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Mortgage Brokerages, Lenders and Administrators Act, 2006

ONTARIO REGULATION 409/07

mortgage brokers and agents: licensing

Consolidation Period:  From April 20, 2022 to the e-Laws currency date.

Last amendment: 391/22.

Legislative History: 23/08, 184/08, 84/09, 286/11, 173/19, 9/20, 391/22.

This is the English version of a bilingual regulation.

CONTENTS

Interpretation

1.

Definitions

Issuance of Mortgage Broker’s Licences

2.

Eligibility criteria, mortgage broker’s licence

2.1

Partial exemption, out-of-province authorizing certificate

3.

Partial exemption, previous licensee

3.

Partial exemption, reinstatement of previous licensee

4.

Restriction on applications for mortgage broker’s licence

Issuance of Mortgage Agent’s Licences

5.

Eligibility criteria, mortgage agent’s licence

5.

Mortgage agent’s licence

5.0.1

Mortgage Agent Level 1

5.0.2

Mortgage Agent Level 2

5.1

Partial exemption, out-of-province authorizing certificate

6.

Partial exemption, previous licensee

6.

Partial exemption, reinstatement of previous licensee

7.

Partial exemption, work for certain finance companies

8.

Restriction on applications for agent’s licence

Expiry of Brokers’ and Agents’ Licences

8.1

Expiry date for licences

Renewal of Brokers’ and Agents’ Licences

9.

Eligibility criteria for renewal

Unsuitability for Licence

10.

Criteria re individual not suitable

Transition

11.

Transition

 

Interpretation

Definitions

1. In this Regulation,

Note: On April 1, 2023, section 1 of the Regulation is amended by adding the following definition: (See: O. Reg. 391/22, s. 1 (1))

“annual licensing cycle” means the one-year period that begins on April 1 in a year and ends on March 31 in the following year; (“période de validité des permis”)

“approved” means approved by the Chief Executive Officer; (“approuvé”)

“authorizing certificate” means a certificate, licence, registration, or other form of official recognition, granted by an out-of-province regulatory authority to an individual, which attests to the individual being qualified to practise the occupation that is substantially equivalent to that of mortgage broker or mortgage agent and authorizes the individual to practise either occupation, use a title or designation relating to either occupation, or both; (“certificat d’autorisation”)

“occupation” means a set of jobs which, with some variation, are similar in their main tasks or duties or in the type of work performed; (“métier ou profession”)

“out-of-province regulatory authority” means a regulatory authority that is authorized to issue authorizing certificates under an Act of Canada or of a province, other than Ontario, or territory of Canada that is a party to the Agreement on Internal Trade, as defined in the Ontario Labour Mobility Act, 2009; (“autorité de réglementation extraprovinciale”)

“prescribed education and experience requirements for a broker’s licence” means the requirements described in paragraphs 5, 6, 7 and 8 of subsection 2 (1); (“exigences prescrites en matière de formation et d’expérience pour l’obtention d’un permis de courtier”)

Note: On April 1, 2023, section 1 of the Regulation is amended by adding the following definitions: (See: O. Reg. 391/22, s. 1 (1))

“prescribed education and experience requirements for a Mortgage Agent Level 2 licence” means the requirements described in paragraphs 5 to 7 of subsection 5.0.2 (1); (“exigences prescrites en matière de formation et d’expérience pour un permis d’agent en hypothèques de niveau 2”)

“prescribed education requirements for a Mortgage Agent Level 1 licence” means the requirement described in paragraph 5 of subsection 5.0.1 (1). (“exigences prescrites en matière de formation pour un permis d’agent en hypothèques de niveau 1”)

“prescribed education requirements for an agent’s licence” means the requirement described in paragraph 5 of subsection 5 (1). (“exigences prescrites en matière de formation pour l’obtention d’un permis d’agent”)  O. Reg. 409/07, s. 1; O. Reg. 286/11, s. 1; O. Reg. 173/19, s. 1.

