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O. Reg. 7/18: APPLICATION, RENEWAL AND REGULATORY FEES - MORTGAGE BROKERAGES, MORTGAGE BROKERS, MORTGAGE AGENTS AND MORTGAGE ADMINISTRATORS

under Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29

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Mortgage Brokerages, Lenders and Administrators Act, 2006

ONTARIO REGULATION 7/18

APPLICATION, RENEWAL AND REGULATORY FEES - MORTGAGE BROKERAGES, MORTGAGE BROKERS, MORTGAGE AGENTS AND MORTGAGE ADMINISTRATORS

Consolidation Period: From January 29, 2018 to the e-Laws currency date.

No amendments.

This is the English version of a bilingual regulation.

Definition

1. In this Regulation,

“two-year cycle” means the two-year period that begins on April 1, 2018 and ends on March 31, 2020 and each successive two-year period thereafter.

Mortgage brokerages

2. (1) The applicable fee for an application for a mortgage brokerage licence is the following:

1. For a licence that is to take effect at the beginning of a two-year cycle, $1,156.

2. For a licence that is to take effect at any other point during a two-year cycle, the amount calculated using the formula,

$100 + (A × $44)

in which,

  “A” is the number of whole or partial calendar months between the date on which the application is submitted and the beginning of the two-year cycle that immediately follows.

(2) On or before March 31, 2018 and on or before the day on which each two-year cycle ends, a corporation, partnership, sole proprietorship or other entity that has a mortgage brokerage licence shall pay a regulatory fee in respect of the next two-year cycle of $1,056.

Mortgage brokers

3. (1) The applicable fee for an application for a mortgage broker’s licence is the following:

1. For a licence that is to take effect at the beginning of a two-year cycle, $1,156.

2. For a licence that is to take effect at any other point during a two-year cycle, the amount calculated using the formula,

$100 + (A × $44)

in which,

  “A” is the number of whole or partial calendar months between the date on which the application is submitted and the beginning of the two-year cycle that immediately follows.

(2) The applicable fee for an application to renew a mortgage broker’s licence is $1,056.

(3) An applicant is not required to pay the fee described in subsection (1) if, on the date the individual submits the application in respect of a period described in that subsection, the individual is a mortgage agent and has paid all applicable fees for mortgage agents under the Act in respect of that period.

(4) An applicant is not required to pay the fee described in subsection (1) or (2) if, before the application is submitted, the mortgage brokerage on whose behalf the individual is authorized to deal or trade in mortgages notifies the Superintendent that the individual will be designated as its principal broker when the individual’s licence takes effect.

(5) Subsection (4) does not apply if the mortgage brokerage has previously designated another individual as its principal broker in respect of the same two-year cycle.

­Mortgage agents

4. (1) The applicable fee for an application for a mortgage agent’s licence is the following:

1. For a licence that is to take effect at the beginning of a two-year cycle, $1,156.

2. For a licence that is to take effect at any other point during a two-year cycle, the amount calculated using the formula,

$100 + (A × $44)

in which,

  “A” is the number of whole or partial calendar months between the date on which the application is submitted and the beginning of the two-year cycle that immediately follows.

(2) The applicable fee for an application to renew a mortgage agent’s licence is $1,056.

Mortgage administrators

5. (1) The applicable fee for an application for a mortgage administrator’s licence is the following:

1. For a licence that is to take effect at the beginning of a two-year cycle, $1,156.

2. For a licence that is to take effect at any other point during a two-year cycle, the amount calculated using the formula,

$100 + (A × $44)

in which,

  “A” is the number of whole or partial calendar months between the date on which the application is submitted and the beginning of the two-year cycle that immediately follows.

(2) On or before March 31, 2018 and on or before the day on which each two-year cycle ends, a corporation, partnership, sole proprietorship or other entity that has a mortgage administrator’s licence shall pay a regulatory fee in respect of the next two-year cycle of $1,056.

Fees not refundable

6. A fee paid by a person or entity under this Regulation is not refundable and may not be credited toward any subsequent fee payable by the person or entity.

Transition, applications between January and March 2018

7. (1) This section applies with respect to applications for a mortgage broker’s licence, a mortgage agent’s licence, a mortgage administrator’s licence or a mortgage brokerage licence if the licence is to take effect during the period that begins on the day this Regulation comes into force and ends on March 31, 2018.

(2) The applicable fee is,

(a) in respect of a licence that is to take effect in January 2018, $190;

(b) in respect of a licence that is to take effect in February 2018, $160; and

(c) in respect of a licence that is to take effect in March 2018, $130.

(3) An applicant for a mortgage broker’s licence is not required to pay the fee described in subsection (2) if, on the date the individual submits the application, the individual is a mortgage agent and has paid all applicable fees for mortgage agents under the Act in respect of some or all of the period that begins on the day this Regulation comes into force and ends on March 31, 2018.

8. Omitted (provides for coming into force of provisions of this Regulation).

 

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