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(2) | Repealed | |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 |