Note: On April 1, 2023, the definition of “prescribed education requirements for an agent’s licence” in section 1 of the Regulation is revoked. (See: O. Reg. 391/22, s. 1 (2))

Issuance of Mortgage Broker’s Licences

Eligibility criteria, mortgage broker’s licence

2. (1) A mortgage broker’s licence may be issued under subsection 14 (1) of the Act to an individual who satisfies the following requirements:

1. The individual is at least 18 years old.

2. The individual is a resident of Canada.

3. The individual has a mailing address in Ontario that is not a post office box and that is suitable to permit service by registered mail.

4. The individual is authorized by a brokerage to deal or trade in mortgages on its behalf.

5. The individual has successfully completed an approved education program for mortgage agents.

Note: On April 1, 2023, paragraph 5 of subsection 2 (1) of the Regulation is revoked and the following substituted: (See: O. Reg. 391/22, s. 2 (1))

5. The individual has successfully completed the approved education programs for a Mortgage Agent Level 1 licence and a Mortgage Agent Level 2 licence.

6. The individual has been licensed as a mortgage agent for at least 24 of the 36 months immediately before he or she applies for the licence.

Note: On April 1, 2023, paragraph 6 of subsection 2 (1) of the Regulation is revoked and the following substituted: (See: O. Reg. 391/22, s. 2 (1))

6. The individual has been licensed as a Mortgage Agent Level 2 for at least 24 of the 36 months immediately before the individual applies for the licence.

7. The individual has successfully completed an approved education program for mortgage brokers within three years before he or she applies for the licence.

8. The individual has passed the approved qualifying exam for mortgage brokers within three years before he or she applies for the licence.  O. Reg. 409/07, s. 2 (1).

(2) An individual is deemed to have satisfied one or more of the prescribed education and experience requirements for a broker’s licence if the Chief Executive Officer is satisfied that the individual has a combination of education and experience that is equivalent to the applicable requirement.  O. Reg. 409/07, s. 2 (2); O. Reg. 173/19, s. 1.

(3) Revoked:  O. Reg. 409/07, s. 2 (4).

Note: On April 1, 2023, section 2 of the Regulation is amended by adding the following subsection: (See: O. Reg. 391/22, s. 2 (2))

(3) The following rules apply with respect to the annual licensing cycles that begin on April 1, 2023 and April 1, 2024:

1. Despite paragraph 5 of subsection (1), an individual who was licensed as a mortgage broker on March 31, 2023 may be issued a mortgage broker’s licence for the annual licensing cycle that begins on April 1, 2023 even if the individual has not successfully completed the approved education programs described in that paragraph.

2. If an individual described in paragraph 1 does not successfully complete the approved education programs described in paragraph 5 of subsection (1) on or before March 31, 2024, the individual is not eligible to be issued a mortgage broker’s licence for the annual licensing cycle that begins on April 1, 2024 but is eligible to be issued a Mortgage Agent Level 1 licence for that annual licensing cycle if the requirements in section 5.0.1 are satisfied.

3. Paragraph 6 of subsection (1) does not apply. Instead, the individual must have been licensed as a mortgage agent under this Regulation as it read on March 31, 2023 or as a Mortgage Agent Level 2 for at least 24 of the 36 months immediately before the individual applies for the licence in the applicable annual licensing cycle.

4. For greater certainty, the requirement set out in paragraph 3 may be satisfied by a combination of months licensed as a mortgage agent under this Regulation as it read on March 31, 2023 and months licensed as a Mortgage Agent Level 2. O. Reg. 391/22, s. 2 (2).

(4) Spent:  O. Reg. 409/07, s. 2 (4).

