jswizzle3737/ontario_laws_and_regs huggingface dataset:
2 (1) For the purposes of this Act, a person or entity is dealing in mortgages in Ontario when he, she or it engages in any of the following activities in Ontario, or holds themself out as doing so: 1. Soliciting another person or entity to borrow or lend money on the security of real property. 2. Providing information about a prospective borrower to a prospective mortgage lender, whether or not this Act governs the lender. 3. Assessing a prospective borrower on behalf of a prospective mortgage lender, whether or not this Act governs the lender. 4. Negotiating or arranging a mortgage on behalf of another person or entity, or attempting to do so. 5. Engaging in such other activities as may be prescribed.  2006, c. 29, s. 2 (1). Prohibition re carrying on business (2) No person or entity shall carry on the business of dealing in mortgages in Ontario unless he, she or it has a brokerage licence or is exempted from the requirement to have such a licence.  2006, c. 29, s. 2 (2). Prohibition re dealing (3) No individual shall deal in mortgages in Ontario for remuneration, whether direct or indirect, as an employee or otherwise, unless he or she has a mortgage broker’s or agent’s licence and is acting on behalf of a mortgage brokerage or is exempted from the requirement to have such a licence.  2006, c. 29, s. 2 (3).
3 (1) For the purposes of this Act, a person or entity is trading in mortgages in Ontario when he, she or it engages in any of the following activities in Ontario, or holds themself out as doing so: 1. Soliciting another person or entity to buy, sell or exchange mortgages. 2. Buying, selling or exchanging mortgages on behalf of another person or entity. 3. Buying, selling or exchanging mortgages on the person’s or entity’s own behalf. 4. Engaging in such other activities as may be prescribed.  2006, c. 29, s. 3 (1). Prohibition re carrying on business (2) No person or entity shall carry on the business of trading in mortgages in Ontario unless he, she or it has a brokerage licence or is exempted from the requirement to have such a licence.  2006, c. 29, s. 3 (2). Prohibition re trading (3) No individual shall trade in mortgages for remuneration, whether direct or indirect, as an employee or otherwise, by engaging in an activity described in paragraph 1, 2 or 4 of subsection (1) unless he or she has a mortgage broker’s or agent’s licence and is acting on behalf of a mortgage brokerage or is exempted from the requirement to have such a licence.  2006, c. 29, s. 3 (3).
4 (1) For the purposes of this Act, a person or entity is a mortgage lender in Ontario when he, she or it lends money in Ontario on the security of real property, or holds themself out as doing so.  2006, c. 29, s. 4 (1). Prohibition re carrying on business (2) No person or entity shall carry on business as a mortgage lender in Ontario unless he, she or it has a brokerage licence or is exempted from the requirement to have such a licence.  2006, c. 29, s. 4 (2).
5 (1) For the purposes of this Act, a person or entity is administering mortgages in Ontario when he, she or it engages in any of the following activities in Ontario, or holds themself out as doing so: 1. Receiving payments from a borrower under a mortgage on behalf of another person or entity, and remitting the payments to or on behalf of that person or entity. 2. Engaging in such other activities as may be prescribed.  2006, c. 29, s. 5 (1). Prohibition re carrying on business (2) No person or entity shall carry on the business of administering mortgages in Ontario unless he, she or it has a mortgage administrator’s licence or is exempted from the requirement to have such a licence.  2006, c. 29, s. 5 (2). Exemptions
6 (1) Every financial institution is exempted from the requirement in sections 2, 3 and 4 to have a brokerage licence.  2006, c. 29, s. 6 (1). Same (2) Every financial institution is exempted from the requirement in section 5 to have a mortgage administrator’s licence.  2006, c. 29, s. 6 (2). Directors, officers, employees of financial institutions (3) A director, officer or employee of a financial institution is exempted from the requirement in sections 2 and 3 to have a mortgage broker’s or agent’s licence when, in the ordinary course of his or her duties, the individual deals in or trades in mortgages on behalf of the financial institution.  2006, c. 29, s. 6 (3). Simple referrals (4) A person or entity is exempted from the requirement in section 2 to have a brokerage licence or a mortgage broker’s or agent’s licence when he, she or it refers a prospective borrower to a prospective mortgage lender if, (a) the person or entity provides the prospective borrower with only such information about the prospective lender that is prescribed; (b) the person or entity provides the prospective borrower with prescribed information in accordance with the regulations respecting the fee or other remuneration the person or entity receives, is entitled to receive, has received or may receive, directly or indirectly, for the referral; and (c) the person or entity complies with such other requirements as may be prescribed.  2006, c. 29, s. 6 (4). Same (5) A person or entity is exempted from the requirement in section 2 to have a brokerage licence or a mortgage broker’s or agent’s licence when he, she or it refers a prospective mortgage lender to a prospective borrower if, (a) the person or entity provides the prospective lender with only such information about the prospective borrower that is prescribed; (b) the person or entity provides the prospective borrower with prescribed information in accordance with the regulations respecting the fee or other remuneration the person or entity receives, is entitled to receive, has received or may receive, directly or indirectly, for the referral; and (c) the person or entity complies with such other requirements as may be prescribed.  