The Mortgage Dealers Act

S.M. 1985-86, c. 16

The Mortgage Dealers Act

Table of Contents

1 Definitions.
PART I
2 Registration.
(2) Clerical employees.
3 Exemptions from registration.
(2) Exemption of transactions governed by Securities Act.
(3) Exemption of solicitors.
(4) Limitation of exemptions created by regulation.
(5) Removal of exemptions.
(6) Hearing.
(7) Notice.
4 Granting of registration.
(2) Terms and conditions.
(3) Refusal.
(4) Appeal from and reference by the registrar.
(5) Compliance with The Business Names Registration Act.
5 Suspension, cancellation, etc.
(2) Interim suspension.
(3) Surrender.
6 Subsequent applications.
7 Effect of suspension of registration.
8 Recording of registration.
(2) Registration of corporation.
(3) Authorized officials required.
(4) Recording of suspension.
(5) Automatic suspension of salesperson's registration.
(6) Effective date of suspension or cancellation.
(7) Reinstatement on termination of suspension.
(8) Inspection of register.
9 Application.
(2) Address for service.
10 Further information.
11 Registration of mortgage dealer.
(2) Business name part of registration.
12 Bond for mortgage dealer.
(2) Additional bonding requirements.
(3) Change of partnership.
(4) Cancellation of mortgage dealers bond.
(5) Registrar may refuse renewal.
(6) Collateral guarantee to be disclosed.
(7) Cancellation of bond.
(8) Continuance of bond.
13 Minimum capital requirements.
(2) Increase in minimum capital.
14 Written examinations.
(2) Different examinations.
(3) Examination where applicant is corporation.
(4) Discretion of commission as to examination.
(5) Qualifications of authorized officials.
15 Notices of changes.
(2) Change in partnership.
(3) Commission may require removal of director.
(4) Restrictions on business premises.
16 Notice to registrar on termination of employment.
(2) Registrar may act on notice from salesperson.
(3) Effect of termination of employment.
17 Transfer of salesperson to new employer.
18 Renewal of registration.
(2) Time for application.
(3) Application for salespersons by employer.
PART II
REGULATION OF AUTHORIZED OFFICIALS AND SALESPERSONS
19 Restriction on authorized officials.
(2) Salesperson to act for employer only.
(3) Requirement to turn over moneys to dealer.
20 Collection of fees by others prohibited.
(2) Employment of unregistered salespersons prohibited.
(3) Mortgage obligations continue.
(4) Payments to persons exempt from registration.
PART III
REGULATION OF MORTGAGE DEALERS
21 Restriction on business of mortgage dealers.
(2) Mortgage dealer to hold deposits as trustee.
(3) Written trust agreement required.
(4) Terms of trust agreement.
22 Trust money and accounts.
(2) Separate accounts for each investor.
(3) Definition of "bank".
23 Information to investor before advancing funds.
24 Report after transaction.
(2) Delivery of acknowledgement to purchaser of mortgage.
(3) Dealer indemnity.
25 Terms of administration of mortgage.
26 Written direction to act as trustee.
(2) Mortgage dealer to act as trustee.
27 Separate agreements not required.
28 Trust assets to be kept separate.
(2) Mortgage documents to be kept in safekeeping.
29 Trust compliance report.
(2) Purpose of report.
(3) Inspection of filed material.
(4) Failure to comply.
30 Filing of financial statements.
(2) Records to be kept for 7 years.
31 Inspection of and access to records.
(2) Refusal to produce records.
PART IV
INVESTIGATION AND ACTION
32 Power to investigate.
33 No disclosure of evidence.
(2) Exceptions to subsec. (1).
34 Appointment of receiver, etc.
(2) Appointment.
(3) Ex parte application.
(4) Powers of receivers, etc.
(5) Enforcement of order.
(6) Application by originating notice of motion.
35 Freezing of funds.
(2) Effect of freeze.
(3) Application of direction.
(4) Application to court by person affected.
(5) Revocation of freeze.
(6) Definition of "bank".
(7) Filing of certificate in land titles office.
(8) Effect of certificate.
(9) Setting aside direction or certificate.
36 Costs of hearings and investigations.
(2) Recovery of costs.
(3) Calculation of costs.
37 Action upon finding of fraud, etc.
38 Forfeiture of bond.
(2) Forfeiture upon bankruptcy, winding-up, etc.
(3) Assignment of bond or payment of moneys to creditors.
(4) Report may be used as evidence.
PART V
OFFENCES AND PENALTIES
39 Advertising registration.
40 Misleading advertising.
(2) Cessation of use of material.
41 Recovery of money paid.
42 False statements made to commission, etc.
(2) False statement defined.
43 Offence of fraud.
44 General offences.
45 Civil liability.
(2) Rights are additional.
46 Offences by corporations.
47 Penalty for offences.
48 Time limitation.
49 Defense to finding of fraud.
PART VI
GENERAL
50 No actions against persons administering Act.
51 Service of notices, etc.
(2) Sending notices, etc.
52 Evidence.
53 Registrations under previous Act.
54 Regulations.
55 Exemption by commission.
56 Reference in Continuing Consolidation.
57 Repeal.