Partial exemption, out-of-province authorizing certificate

2.1 (1) An individual is exempted from the prescribed education and experience requirements for a broker’s licence if,

(a) the individual holds an authorizing certificate in good standing;

(b) the Chief Executive Officer is satisfied that the authorizing certificate authorizes the individual to practise the occupation that is substantially equivalent to that of mortgage broker;

(c) the individual demonstrates knowledge of matters applicable to practising as a mortgage broker in Ontario, if this is required by the Chief Executive Officer of all applicants under this subsection, and if so required, in the manner required by the Chief Executive Officer, which shall not include material additional training, experience, examinations or assessments; and

(d) the individual complies with any requirements for mortgage brokers that are listed on the website of the Ministry of Training, Colleges and Universities or other website specified in a regulation made under the Ontario Labour Mobility Act, 2009 pursuant to subsection 9 (3) of that Act.  O. Reg. 286/11, s. 2; O. Reg. 173/19, s. 1.

(2) Despite subsection (1), if an individual’s authorizing certificate is subject to a condition, the Chief Executive Officer may,

(a) impose an equivalent condition on the broker’s licence issued to the individual; or

(b) refuse to issue a broker’s licence to the individual, if the Chief Executive Officer cannot impose an equivalent condition on the broker’s licence.  O. Reg. 286/11, s. 2; O. Reg. 173/19, s. 1.

Partial exemption, previous licensee

3. (1) An individual is exempted from the prescribed education and experience requirements for a broker’s licence if the individual was licensed as a mortgage broker at any time during the 24 months before applying for the licence.  O. Reg. 409/07, s. 3.

(2) Subsection (1) does not apply if the individual was required, as a condition of the prior licence, to successfully complete an education program by a specified date and the individual did not do so.  O. Reg. 23/08, s. 1.

Note: On April 1, 2023, section 3 of the Regulation is revoked and the following substituted: (See: O. Reg. 391/22, s. 3)

Partial exemption, reinstatement of previous licensee

3. (1) This section applies in circumstances in which an individual wishes to have their licence as a mortgage broker reinstated after a period of the licence being inactive. O. Reg. 391/22, s. 3.

(2) An individual is exempted from the prescribed education and experience requirements for a broker’s licence if the individual was licensed as a mortgage broker at any time during the 24 months before applying for the licence. O. Reg. 391/22, s. 3.

(3) Subsection (2) does not apply if the individual was required, as a condition of the prior licence, to successfully complete an education program by a specified date and the individual did not do so. O. Reg. 391/22, s. 3.

(4) The following rules apply with respect to the annual licensing cycle that begins on April 1, 2024:

1. Subsection (2) does not apply if the individual has not successfully completed the approved education program for a Mortgage Agent Level 2 licence on or before March 31, 2024.

2. If the individual has not successfully completed the approved education program for a Mortgage Agent Level 2 licence on or before March 31, 2024, the individual is not eligible to have their licence as a mortgage broker reinstated for the annual licensing cycle that begins on April 1, 2024 but is eligible to be issued a Mortgage Agent Level 1 licence in that annual licensing cycle if the requirements in paragraphs 1 to 4 of subsection 5.0.1 (1) are satisfied. O. Reg. 391/22, s. 3.

Restriction on applications for mortgage broker’s licence

4. (1) An individual whose mortgage broker’s licence has been revoked, or whose application for a mortgage broker’s licence or for renewal of such a licence has been refused, cannot apply for a mortgage broker’s licence unless,

(a) 12 months have passed since the revocation or refusal; and

(b) the individual satisfies the Chief Executive Officer that new or other evidence is available or that material circumstances have changed.  O. Reg. 409/07, s. 4 (1); O. Reg. 173/19, s. 1.

(2) An individual whose mortgage agent’s licence has been revoked, or whose application for an agent’s licence or for renewal of such a licence has been refused, cannot apply for a mortgage broker’s licence unless,

(a) 12 months have passed since the revocation or refusal; and

(b) the individual satisfies the Chief Executive Officer that new or other evidence is available or that material circumstances have changed.  O. Reg. 409/07, s. 4 (2); O. Reg. 173/19, s. 1.