2006, c. 29, s. 6 (5). Lawyers (6) Lawyers are exempted from the requirement in sections 2, 3 and 5 to have a licence in such circumstances as may be prescribed.  2006, c. 29, s. 6 (6). Other persons and entities (7) Such other persons and entities, or classes of persons or entities, as may be prescribed are exempted from the requirement in sections 2, 3 and 4 to have a brokerage licence in such circumstances as may be prescribed.  2006, c. 29, s. 6 (7). Same (8) Such individuals, or classes of individuals, as may be prescribed are exempted from the requirement in sections 2 and 3 to have a mortgage broker’s or agent’s licence in such circumstances as may be prescribed.  2006, c. 29, s. 6 (8). Same (9) Such other persons and entities, or classes of persons or entities, as may be prescribed are exempted from the requirement in section 5 to have a mortgage administrator’s licence in such circumstances as may be prescribed.  2006, c. 29, s. 6 (9). Licences
7 (1) A corporation, partnership or sole proprietorship or an entity belonging to a prescribed class may apply for a brokerage licence.  2006, c. 29, s. 7 (1). Authorized activities (2) A brokerage licence authorizes the licensee to carry on the business of dealing in mortgages in Ontario or the business of trading in mortgages in Ontario or to carry on business as a mortgage lender in Ontario, as the case may be, by engaging in the activities permitted under the licence issued to the licensee.  2006, c. 29, s. 7 (2). Conditions (3) A brokerage licence is subject to such conditions as may be imposed by the Chief Executive Officer or by the Tribunal.  2006, c. 29, s. 7 (3); 2018, c. 8, Sched. 17, s. 2. Standards of practice (4) The licensee shall comply with such standards of practice as may be prescribed for the licence issued to the licensee.  2006, c. 29, s. 7 (4). Duties re mortgage brokers and agents (5) The licensee shall ensure that every mortgage broker and mortgage agent who is authorized to deal in mortgages or trade in mortgages on behalf of the licensee complies with the applicable requirements established under this Act.  2006, c. 29, s. 7 (5). Principal broker (6) A person or entity who has a brokerage licence shall designate a principal broker to exercise such powers and perform such duties as may be prescribed, and the individual so designated shall carry out his or her powers and duties in accordance with the prescribed requirements, if any.  2006, c. 29, s. 7 (6); 2017, c. 34, Sched. 27, s. 2. Same (7) An individual who satisfies the prescribed criteria is eligible to be designated as a principal broker.  2006, c. 29, s. 7 (7). Section Amendments with date in force (d/m/y) 2017, c. 34, Sched. 27, s. 2 - 08/06/2019 2018, c. 8, Sched. 17, s. 2 - 08/06/2019
8 (1) An individual may apply for a mortgage broker’s licence.  2006, c. 29, s. 8 (1). Authorized activities (2) A mortgage broker’s licence authorizes the licensee to deal in mortgages in Ontario or trade in mortgages in Ontario on behalf of one specified mortgage brokerage by engaging in the activities permitted under the licence issued to the licensee.  2006, c. 29, s. 8 (2). Conditions (3) A mortgage broker’s licence is subject to such conditions as may be imposed by the Chief Executive Officer or by the Tribunal.  2006, c. 29, s. 8 (3); 2018, c. 8, Sched. 17, s. 2. Standards of practice (4) The licensee shall comply with such standards of practice as may be prescribed for the licence issued to the licensee.  2006, c. 29, s. 8 (4). Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2 - 08/06/2019
9 (1) An individual may apply for a mortgage agent’s licence.  2006, c. 29, s. 9 (1). Authorized activities (2) A mortgage agent’s licence authorizes the licensee to deal in mortgages in Ontario or trade in mortgages in Ontario on behalf of one specified brokerage by engaging in the activities permitted under the licence issued to the licensee.  2006, c. 29, s. 9 (2). Conditions (3) A mortgage agent’s licence is subject to such conditions as may be imposed by the Chief Executive Officer or by the Tribunal.  2006, c. 29, s. 9 (3); 2018, c. 8, Sched. 17, s. 2. Standards of practice (4) The licensee shall comply with such standards of practice as may be prescribed for the licence issued to the licensee.  2006, c. 29, s. 9 (4). Supervision by mortgage broker (5) A person who has a mortgage agent’s licence shall not deal in mortgages in Ontario or trade in mortgages in Ontario except under the supervision of a mortgage broker.  2006, c. 29, s. 9 (5). Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2 - 08/06/2019
10 (1) A corporation, partnership or sole proprietorship or an entity belonging to a prescribed class may apply for a mortgage administrator’s licence.  2006, c. 29, s. 10 (1). Authorized activities (2) A mortgage administrator’s licence authorizes the licensee to carry on the business of administering mortgages in Ontario by engaging in the activities permitted under the licence issued to the licensee.  2006, c. 29, s. 10 (2). Conditions (3) A mortgage administrator’s licence is subject to such conditions as may be imposed by the Chief Executive Officer or by the Tribunal.  2006, c. 29, s. 10 (3); 2018, c. 8, Sched. 17, s. 2. Standards of practice (4) The licensee shall comply with such standards of practice as may be prescribed for the licence issued to the licensee.  2006, c. 29, s. 10 (4). Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2 - 08/06/2019 Prohibitions re use of title, etc.
