Terms and Conditions of Registration
4.6 (1) At least seventy-two hours, not including any time on a Sunday or holiday, before a borrower signs a mortgage instrument or any commitment to enter into a mortgage, the mortgage broker shall deliver to the borrower, (a) a completed statement of mortgage in the form established by the Minister; (b) an amortization schedule showing, (i) the principal amount of the loan, (ii) the due date of each periodic payment, (iii) the amount of each periodic payment, (iv) the portion of each periodic payment charged as interest, (v) the portion of each periodic payment applied on principal, (vi) the outstanding balance of the loan after each periodic payment, and (vii) the balance at maturity; and (c) if the borrower has completed an application for a mortgage, a copy of the borrower’s application. O. Reg. 275/92, s. 4; O. Reg. 319/98, s. 7 (1). (2) The time period prescribed by subsection (1) does not apply if, (a) after receiving the documents referred to in clauses (1) (a) to (c), the borrower gives the mortgage broker, (i) a written statement signed by the borrower stating that the borrower wishes to waive the time period prescribed by subsection (1), and (ii) a written statement signed by a lawyer stating that, (A) the lawyer has seen the documents that were delivered to the borrower under subsection (1), (B) the lawyer has given the borrower legal advice with respect to the statement referred to in subclause (i), and (C) in advising the borrower, the lawyer has no interest that conflicts with or is likely to conflict with the interests of the borrower; and (b) the borrower does not sign the mortgage instrument or the commitment to enter into the mortgage until at least twenty-four hours after receiving the documents referred to in clauses (1) (a) to (c). O. Reg. 275/92, s. 4. (3) The time period prescribed by subsection (1) does not apply if, (a) no brokerage fee is payable by the borrower to the mortgage broker for the mortgage; (b) the lender for the mortgage is, (i) a corporation registered under the Insurance Act or the Loan and Trust Corporations Act, (ii) a bank under the Bank Act (Canada), (iii) a credit union, or (iv) a finance company; and (c) the mortgage broker delivers the documents referred to in clauses (1) (a), (b) and (c) to the borrower before the borrower signs the mortgage instrument or the commitment to enter into the mortgage. (4) The time period prescribed by subsection (1) does not apply if, (a) no brokerage fee is payable by the borrower to the mortgage broker for the mortgage; (b) the lender for the mortgage is a corporation that is an approved lender under the National Housing Act (Canada); (c) the mortgage is a first mortgage; and (d) the mortgage broker delivers the documents referred to in clauses (1) (a), (b) and (c) to the borrower before the borrower signs the mortgage instrument or the commitment to enter into the mortgage. O. Reg. 319/98, s. 7 (2). (5) Revoked: O. Reg. 319/98, s. 7 (2). (6) Revoked: O. Reg. 319/98, s. 7 (2). (7) A mortgage broker shall not request a borrower to sign a mortgage instrument or a commitment to enter into a mortgage that contains terms that differ in any respect from the terms described in the statement delivered under clause (1) (a). O. Reg. 275/92, s. 4.