Issuance of Mortgage Agent’s Licences

Eligibility criteria, mortgage agent’s licence

5. (1) A mortgage agent’s licence may be issued under subsection 14 (1) of the Act to an individual who satisfies the following requirements:

1. The individual is at least 18 years old.

2. The individual is a resident of Canada.

3. The individual has a mailing address in Ontario that is not a post office box and that is suitable to permit service by registered mail.

4. The individual is authorized by a brokerage to deal or trade in mortgages on its behalf.

5. The individual has successfully completed an approved education program for mortgage agents within two years before he or she applies for the licence.  O. Reg. 409/07, s. 5 (1).

(2) An individual is deemed to have satisfied the prescribed education requirements for an agent’s licence if the Chief Executive Officer is satisfied that the individual has a combination of education and experience that is equivalent to those requirements.  O. Reg. 409/07, s. 5 (2); O. Reg. 173/19, s. 1.

Note: On April 1, 2023, section 5 of the Regulation is revoked and the following substituted: (See: O. Reg. 391/22, s. 4)

Mortgage agent’s licence

5. The following classes of mortgage agent’s licence are established:

1. Mortgage Agent Level 1.

2. Mortgage Agent Level 2. O. Reg. 391/22, s. 4.

Mortgage Agent Level 1

5.0.1 (1) A Mortgage Agent Level 1 licence may be issued under subsection 14 (1) of the Act to an individual who satisfies the following requirements:

1. The individual is at least 18 years old.

2. The individual is a resident of Canada.

3. The individual has a mailing address in Ontario that is not a post office box and that is suitable to permit service by registered mail.

4. The individual is authorized by a brokerage to deal or trade in mortgages on its behalf.

5. The individual has successfully completed the approved education program for a Mortgage Agent Level 1 licence within two years before the individual applies for the licence. O. Reg. 391/22, s. 4.

(2) An individual is deemed to have satisfied the prescribed education requirements for a Mortgage Agent Level 1 licence if the Chief Executive Officer is satisfied that the individual has a combination of education and experience that is equivalent to those requirements. O. Reg. 391/22, s. 4.

(3) A Mortgage Agent Level 1 licence permits the licence holder to do the following:

1. The licence holder may deal or trade in mortgages exclusively with lenders that are financial institutions or that are approved lenders under the National Housing Act (Canada).

2. In the case of a licence holder who is authorized to deal in mortgages on behalf of a brokerage that is a finance company, the licence holder may deal or trade in mortgages for the brokerage if the brokerage is the lender or is an affiliate of the lender. O. Reg. 391/22, s. 4.

(4) For the purposes of paragraph 2 of subsection (3), “affiliate” and “finance company” have the same meaning as in section 7. O. Reg. 391/22, s. 4.

(5) The following rule applies with respect to the annual licensing cycle that begins on April 1, 2023:

1. Despite paragraph 5 of subsection (1), an individual who, on March 31, 2023, was licensed as a mortgage agent under this Regulation as it read on that date may be issued a Mortgage Agent Level 1 licence for the annual licensing cycle that begins on April 1, 2023 even if the individual has not successfully completed the approved education program for a Mortgage Agent Level 1 licence. O. Reg. 391/22, s. 4.

Mortgage Agent Level 2

5.0.2 (1) A Mortgage Agent Level 2 licence may be issued under subsection 14 (1) of the Act to an individual who satisfies the following requirements:

1. The individual is at least 18 years old.

2. The individual is a resident of Canada.

3. The individual has a mailing address in Ontario that is not a post office box and that is suitable to permit service by registered mail.

4. The individual is authorized by a brokerage to deal or trade in mortgages on its behalf.

5. The individual has successfully completed the approved education program for a Mortgage Agent Level 1 licence.

6. Within two years before the individual applies for the licence, the individual has successfully completed the approved education program for a Mortgage Agent Level 2 licence.

7. The individual has been licensed as a Mortgage Agent Level 1 for at least 12 of the 24 months immediately before the individual applies for the licence. O. Reg. 391/22, s. 4.