11 (1) No person or entity shall use in Ontario the title of “mortgage brokerage” or “maison de courtage d’hypothèques”, a variation or abbreviation or an equivalent in another language unless he, she or it is licensed as a mortgage brokerage.  2006, c. 29, s. 11 (1). Same (2) No person or entity shall use in Ontario a description that might reasonably be expected to lead to the belief that he, she or it is a mortgage brokerage unless he, she or it is licensed as a mortgage brokerage.  2006, c. 29, s. 11 (2). Re mortgage broker (3) No person or entity shall use in Ontario the title of “mortgage broker” or “courtier en hypothèques”, a variation or abbreviation or an equivalent in another language unless he, she or it is licensed as a mortgage broker.  2006, c. 29, s. 11 (3). Same (4) No person or entity shall use in Ontario a description that might reasonably be expected to lead to the belief that he, she or it is a mortgage broker unless he, she or it is licensed as a mortgage broker.  2006, c. 29, s. 11 (4). Re mortgage agent (5) No person or entity shall use in Ontario the title of “mortgage agent” or “agent en hypothèques”, a variation or abbreviation or an equivalent in another language unless he, she or it is licensed as a mortgage agent.  2006, c. 29, s. 11 (5). Same (6) No person or entity shall use in Ontario a description that might reasonably be expected to lead to the belief that he, she or it is a mortgage agent unless he, she or it is licensed as a mortgage agent.  2006, c. 29, s. 11 (6). Re mortgage administrator (7) No person or entity shall use in Ontario the title of “mortgage administrator” or “administrateur d’hypothèques”, a variation or abbreviation or an equivalent in another language unless he, she or it is licensed as a mortgage administrator.  2006, c. 29, s. 11 (7). Same (8) No person or entity shall use in Ontario a description that might reasonably be expected to lead to the belief that he, she or it is a mortgage administrator unless he, she or it is licensed as a mortgage administrator.  2006, c. 29, s. 11 (8).
12 (1) A person or entity is not entitled to commence an action or proceeding to be remunerated for dealing in mortgages in Ontario, trading in mortgages in Ontario or administering mortgages in Ontario unless, at the time the person or entity was dealing in, trading in or administering mortgages, he, she or it was licensed to do so or was not required to be licensed to do so.  2006, c. 29, s. 12 (1). Same (2) The court may, upon motion, stay an action or proceeding described in subsection (1).  2006, c. 29, s. 12 (2). The Licensing Process
13 (1) A person or entity who wishes to apply for a licence shall submit an application to the Chief Executive Officer in the manner required by the Chief Executive Officer and shall give the Chief Executive Officer such information and documents as he or she may require and pay the applicable fee.  2006, c. 29, s. 13 (1); 2018, c. 8, Sched. 17, s. 2. Withdrawal of application (2) The applicant may withdraw the application at any time before the licence is issued.  2006, c. 29, s. 13 (2). Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2 - 08/06/2019
14 (1) The Chief Executive Officer shall issue a licence to an applicant who satisfies the prescribed requirements for the licence unless the Chief Executive Officer believes, on reasonable grounds, that the applicant is not suitable to be licensed having regard to such circumstances as may be prescribed and such other matters as the Chief Executive Officer considers appropriate.  2006, c. 29, s. 14 (1); 2018, c. 8, Sched. 17, s. 2. Proposal to refuse application (2) If the Chief Executive Officer proposes to refuse to issue a licence to the applicant, the Chief Executive Officer shall take the steps required by section 21 or 22.  2006, c. 29, s. 14 (2); 2018, c. 8, Sched. 17, s. 2. Proposal to impose conditions (3) If the Chief Executive Officer proposes to issue the licence and, without the applicant’s consent, to impose conditions on the licence, the Chief Executive Officer shall take the steps required by section 21.  2006, c. 29, s. 14 (3); 2018, c. 8, Sched. 17, s. 2. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2 - 08/06/2019
15 (1) The Chief Executive Officer may amend a licence at any time.  2006, c. 29, s. 15 (1); 2018, c. 8, Sched. 17, s. 2. Proposal to amend (2) If the Chief Executive Officer proposes to amend the licence without the licensee’s consent, the Chief Executive Officer shall first take the steps required by section 21.  2006, c. 29, s. 15 (2); 2018, c. 8, Sched. 17, s. 2. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2 - 08/06/2019
16 (1) An individual who has a mortgage broker’s or agent’s licence may apply to the Chief Executive Officer to renew the licence.  2006, c. 29, s. 16 (1); 2018, c. 8, Sched. 17, s. 2. Application (2) The applicant shall submit the application for renewal to the Chief Executive Officer in the manner required by the Chief Executive Officer and shall give the Chief Executive Officer such information and documents as he or she may require and pay the applicable fee.  2006, c. 29, s. 16 (2); 2018, c. 8, Sched. 17, s. 2. Deadline (3) The application must be made within the prescribed period or, if no period is prescribed, before the expiry date of the licence.  2006, c. 29, s. 16 (3). Renewal (4) The Chief Executive Officer shall renew the licence of an applicant who satisfies the prescribed requirements for renewal of the licence unless the Chief Executive Officer believes, on reasonable grounds, that the applicant is not suitable to be licensed having regard to such circumstances as may be prescribed and such other matters as the Chief Executive Officer considers appropriate.  