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 Description	January 2008	November 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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