(2) An individual is deemed to have satisfied the prescribed education and experience requirements for a Mortgage Agent Level 2 licence if the Chief Executive Officer is satisfied that the individual has a combination of education and experience that is equivalent to those requirements. O. Reg. 391/22, s. 4.

(3) A Mortgage Agent Level 2 licence permits the licence holder to deal or trade in mortgages with mortgage lenders. O. Reg. 391/22, s. 4.

(4) The following rules apply with respect to the annual licensing cycle that begins on April 1, 2023:

1. Despite paragraph 6 of subsection (1), an individual who was licensed as a mortgage agent immediately before applying for a Mortgage Agent Level 2 licence may be issued a Mortgage Agent Level 2 licence for the annual licensing cycle that begins on April 1, 2023 even if the individual has not successfully completed the approved education program for a Mortgage Agent Level 2 licence.

2. If an individual described in paragraph 1 does not successfully complete the approved education program for a Mortgage Agent Level 2 licence on or before March 31, 2024, the individual is not eligible to be issued a Mortgage Agent Level 2 licence in the annual licensing cycle that begins on April 1, 2024 but is eligible to be issued a Mortgage Agent Level 1 licence for that annual licensing cycle if the requirements in section 5.0.1 are satisfied. O. Reg. 391/22, s. 4.

(5) The following rules apply with respect to the annual licensing cycles that begin on April 1, 2023 and April 1, 2024:

1. Paragraph 7 of subsection (1) does not apply. Instead, the individual must have been licensed as a mortgage agent under this Regulation as it read on March 31, 2023 or as a Mortgage Agent Level 1 for at least 12 of the 24 months immediately before the individual applies for the licence in the applicable annual licensing cycle.

2. For greater certainty, the requirement set out in paragraph 1 may be satisfied by a combination of months licensed as a mortgage agent under this Regulation as it read on March 31, 2023 and months licensed as a Mortgage Agent Level 1. O. Reg. 391/22, s. 4.

Partial exemption, out-of-province authorizing certificate

5.1 (1) An individual is exempted from the prescribed education requirements for an agent’s licence if,

(a) the individual holds an authorizing certificate in good standing;

(b) the Chief Executive Officer is satisfied that the authorizing certificate authorizes the individual to practise the occupation that is substantially equivalent to that of mortgage agent;

(c) the individual demonstrates knowledge of matters applicable to practising as a mortgage agent in Ontario, if this is required by the Chief Executive Officer of all applicants under this subsection, and if so required, in the manner required by the Chief Executive Officer, which shall not include material additional training, experience, examinations or assessments; and

(d) the individual complies with any requirements for mortgage agents that are listed on the website of the Ministry of Training, Colleges and Universities or other website specified in a regulation made under the Ontario Labour Mobility Act, 2009 pursuant to subsection 9 (3) of that Act.  O. Reg. 286/11, s. 3; O. Reg. 173/19, s. 1.

(2) Despite subsection (1), if an individual’s authorizing certificate is subject to a condition, the Chief Executive Officer may,

(a) impose an equivalent condition on the agent’s licence issued to the individual; or

(b) refuse to issue an agent’s licence to the individual, if the Chief Executive Officer cannot impose an equivalent condition on the agent’s licence.  O. Reg. 286/11, s. 3; O. Reg. 173/19, s. 1.

Partial exemption, previous licensee

6. (1) An individual is exempted from the prescribed education requirements for an agent’s licence if the individual was licensed as a mortgage agent at any time during the 24 months before applying for the licence.  O. Reg. 409/07, s. 6.

(2) Subsection (1) does not apply if the individual was required, as a condition of the prior licence, to successfully complete an education program by a specified date and the individual did not do so.  O. Reg. 23/08, s. 2.

Note: On April 1, 2023, section 6 of the Regulation is revoked and the following substituted: (See: O. Reg. 391/22, s. 5)

Partial exemption, reinstatement of previous licensee

6. (1) This section applies in circumstances in which an individual wishes to have their licence as a mortgage agent reinstated after a period of the licence being inactive. O. Reg. 391/22, s. 5.

