C.C.S.M. c. M210
The Mortgage Dealers Act
1 | Definitions |
PART I | |
2(1) | Registration |
(2) | Clerical employees |
3(1) | 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(1) | 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(1) | Suspension, cancellation, etc. |
(2) | Interim suspension |
(3) | Surrender |
6 | Subsequent applications |
7 | Effect of suspension of registration |
8(1) | 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(1) | Application |
(2) | Address for service |
10 | Further information |
11(1) | Registration of mortgage dealer |
(2) | Business name part of registration |
12(1) | 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(1) | Minimum capital requirements |
(2) | Increase in minimum capital |
14(1) | Written examinations |
(2) | Different examinations |
(3) | Examination where applicant is corporation |
(4) | Discretion of commission as to examination |
(5) | Qualifications of authorized officials |
15(1) | Notices of changes |
(2) | Change in partnership |
(3) | Commission may require removal of director |
(4) | Restrictions on business premises |
16(1) | 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(1) | Renewal of registration |
(2) | Time for application |
(3) | Application for salespersons by employer |
PART II | |
REGULATION OF AUTHORIZED OFFICIALS AND SALESPERSONS | |
19(1) | Restriction on authorized officials |
(2) | Salesperson to act for employer only |
(3) | Requirement to turn over moneys to dealer |
20(1) | 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(1) | 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(1) | Trust money and accounts |
(2) | Separate accounts for each investor |
(3) | Definition of "bank" |
23 | Information to investor before advancing funds |
24(1) | Report after transaction |
(2) | Delivery of acknowledgement to purchaser of mortgage |
(3) | Dealer indemnity |
25 | Terms of administration of mortgage |
26(1) | Written direction to act as trustee |
(2) | Mortgage dealer to act as trustee |
27 | Separate agreements not required |
28(1) | Trust assets to be kept separate |
(2) | Mortgage documents to be kept in safekeeping |
29(1) | Trust compliance report |
(2) | Purpose of report |
(3) | Inspection of filed material |
(4) | Failure to comply |
30(1) | Filing of financial statements |
(2) | Records to be kept for 7 years |
31(1) | Inspection of and access to records |
(2) | Refusal to produce records |
PART IV | |
INVESTIGATION AND ACTION | |
32 | Power to investigate |
33(1) | No disclosure of evidence |
(2) | Exceptions to subsec. (1) |
34(1) | 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(1) | 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(1) | Costs of hearings and investigations |
(2) | Recovery of costs |
(3) | Calculation of costs |
37 | Action upon finding of fraud, etc. |
38(1) | 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(1) | Misleading advertising |
(2) | Cessation of use of material |
41 | Recovery of money paid |
42(1) | False statements made to commission, etc. |
(2) | False statement defined |
43 | Offence of fraud |
44 | General offences |
45(1) | 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(1) | 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 |
58 | Commencement of Act |