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ontario regulation 183/08

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. 408/07

(Mortgage Brokerages: Licensing)

1. Ontario Regulation 408/07 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 brokerage licence:

1. Whether the applicant has any funds remaining in a mortgage brokerage trust account that was being maintained under the standards of practice.

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

3. 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.

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

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

2. This Regulation comes into force on July 1, 2008.