(2) An individual is exempted from the prescribed education requirements for a Mortgage Agent Level 1 licence if, at any time during the 24 months before applying for the licence, the individual was licensed as,

(a) a mortgage agent under this Regulation as it read on March 31, 2023; or

(b) a Mortgage Agent Level 1. O. Reg. 391/22, s. 5.

(3) An individual is exempted from the prescribed education and experience requirements for a Mortgage Agent Level 2 licence if, at any time during the 24 months before applying for the licence,

(a) the individual was licensed as a mortgage agent under this Regulation as it read on March 31, 2023 and successfully completed the approved education program for a Mortgage Agent Level 2 licence; or

(b) the individual was licensed as a Mortgage Agent Level 2 and successfully completed the approved education program for a Mortgage Agent Level 2 licence. O. Reg. 391/22, s. 5.

(4) Subsections (2) and (3) do not apply if the individual was required, as a condition of the prior licence, to successfully complete an education program by a specified date and the individual did not do so. O. Reg. 391/22, s. 5.

Partial exemption, work for certain finance companies

7. (1) An individual is exempted from the prescribed education requirements for an agent’s licence if all of the following circumstances exist:

Note: On April 1, 2023, subsection 7 (1) of the Regulation is amended by striking out “for an agent’s licence” in the portion before paragraph 1 and substituting “for a Mortgage Agent Level 1 licence”. (See: O. Reg. 391/22, s. 6 (1))

1. The brokerage on whose behalf the individual is authorized to deal in mortgages is a finance company and the brokerage is either the lender for all of the mortgages that brokers and agents authorized to deal in mortgages on behalf of the brokerage deal in, or is an affiliate of the lender.

2. The Chief Executive Officer is satisfied that the brokerage will provide the individual with such training as the Chief Executive Officer considers adequate.

3. The individual undertakes, as a condition of his or her licence, to successfully complete an approved education program for mortgage agents before he or she is authorized to deal in mortgages on behalf of another brokerage other than a finance company that satisfies the criteria described in paragraphs 1 and 2.  O. Reg. 409/07, s. 7 (1); O. Reg. 23/08, s. 3; O. Reg. 173/19, s. 1.

Note: On April 1, 2023, paragraph 3 of subsection 7 (1) of the Regulation is amended by striking out “an approved education program for mortgage agents” and substituting “the approved education program for a Mortgage Agent Level 1 licence”. (See: O. Reg. 391/22, s. 6 (2))

(2) For the purposes of this section,

“affiliate”, with respect to a corporation, has the same meaning as in the Business Corporations Act; (“membre du même groupe”)

“finance company” means a corporation or partnership, other than a financial institution, that satisfies both of the following criteria:

1. A material business activity of the corporation or partnership involves making or refinancing loans, or entering into other similar arrangements for advancing funds or credit.

2. The shares or ownership interests of the corporation or partnership, or of another person or entity with which it is affiliated, are listed on a stock exchange in Canada or outside Canada that is a prescribed stock exchange for the purposes of the Income Tax Act (Canada). (“société de financement”)  O. Reg. 409/07, s. 7 (2).

(3) For the purposes of the definition of “finance company” in subsection (2), a partnership is affiliated with another person or entity if one of them is controlled by the other or if both are controlled by the same person or entity.  O. Reg. 409/07, s. 7 (3).

Restriction on applications for agent’s licence

8. (1) An individual whose mortgage agent’s licence has been revoked, or whose application for an agent’s licence or for renewal of such a licence has been refused, cannot apply for an agent’s licence unless,

(a) 12 months have passed since the revocation or refusal; and

(b) the individual satisfies the Chief Executive Officer that new or other evidence is available or that material circumstances have changed.  O. Reg. 409/07, s. 8 (1); O. Reg. 173/19, s. 1.

