58 n/a
Required addresses 59 52, 53
Use of forms 60 26
n/a – see O. Reg. 410/07   11 Qualifications of Principal Broker
n/a – see draft regulation, “Reporting Requirements for licensees”   12 Report to Superintendent re principal broker designation
n/a – see draft regulation, “Reporting Requirements for licensees”   54 Places of Business
n/a – see draft regulation, “Reporting Requirements for licensees”   55 Change in directors, officers, partners
n/a   56 Change in significant interest in corporation
n/a – see draft regulation, “Reporting Requirements for licensees”   57 Annual information return
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