2006, c. 29, s. 16 (4); 2018, c. 8, Sched. 17, s. 2. Conditions (5) Upon renewal, the licence may be made subject to different conditions than those to which it was subject before the renewal.  2006, c. 29, s. 16 (5). Proposal to refuse application (6) If the Chief Executive Officer proposes to refuse to renew a licence, the Chief Executive Officer shall take the steps required by section 21 or 22.  2006, c. 29, s. 16 (6); 2018, c. 8, Sched. 17, s. 2. Proposal to amend conditions (7) If the Chief Executive Officer proposes to renew the licence and, without the applicant’s consent, to amend the conditions to which the licence is subject, the Chief Executive Officer shall take the steps required by section 21.  2006, c. 29, s. 16 (7); 2018, c. 8, Sched. 17, s. 2. Effect of application (8) If the application for renewal is made by the deadline described in subsection (3), the licence continues in effect after the expiry date until the Chief Executive Officer notifies the applicant that the licence is renewed or, if the Chief Executive Officer proposes to refuse the renewal or proposes to amend the licence conditions without the consent of the applicant, (a) until the Tribunal makes an order under subsection 21 (4) about the renewal; or (b) until the expiry of the period for requesting a hearing about the proposal, if no request for such a hearing is made under subsection 21 (3).  2006, c. 29, s. 16 (8); 2018, c. 8, Sched. 17, s. 2. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2 - 08/06/2019 Automatic suspension of licence
17 (1) A brokerage licence is suspended if the mortgage brokerage ceases to have a minimum of one mortgage broker who is authorized under his or her licence to deal in mortgages or trade in mortgages on behalf of the brokerage.  2006, c. 29, s. 17 (1). Same, end of suspension (2) The suspension of the brokerage licence is terminated when a mortgage broker becomes authorized under his or her licence to deal in mortgages or trade in mortgages on behalf of the brokerage.  2006, c. 29, s. 17 (2). Mortgage broker’s or agent’s licence (3) A mortgage broker’s or agent’s licence is suspended, (a) if the mortgage broker or agent ceases to be authorized by the mortgage brokerage specified in his or her licence to deal in mortgages or trade in mortgages on behalf of the brokerage; or (b) if the brokerage’s licence is suspended, surrendered or revoked.  2006, c. 29, s. 17 (3). Same, end of suspension (4) The suspension of a mortgage broker’s or agent’s licence is terminated, (a) when the licence suspension of the specified mortgage brokerage on whose behalf the broker or agent is authorized under his or her licence to deal in mortgages or trade in mortgages is terminated; or (b) when the mortgage broker or agent becomes authorized by another mortgage brokerage to deal in mortgages or trade in mortgages on its behalf and his or her licence has been amended accordingly.  2006, c. 29, s. 17 (4). Effect of suspension (5) During the suspension, the licensee is not authorized to carry on the business of dealing in mortgages in Ontario or the business of trading in mortgages in Ontario, to deal in mortgages in Ontario or trade in mortgages in Ontario or to carry on business as a mortgage lender in Ontario, as the case may be.  2006, c. 29, s. 17 (5).
18 (1) The Chief Executive Officer may, by order, suspend a licence, (a) if the licensee ceases to satisfy the prescribed requirements for issuance or renewal, as the case may be, of the licence; (b) if the Chief Executive Officer believes, on reasonable grounds, that the licensee is no longer suitable to be licensed having regard to the circumstances, if any, prescribed for the purposes of subsection 14 (1) or 16 (4), as the case may be, and such other matters as the Chief Executive Officer considers appropriate; (c) if the licensee contravenes or fails to comply with a requirement established under this Act; or (d) in such other circumstances as may be prescribed.  2006, c. 29, s. 18 (1); 2018, c. 8, Sched. 17, s. 2. Proposal to suspend (2) If the Chief Executive Officer proposes to suspend a licence without the licensee’s consent, the Chief Executive Officer shall take the steps required by section 21.  2006, c. 29, s. 18 (2); 2018, c. 8, Sched. 17, s. 2. Interim order (3) If, in the Chief Executive Officer’s opinion, the interests of the public may be adversely affected by any delay in the suspension of a licence as a result of the steps required by section 21, the Chief Executive Officer may, without notice, make an interim order suspending the licence and may do so before or after giving the notice required by subsection 21 (2).  2006, c. 29, s. 18 (3); 2018, c. 8, Sched. 17, s. 2, 3. Same (4) An interim order takes effect immediately and remains in effect until the expiry of the period for requesting a hearing about the Chief Executive Officer’s proposal to suspend the licence.  2006, c. 29, s. 18 (4); 2018, c. 8, Sched. 17, s. 2, 3. Same (5) Despite subsection (4), if before the end of such period as may be prescribed the Chief Executive Officer does not give the person or entity the notice required by subsection 21 (2), the interim order expires at the end of the prescribed period.  2006, c. 29, s. 18 (5); 2018, c. 8, Sched. 17, s. 2. Extension of interim order (6) If the licensee requests a hearing about the proposal to suspend the licence, the Chief Executive Officer may extend the interim order until the proposal is finally determined.  2006, c. 29, s. 18 (6); 2018, c. 8, Sched. 17, s. 2. Effect of suspension (7) During the suspension, the licensee is not authorized to carry on the business of dealing in mortgages in Ontario or the business of trading in mortgages in Ontario, to deal in mortgages in Ontario or trade in mortgages in Ontario, to carry on business as a mortgage lender in Ontario or to carry on the business of administering mortgages in Ontario, as the case may be.  2006, c. 29, s. 18 (7). Revocation (8) The Chief Executive Officer may revoke a suspension order or an interim order at any time.  2006, c. 29, s. 18 (8); 2018, c. 8, Sched. 17, s. 2. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2, 3 - 08/06/2019