(2) An individual whose mortgage broker’s licence has been revoked, or whose application for a mortgage broker’s licence or for renewal of such a licence has been refused, cannot apply for an agent’s licence unless,

(a) 12 months have passed since the revocation or refusal; and

(b) the individual satisfies the Chief Executive Officer that new or other evidence is available or that material circumstances have changed.  O. Reg. 409/07, s. 8 (2); O. Reg. 173/19, s. 1.

Expiry of Brokers’ and Agents’ Licences

Expiry date for licences

8.1 (1) In this section,

“annual licensing cycle” means the one-year period that begins on April 1, 2020 and ends on March 31, 2021 and each successive one-year period thereafter. O. Reg. 9/20, s. 1.

Note: On April 1, 2023, subsection 8.1 (1) of the Regulation is revoked. (See: O. Reg. 391/22, s. 7)

(2) A mortgage broker’s licence or mortgage agent’s licence that takes effect at the beginning of an annual licensing cycle or at any time during the licensing cycle expires at the end of the licensing cycle. O. Reg. 9/20, s. 1.

(3) A mortgage broker’s licence or mortgage agent’s licence that takes effect on or after April 1, 2018 and before April 1, 2020 expires on March 31, 2020. O. Reg. 9/20, s. 1.

Note: On April 1, 2023, subsection 8.1 (3) of the Regulation is revoked. (See: O. Reg. 391/22, s. 7)

Renewal of Brokers’ and Agents’ Licences

Eligibility criteria for renewal

9. (1) A mortgage broker’s or agent’s licence may be renewed under subsection 16 (4) of the Act for an individual who satisfies the following requirements:

1. The individual is a resident of Canada.

2. The individual has a mailing address in Ontario that is not a post office box and that is suitable to permit service by registered mail.

3. The individual is authorized by a brokerage to deal or trade in mortgages on its behalf.

4. The individual has completed an approved continuing education requirement, if any, for mortgage brokers or agents, as the case may be.  O. Reg. 409/07, s. 9.

(2) Despite subsection (1), an individual’s licence cannot be renewed if the individual was required, as a condition of the previous licence, to successfully complete an education program by a specified date and the individual did not do so.  O. Reg. 23/08, s. 4.

Unsuitability for Licence

Criteria re individual not suitable

10. In determining whether an individual is not suitable to be licensed as a mortgage broker or agent, the Chief Executive Officer is required by subsections 14 (1) and 16 (4) of the Act to have regard to the following prescribed circumstances:

1. Whether the individual’s past conduct affords reasonable grounds for belief that he or she will not deal or trade in mortgages in accordance with the law and with integrity and honesty.

2. Whether the individual is carrying on activities that contravene or will contravene the Act or the regulations if he or she is licensed.

3. Whether the individual has made a false statement or has provided false information to the Chief Executive Officer with respect to the application for the licence.  O. Reg. 409/07, s. 10; O. Reg. 173/19, s. 1.

Transition

Transition

11. (1) An approval or other decision made by the Superintendent under this Regulation, as it read prior to the day section 1 of Schedule 17 to the Plan for Care and Opportunity Act (Budget Measures), 2018 came into force, is deemed to have been made by the Chief Executive Officer. O. Reg. 173/19, s. 2.

(2) A condition imposed on a certificate by the Superintendent under this Regulation, as it read prior to the day section 1 of Schedule 17 to the Plan for Care and Opportunity Act (Budget Measures), 2018 came into force, is deemed to have been imposed by the Chief Executive Officer. O. Reg. 173/19, s. 2.

12. Revoked:  O. Reg. 409/07, s. 12 (2).

13. Revoked:  O. Reg. 409/07, s. 13 (2).

14. Revoked:  O. Reg. 409/07, s. 14 (2).

15. Revoked:  O. Reg. 409/07, s. 15 (4).

16. Omitted (provides for coming into force of provisions of this Regulation).  O. Reg. 409/07, s. 16.

 

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