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C.C.S.M. c. M210
The Mortgage Brokers Act
| 1 | Definitions | |
| PART I | ||
| 2 | (1) | Requirement to be registered |
| (2) | Clerical employees | |
| 3 | (1) | Exemptions from registration |
| (2) | Repealed | |
| (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) | Actions of commission |
| (2) | Interim suspension | |
| (3) | Surrender | |
| (4) | Maximum fine | |
| 5.1 | (1) | Undertakings |
| (2) | Content of undertaking | |
| (3) | Failure to comply with undertaking | |
| 6 | Subsequent applications | |
| 7 | Effect of suspension of registration | |
| 8 | (1) | Recording of registration |
| (1.1) | Sub-categories | |
| (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 broker |
| (2) | Business name part of registration | |
| 12 | (1) | Bond for mortgage broker |
| (2) | Additional bonding requirements | |
| (3) | Change of partnership | |
| (4) | Cancellation of mortgage brokers 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 broker | |
| 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 BROKERS | ||
| 21 | (1) | Restriction on business of mortgage brokers |
| (2) | Mortgage broker 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) | Broker indemnity | |
| 25 | Terms of administration of mortgage | |
| 26 | (1) | Written direction to act as trustee |
| (2) | Mortgage broker 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) | Repealed | |
| (3) | Calculation of costs | |
| 36.1 | Suspension until fine or costs paid | |
| 36.2 | Order of fine or costs may be filed as court order | |
| 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 | Repealed | |
| 54 | Regulations | |
| 54.1 | (1) | Sub-categories of registration |
| (2) | Regulations re sub-categories | |
| (3) | Regulations may differentiate | |
| 55 | Exemption by commission | |
| 56 | Reference in Continuing Consolidation | |
| 57 | Repeal | |
| 58 | Commencement of Act | |