19 (1) The Chief Executive Officer may, by order, revoke a licence in any of the circumstances in which he or she is authorized by clause 18 (1) (a), (b), (c) or (d) to suspend the licence.  2006, c. 29, s. 19 (1); 2018, c. 8, Sched. 17, s. 2. Proposal to revoke (2) If the Chief Executive Officer proposes to revoke a licence without the licensee’s consent, the Chief Executive Officer shall take the steps required by section 21 or 22.  2006, c. 29, s. 19 (2); 2018, c. 8, Sched. 17, s. 2. Interim order (3) If, in the Chief Executive Officer’s opinion, the interests of the public may be adversely affected by any delay in the revocation of a licence as a result of the steps required by section 21, the Chief Executive Officer may, without notice, make an interim order suspending the licence and may do so before or after giving the notice required by subsection 21 (2).  2006, c. 29, s. 19 (3); 2018, c. 8, Sched. 17, s. 2, 3. Same (4) Subsections 18 (4) to (8) apply, with necessary modifications, with respect to an interim order.  2006, c. 29, s. 19 (4). Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2, 3 - 08/06/2019
20 (1) A licensee may apply to the Chief Executive Officer for permission to surrender his, her or its licence.  2006, c. 29, s. 20 (1); 2018, c. 8, Sched. 17, s. 2. Application (2) The applicant shall submit the application to the Chief Executive Officer in the manner required by the Chief Executive Officer and shall give the Chief Executive Officer such information and documents as he or she may require and pay the applicable fee.  2006, c. 29, s. 20 (2); 2018, c. 8, Sched. 17, s. 2. Same (3) The Chief Executive Officer shall allow the applicant to surrender the licence unless the Chief Executive Officer believes, on reasonable grounds, that the surrender of the licence is not in the public interest having regard to such criteria as may be prescribed and such other factors as the Chief Executive Officer considers appropriate.  2006, c. 29, s. 20 (3); 2018, c. 8, Sched. 17, s. 2. Same (4) The Chief Executive Officer may impose conditions relating to the surrender of the licence.  2006, c. 29, s. 20 (4); 2018, c. 8, Sched. 17, s. 2. Proposal to refuse application (5) If the Chief Executive Officer proposes to refuse to allow the surrender of the licence, the Chief Executive Officer shall take the steps required by section 21.  2006, c. 29, s. 20 (5); 2018, c. 8, Sched. 17, s. 2. Proposal to impose conditions (6) If the Chief Executive Officer proposes to allow the surrender of the licence and, without the applicant’s consent, impose conditions relating to its surrender, the Chief Executive Officer shall take the steps required by section 21.  2006, c. 29, s. 20 (6); 2018, c. 8, Sched. 17, s. 2. Withdrawal of application (7) The applicant may withdraw the application at any time before the licence is surrendered.  2006, c. 29, s. 20 (7). Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2 - 08/06/2019
21 (1) This section applies if the Chief Executive Officer proposes to do any of the following things: 1. Refuse to issue a licence. 2. Issue a licence and, without the applicant’s consent, impose conditions. 3. Amend a licence without the licensee’s consent. 4. Refuse to renew a mortgage broker’s or agent’s licence. 5. Renew a mortgage broker’s or agent’s licence and, without the applicant’s consent, amend the conditions to which the licence is subject. 6. Suspend a licence without the licensee’s consent, except by an interim order authorized by subsection 18 (3) or 19 (3). 7. Revoke a licence without the licensee’s consent. 8. Refuse to allow the surrender of a licence. 9. Allow the surrender of a licence and, without the applicant’s consent, impose conditions concerning its surrender.  2006, c. 29, s. 21 (1); 2018, c. 8, Sched. 17, s. 2. Notice of proposal (2) The Chief Executive Officer shall give written notice of the proposal to the applicant or licensee, including the reasons for the proposal; the Chief Executive Officer shall also inform the applicant or licensee that he, she or it can request a hearing by the Tribunal about the proposal and shall advise the applicant or licensee about the process for requesting the hearing.  2006, c. 29, s. 21 (2); 2018, c. 8, Sched. 17, s. 2. Hearing requested (3) If the applicant or licensee requests a hearing in writing within 15 days after the notice under subsection (2) is received, the Tribunal shall hold a hearing.  2006, c. 29, s. 21 (3). Order (4) The Tribunal may, by order, direct the Chief Executive Officer to carry out the proposal, with or without changes, or substitute its opinion for that of the Chief Executive Officer and the Tribunal may impose such conditions as it considers appropriate in the circumstances.  2006, c. 29, s. 21 (4); 2018, c. 8, Sched. 17, s. 2. Appeal (5) A party to a hearing held by the Tribunal may appeal the order of the Tribunal to the Divisional Court.  2006, c. 29, s. 21 (5). Effect of appeal (6) An order of the Tribunal takes effect immediately, but if the order is appealed, the Tribunal may grant a stay of the order until the appeal is finally determined.  2006, c. 29, s. 21 (6). Hearing not requested (7) If the applicant or licensee does not request a hearing or does not make the request in accordance with subsection (3), the Chief Executive Officer may carry out the proposal.  2006, c. 29, s. 21 (7); 2018, c. 8, Sched. 17, s. 2. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2, 3 - 08/06/2019
