Terms and Conditions of Registration
4. (1) An application for registration or renewal of registration shall not be granted unless, (a) in the case of an individual applicant, he or she has successfully completed an educational program approved by the Superintendent relating to the business of mortgage brokers during the two years preceding the application; (b) in the case of an applicant that is a partnership, association, syndicate or organization of individuals, every member of the applicant has successfully completed an educational program referred to in clause (a) during the two years preceding the application; and (c) in the case of a corporate applicant, every active officer and director of the corporation has successfully completed an educational program referred to in clause (a) during the two years preceding the application. (2) Subsection (1) does not apply in respect of an individual applicant, a member of an applicant referred to in clause (1) (b) or an officer or director of a corporate applicant if the individual applicant, member, officer or director, (a) has successfully completed an educational program referred to in clause (1) (a) at any time preceding the application; and (b) in the two years preceding the application, (i) actively engaged in business as a mortgage broker or as a member, officer or director of a mortgage broker, or (ii) was employed or authorized to arrange or deal in mortgages on behalf of a mortgage broker. O. Reg. 319/98, s. 5 (1). (3) Subsection (1) does not apply to an individual applicant, to a member of an applicant referred to in clause (1) (b) or to an officer or director of a corporate applicant if the individual applicant, member, officer or director, (a) on the 1st day of November, 1971, was registered as a mortgage broker or was an active member, officer or director of a registered mortgage broker; and (b) in the year preceding the application, (i) was registered as a mortgage broker, (ii) actively engaged in business as a member, officer or director of a mortgage broker, or (iii) was employed or authorized to arrange or deal in mortgages on behalf of a mortgage broker. O. Reg. 275/92, s. 3 (1). (4) Subsection (1) does not apply in respect of an individual applicant, a member of an applicant referred to in clause (1) (b) or an officer or director of a corporate applicant if the individual applicant, member, officer or director is a member of the Law Society of Upper Canada or a person licensed under the Public Accountancy Act. O. Reg. 319/98, s. 5 (2). (4.1) Revoked: O. Reg. 319/98, s. 5 (2). (5) A corporation that is registered as a mortgage broker shall ensure that all of its directors and officers who are actively engaged in the mortgage broker business have successfully completed an educational program referred to in clause (1) (a). (6) Subsection (5) does not apply in respect of a director or officer who is a member of the Law Society of Upper Canada or a person licensed under the Public Accountancy Act. (7) Clause (1) (c) and subsection (5) do not apply to, (a) a finance company that is, or is an affiliate of, the lender for all of the mortgages that the finance company arranges or deals in; or (b) a corporation that is the lender for all of the mortgages that it arranges or deals in and that only arranges or deals in mortgages having a principal amount of $1,000,000 or more. O. Reg. 319/98, s. 5 (2). (8) Revoked: O. Reg. 319/98, s. 5 (2). (9) Revoked: O. Reg. 319/98, s. 5 (2). (10) Revoked: O. Reg. 319/98, s. 5 (2).