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O. Reg. 185/08: Mortgage Administrators: Licensing


Published: 2008-06-06

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ontario regulation 185/08

made under the

mortgage brokerages, lenders and administrators act, 2006

Made: June 4, 2008
Filed: June 6, 2008
Published on e-Laws: June 9, 2008
Printed in The Ontario Gazette: June 21, 2008


Amending O. Reg. 411/07

(Mortgage Administrators: Licensing)

1. Paragraph 4 of subsection 1 (1) of Ontario Regulation 411/07 is revoked and the following substituted:

4. The corporation has a financial guarantee in an amount equal to $25,000.  The financial guarantee may be unimpaired working capital or it may be another form of financial guarantee acceptable to the Superintendent.

2. Paragraph 4 of subsection 2 (1) of the Regulation is revoked and the following substituted:

4. The partnership has a financial guarantee in an amount equal to $25,000.  The financial guarantee may be unimpaired working capital or it may be another form of financial guarantee acceptable to the Superintendent.

3. Paragraph 4 of subsection 3 (1) of the Regulation is revoked and the following substituted:

4. The sole proprietorship has a financial guarantee in an amount equal to $25,000.  The financial guarantee may be unimpaired working capital or it may be another form of financial guarantee acceptable to the Superintendent.

4. The Regulation 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 it is not in the public interest to allow a licensee to surrender a mortgage administrator’s licence:

1. Whether the applicant has any funds remaining in its mortgage administrator’s trust account that was being maintained under the standards of practice.

2. Whether any funds in the applicant’s mortgage administrator’s trust account have not been accounted for.

3. Whether the applicant has failed to make reasonable arrangements for winding up or transferring its business of administering mortgages in Ontario.

4. 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.

5. Whether any deeds, instruments or agreements signed by or on behalf of a lender or investor or any other documents given to the applicant by a lender or investor in connection with the applicant’s business of administering mortgages have not been returned.

6. Whether the applicant has any outstanding fees, charges or penalties payable under the Act.

5. (1) Subject to subsection (2), this Regulation comes into force on the day it is filed.

(2) Section 4 comes into force on July 1, 2008.