O. Reg. 154/15: MORTGAGE ADMINISTRATORS: STANDARDS OF PRACTICE

Link to law: http://www.ontario.ca/laws/regulation/r15154
Published: 2015-06-18

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ontario regulation 154/15

made under the

Mortgage Brokerages, Lenders and Administrators Act, 2006

Made: June 17, 2015
Filed: June 18, 2015
Published on e-Laws: June 18, 2015
Printed in The Ontario Gazette: July 4, 2015


Amending O. Reg. 189/08

(MORTGAGE ADMINISTRATORS: STANDARDS OF PRACTICE)

1. Section 10 of Ontario Regulation 189/08 is revoked and the following substituted:

Duty re unlawful transactions

10. A mortgage administrator shall not administer a mortgage for a lender or investor if the mortgage administrator has reason to doubt that the mortgage, its renewal or the investment in it is lawful.

Dishonesty, fraud, etc.

10.1 A mortgage administrator shall not act, or do anything or omit to do anything, in circumstances where the mortgage administrator ought to know that by acting, doing the thing or omitting to do the thing, the mortgage administrator is being used by a borrower, lender, investor or any other person to facilitate dishonesty, fraud, crime or illegal conduct.

Commencement

2. This Regulation comes into force on the later of January 1, 2016 and the day it is filed.

 

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