22 (1) The Chief Executive Officer may, by order, revoke a licence or may refuse to issue or renew a licence without giving notice under subsection 21 (2) of his or her proposal to do so and without taking the other steps required by section 21, (a) if the applicant or licensee fails to pay a fee or an administrative penalty as required under this Act; (b) if the applicant does not give the Chief Executive Officer information or documents as required under this Act; or (c) in such other circumstances as may be prescribed.  2006, c. 29, s. 22 (1); 2018, c. 8, Sched. 17, s. 2. Notice (2) The Chief Executive Officer shall give written notice to the applicant or licensee before exercising the Chief Executive Officer’s authority under subsection (1).  2006, c. 29, s. 22 (2); 2018, c. 8, Sched. 17, s. 2, 3. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2, 3 - 08/06/2019 Note: On a day to be named by proclamation of the Lieutenant Governor, the Act is amended by adding the following sections: (See: 2020, c. 36, Sched. 29, s. 1) Registration Requirement — Prescribed Persons and Entities Registration 22.1 (1) The prescribed persons or entities shall register with the Chief Executive Officer by providing the prescribed information in the prescribed form. 2020, c. 36, Sched. 29, s. 1. Application to licensees (2) Unless otherwise prescribed, the requirement to register applies even if the prescribed person or entity is also a licensee. 2020, c. 36, Sched. 29, s. 1. Duration (3) A registration under this section shall be in place for the length of time set out in the regulations. 2020, c. 36, Sched. 29, s. 1. Fee (4) A registration under this section shall be accompanied by the prescribed fee, if any. 2020, c. 36, Sched. 29, s. 1. Section Amendments with date in force (d/m/y) 2020, c. 36, Sched. 29, s. 1 - not in force Voluntary registration 22.2 (1) A person or entity, other than a person or entity who is required to register under the regulations made under subsection 22.1 (1), may register with the Chief Executive Officer by providing the prescribed information in the prescribed form. 2020, c. 36, Sched. 29, s. 1. Duration (2) A registration under this section shall be in place for the length of time set out in the regulations. 2020, c. 36, Sched. 29, s. 1. Fee (3) A registration under this section shall be accompanied by the prescribed fee, if any. 2020, c. 36, Sched. 29, s. 1. Section Amendments with date in force (d/m/y) 2020, c. 36, Sched. 29, s. 1 - not in force Mortgage Brokerage’s Duty to Disclose the Cost of Borrowing
23 (1) A mortgage brokerage shall disclose to each borrower the cost of borrowing and any other information prescribed for the purposes of this section.  2006, c. 29, s. 23 (1). Same (2) For the purposes of disclosure required by subsection (1), the cost of borrowing, (a) shall be calculated on the basis that all obligations of the borrower are duly fulfilled; (b) shall be calculated in accordance with the regulations; (c) shall be expressed as a rate per annum; and (d) where required by the regulations, shall be expressed as an amount in dollars and cents.  2006, c. 29, s. 23 (2).
24 A mortgage brokerage shall disclose the following with respect to a mortgage to a borrower if the mortgage is required to be repaid on a fixed future date or by instalments: 1. Whether the borrower has the right to repay the amount borrowed before the maturity of the mortgage. 2. Any terms and conditions relating to a right described in paragraph 1, including particulars of the circumstances in which the borrower may exercise the right. 3. Whether any portion of the cost of borrowing for the mortgage is to be rebated to the borrower or any charge or penalty is to be imposed on the borrower, if the borrower exercises a right described in paragraph 1. 4. The manner in which any rebate, charge or penalty referred to in paragraph 3 is to be calculated. 5. Particulars of any charges or penalties to be imposed on the borrower if the borrower fails to repay the amount of the mortgage at maturity or fails to pay an instalment on the day the instalment is due to be paid. 6. If the mortgage brokerage is the lender, particulars of any prescribed change relating to the mortgage agreement or the cost of borrowing for the mortgage. 7. Particulars of any rights or obligations of the borrower that are prescribed for the purposes of this section. 8. Any other information that is prescribed for the purposes of this section.  2006, c. 29, s. 24.
25 (1) A mortgage brokerage shall disclose the following to a borrower if there is an arrangement to enter into a loan secured by a mortgage with the borrower in respect of which section 24 does not apply: 1. Particulars of any charges or penalties to be imposed on the borrower if he or she fails to pay an amount in accordance with the arrangement. 2. Particulars of any charges for which the borrower becomes responsible by entering the arrangement. 3. If the mortgage brokerage is the lender, particulars of any prescribed change relating to the arrangement or the cost of borrowing under the arrangement. 4. Particulars of any rights or obligations of the borrower that are prescribed for the purposes of this section. 5. Any other information that is prescribed for the purposes of this section.  2006, c. 29, s. 25 (1). Interpretation (2)  For the purposes of subsection (1), an arrangement for the making of a loan secured by a mortgage includes an arrangement for a line of credit.  2006, c. 29, s. 25 (2).
26 The mortgage brokerage shall disclose to a borrower such information respecting renewal of the mortgage as is prescribed.  2006, c. 29, s. 26.
