The Mortgage Brokers Act

C.C.S.M. c. M210

The Mortgage Brokers Act

Table of Contents

1 Definitions
PART I
2 Requirement to be registered
(2) Clerical employees
3 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(2) [Repealed]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 Granting of registration
(2) Terms and conditions
(3) Refusal
(4) Appeal from and reference by the registrar
5 Actions of commission
(2) Interim suspension
(3) Surrender
(4) Maximum fine
5.1 Undertakings
(2) Content of undertaking
(3) Failure to comply with undertaking
6 Subsequent applications
7 Effect of suspension of registration
8 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 Application
(2) Address for service
10 Further information
11 Registration of mortgage broker
(2) Business name part of registration
12 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 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 broker
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 BROKERS
21 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 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) Broker indemnity
25 Terms of administration of mortgage
26 Written direction to act as trustee
(2) Mortgage broker 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) [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 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 [Repealed]
54 Regulations
54.1 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