27 No person or entity shall authorize any advertisement for a mortgage which purports to contain information relating to the cost of borrowing or any other prescribed matter unless the advertisement contains such information as may be required by the regulations and is in such form and manner as may be prescribed.  2006, c. 29, s. 27. Regulation and Enforcement
28 (1) The Chief Executive Officer shall maintain one or more registers containing such information about licensees and former licensees as may be prescribed.  2006, c. 29, s. 28 (1); 2018, c. 8, Sched. 17, s. 2. Same (2) The information in a register shall be made available for inspection by the public without charge and in accordance with the prescribed requirements.  2006, c. 29, s. 28 (2); 2017, c. 34, Sched. 27, s. 3. Note: On a day to be named by proclamation of the Lieutenant Governor, section 28 of the Act is repealed and the following substituted: (See: 2020, c. 36, Sched. 29, s. 2) Register of licensees, registered persons and entities 28 (1) The Chief Executive Officer shall maintain one or more registers containing such information as may be prescribed about licensees, former licensees, registered persons and entities and persons and entities who were formerly registered. 2020, c. 36, Sched. 29, s. 2. Same (2) The Chief Executive Officer may make the information in a register available for inspection by the public. 2020, c. 36, Sched. 29, s. 2. Same (3) If the Chief Executive Officer determines that information in a register is to be available for inspection by the public, the information shall be made available without charge and in accordance with the prescribed requirements. 2020, c. 36, Sched. 29, s. 2. Section Amendments with date in force (d/m/y) 2017, c. 34, Sched. 27, s. 3 - 08/06/2019 2018, c. 8, Sched. 17, s. 2 - 08/06/2019 2020, c. 36, Sched. 29, s. 2 - not in force
29 (1) Every licensee shall give the Chief Executive Officer such information and documents as may be prescribed and shall do so in the prescribed manner and within the prescribed period.  2006, c. 29, s. 29 (1); 2018, c. 8, Sched. 17, s. 2. Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 29 (1) of the Act is amended by adding “and every registered person or entity” after “licensee”. (See: 2020, c. 36, Sched. 29, s. 3 (1)) Additional information, etc. (2) A licensee shall give the Chief Executive Officer such additional information and documents as the Chief Executive Officer may request and shall do so in the manner and within the period specified by the Chief Executive Officer.  2006, c. 29, s. 29 (2); 2018, c. 8, Sched. 17, s. 2. Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 29 (2) of the Act is amended by adding “or registered person or entity” after “licensee”. (See: 2020, c. 36, Sched. 29, s. 3 (2)) Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2 - 08/06/2019 2020, c. 36, Sched. 29, s. 3 (1, 2) - not in force Inquiries and examinations
32 (1) The Chief Executive Officer or a person designated by the Chief Executive Officer may, without notice, apply to a justice of the peace for an order under this section.  2006, c. 29, s. 32 (1); 2018, c. 8, Sched. 17, s. 2. Criteria (2) A justice of the peace may make an order under this section if he or she is satisfied by information under oath, (a) that there are reasonable grounds to believe that a person or entity has contravened or failed to comply with a requirement established under this Act or has committed an offence under the law of any jurisdiction that is relevant to the suitability of the person or entity to be licensed; and (b) that there are reasonable grounds to believe that, (i) at any premises or place, including in a vehicle, there is anything related to the contravention or failure to comply or to the suitability of the person or entity to be licensed, or (ii) that anything relating to the contravention or failure to comply or to the suitability of the person or entity to be licensed may be obtained through the use of an investigative technique or procedure or the doing of anything described in the order.  2006, c. 29, s. 32 (2). Powers under order (3) An order made under this section authorizes the Chief Executive Officer or designate, as named in the order, to exercise the following powers and may impose such restrictions on their exercise as the justice of the peace considers appropriate in the circumstances: 1. To enter the premises or access the place specified in the order. 2. To examine all money, valuables, documents and records at the premises or place. 3. In order to produce information, to use any data storage, processing or retrieval device or system. 4. To remove for examination and copying anything at the premises or place that may be relevant to the contravention or failure to comply or to the suitability of the person or entity to hold a licence, including removing any data storage, processing or retrieval device in order to produce information. 5. To use any investigative technique or procedure to do anything described in the order. 6. To do anything specified in the order.  2006, c. 29, s. 32 (3); 2018, c. 8, Sched. 17, s. 2. Restrictions (4) Subsections 31 (4) to (9) apply with necessary modifications to an order made under this section.  2006, c. 29, s. 32 (4). Same – dwelling (5) The Chief Executive Officer or designate shall not enter a place, or part of a place, used as a dwelling unless the order expressly authorizes entry into a dwelling.  2006, c. 29, s. 32 (5); 2018, c. 8, Sched. 17, s. 2. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2 - 08/06/2019
33 The Chief Executive Officer, or a person designated by the Chief Executive Officer, who is lawfully present in a place pursuant to an order or otherwise in the execution of his or her duties may, without an order, seize anything that the Chief Executive Officer or designate on reasonable grounds believes will afford evidence relating to a contravention of or failure to comply with a requirement established under this Act.  2006, c. 29, s. 33; 2018, c. 8, Sched. 17, s. 2. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2 - 08/06/2019
34 (1) The Chief Executive Officer may issue a summons where he or she believes that,  (a) it is necessary in order to determine whether a person or entity is complying with a requirement established under this Act; and (b) it is, in the circumstances, in the public interest.  2006, c. 29, s. 34 (1); 2018, c. 8, Sched. 17, s. 2. Same (2) A summons issued under subsection (1) may require a person, (a) to produce such documents and things as are specified by the Chief Executive Officer; and (b) to give such information on oath as the Chief Executive Officer or a person designated by the Chief Executive Officer considers relevant to determining whether a person or entity is complying with a requirement established under this Act.  2006, c. 29, s. 34 (2); 2018, c. 8, Sched. 17, s. 2. Identification (3) Upon request, the Chief Executive Officer shall produce evidence of his or her office and a person designated by the Chief Executive Officer shall produce evidence of his or her designation.  2006, c. 29, s. 34 (3); 2018, c. 8, Sched. 17, s. 2. Administering oath (4) The Chief Executive Officer or designate may administer an oath required under this section.  2006, c. 29, s. 34 (4); 2018, c. 8, Sched. 17, s. 2. Right to counsel (5) A person may be represented by counsel when giving information on oath and may claim any privilege to which the person is entitled.  2006, c. 29, s. 34 (5). Stated case (6) If the person does not comply with the summons, the Chief Executive Officer may state a case to the Divisional Court setting out the facts and, after hearing any witnesses who may be produced against or on behalf of that person and after hearing any statement that may be offered in defence, the court may punish the person in the same manner as if the person had been guilty of contempt of the court.  2006, c. 29, s. 34 (6); 2018, c. 8, Sched. 17, s. 2. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2 - 08/06/2019
37 (1) The Chief Executive Officer may apply to the Superior Court of Justice for an order appointing a receiver, receiver and manager, trustee or liquidator of property that is in the possession or under the control of a licensee or person or entity who the Chief Executive Officer believes, on reasonable grounds, is or was required to have a licence (the “designated person”).  2006, c. 29, s. 37 (1); 2018, c. 8, Sched. 17, s. 2. Order (2) If the court is satisfied that the appointment is in the public interest, the court may make the appointment and may impose such conditions as the court considers appropriate.  2006, c. 29, s. 37 (2). Period of appointment (3) The court shall specify the period of the appointment in the order, but if the court makes the order on an application without notice, the period of the appointment shall not exceed 15 days.  2006, c. 29, s. 37 (3). Same (4) If an order is made without notice, the Chief Executive Officer may apply to the court within 15 days after the date of the order to continue the order or for such other order as the court considers appropriate.  2006, c. 29, s. 37 (4); 2018, c. 8, Sched. 17, s. 2. Powers of appointee (5) The appointee has the powers specified in the order and, if so directed by the court, has the authority to wind up or manage the affairs of the designated person.  2006, c. 29, s. 37 (5). Effect of appointment (6) When an order is made, the directors of the designated person are no longer entitled to exercise the powers that are given to the appointee; when the appointee is discharged by the court, the directors become entitled to exercise those powers once again.  2006, c. 29, s. 37 (6). Fees and expenses (7) The appointee’s fees and expenses are in the discretion of the court.  2006, c. 29, s. 37 (7). Variation or discharge of order (8) The court may vary or discharge an order made under this section.  2006, c. 29, s. 37 (8). Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2 - 08/06/2019
38 (1) An administrative penalty may be imposed under section 39 or 40 for either of the following purposes: 1. To promote compliance with the requirements established under this Act. 2. To prevent a person or entity from deriving, directly or indirectly, any economic benefit as a result of contravening or failing to comply with a requirement established under this Act.  2006, c. 29, s. 38 (1). Same (2) An administrative penalty may be imposed alone or in conjunction with any other regulatory measure provided by this Act, including a compliance order or the amendment, suspension or revocation of a licence.  2006, c. 29, s. 38 (2).
39 (1) If the Chief Executive Officer is satisfied that a person or entity is contravening or not complying with or has contravened or not complied with a requirement established under this Act, other than a requirement for which a penalty is provided under section 40 or a requirement prescribed under clause 55 (6) (a), the Chief Executive Officer may, by order, impose an administrative penalty on the person or entity in accordance with this section and the regulations.  2006, c. 29, s. 39 (1); 2018, c. 8, Sched. 17, s. 2. Proposal to impose penalty (2) If the Chief Executive Officer proposes to impose an administrative penalty under this section, the Chief Executive Officer shall give written notice of the proposal to the person or entity, including the details of the contravention or failure to comply, the amount of the penalty and the payment requirements; the Chief Executive Officer shall also inform the person or entity that he, she or it can request a hearing by the Tribunal about the proposal and shall advise the person or entity about the process for requesting a hearing.  2006, c. 29, s. 39 (2); 2018, c. 8, Sched. 17, s. 2. Notice of combined proposals (3) A notice of proposal to impose an administrative penalty under this section may be combined with a notice of proposal authorized by any other section.  2006, c. 29, s. 39 (3). Limitation (4) The Chief Executive Officer shall not give notice of a proposal more than two years after the day the Chief Executive Officer became aware of the contravention or failure to comply.  2006, c. 29, s. 39 (4); 2018, c. 8, Sched. 17, s. 2. Hearing requested (5) If the person or entity requests a hearing in writing within 15 days after the notice under subsection (2) is received, the Tribunal shall hold a hearing.  2006, c. 29, s. 39 (5). Order (6) The Tribunal may, by order, direct the Chief Executive Officer to carry out the proposal, with or without changes, or substitute its opinion for that of the Chief Executive Officer.  2006, c. 29, s. 39 (6); 2018, c. 8, Sched. 17, s. 2. Hearing not requested (7) If the person or entity does not request a hearing or does not make the request in accordance with subsection (5), the Chief Executive Officer may carry out the proposal.  2006, c. 29, s. 39 (7); 2018, c. 8, Sched. 17, s. 2. Effect of paying penalty (8) If the person or entity pays the administrative penalty in accordance with the terms of the order or, if the order is varied, in accordance with the terms of the varied order, he, she or it cannot be charged with an offence under this Act in respect of the same contravention or failure to comply.  2006, c. 29, s. 39 (8). Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2 - 08/06/2019 CTS 03 AL 20 - 1