Mortgage Brokerages, Lenders and Administrators Act, 2006

Bills that amended this Act0

No published amendment links yet for this Act.

Sections150

• [s0]

  Interpretation

• 1.
• [s1]
• 1Definitions

  1 In this Act, “Authority” means the Financial Services Regulatory Authority of Ontario continued under subsection 2 (1) of the Financial Services Regulatory Authority of Ontario Act, 2016; (“Autorité”) “Authority rule” means a rule made under subsection 55 (1); (“règle de l’Autorité”) “Chief Executive Officer” means the Chief Executive Officer appointed under subsection 10 (2) of the Financial Services Regulatory Authority of Ontario Act, 2016; (“directeur général”) “cost of borrowing”, for a mortgage, means, (a) the interest or discount applicable to the mortgage, (b) any amount charged in connection with the mortgage that is payable by the borrower to the brokerage or lender, (c) any amount charged in connection with the mortgage that is payable by the borrower to a person other than the brokerage or lender, where the amount is chargeable, directly or indirectly, by the person to the …

• [s2]

  Regulated Activities

• 2.
• 2Dealing in mortgages

  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 lice…

• 3.
• 3Trading in mortgages

  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 o…

• 4.
• 4Mortgage lending

  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.
• 5Administering mortgages

  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.
• [s7]
• 6Financial institutions

  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 mortg…

• [s8]

  Licences

• 7.
• 7Brokerage licence

  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 broke…

• 8.
• 8Mortgage broker’s licence

  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.
• 10.
• 9Mortgage agent’s licence

  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 su…

• 10Mortgage administrator’s licence

  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…

• 11.
• 11Re mortgage brokerage

  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 belie…

• 12.
• [s14]
• 12Licence as prerequisite for enforcing payment

  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).

• [s15]

  The Licensing Process

• 13.
• 13Application for a licence

  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.
• 14Issuance of licence

  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 t…

• 15.
• 15Amendment of licence

  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.
• 16Renewal of mortgage broker’s or agent’s licence

  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 ground…

• 17.
• 17Brokerage 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 (…

• 18.
• 18Suspension by Chief Executive Officer

  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 requir…

• 19.
• 19Revocation of licence

  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); 20…

• 20.
• 20Surrender of licence

  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) …

• 21.
• 21Chief Executive Officer’s proposal to refuse application, etc.

  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 Offic…

• 22.
• [s25]
• 22Circumstances in which proposal not required

  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…

• [s26]

  Registration Requirement — Prescribed Persons and Entities

• 23.
• 22.1Registration

  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

• 24.
• 22.2Voluntary 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

• 25.
• [s29]

  Mortgage Brokerage’s Duty to Disclose the Cost of Borrowing

• 2 #29Additional disclosure – other mortgages
• 2. #29
• 26.
• 23Required disclosure

  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).

• 27.
• [s31]
• 24Additional disclosure – term mortgages

  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 matu…

• [s32]
• 2 #32Additional disclosure – other mortgages

  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 …

• 28.
• 26Statement re mortgage renewal

  26 The mortgage brokerage shall disclose to a borrower such information respecting renewal of the mortgage as is prescribed. 2006, c. 29, s. 26.

• 29.
• 27Prohibition re disclosure in advertising

  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.

• 30.
• [s35]

  Regulation and Enforcement

• 31.
• 28Public register of licensees

  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)

• 32.
• 28 #37Register 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

• 33.
• 29Requirement to submit information, etc.

  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 …

• 34.
• 30Of licensees

  30 (1) The Chief Executive Officer or a person designated by the Chief Executive Officer may make inquiries and conduct examinations of the business and activities of each licensee to ensure that the licensee is complying with the requirements established under this Act. 2006, c. 29, s. 30 (1); 2018, c. 8, Sched. 17, s. 2. Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 30 (1) of the Act is amended by striking out “activities of each licensee to ensure that the licensee is complying” and substituting “activities of each licensee and each registered person or entity to ensure that the licensee or registered person or entity is complying”. (See: 2020, c. 36, Sched. 29, s. 4 (1)) Of other persons and entities (2) If, in the Chief Executive Officer’s opinion, a person or entity who is not a licensee is or was required to have a licence, the Chief Executive O…

• 35.
• 31Inspection order for s. 30 inquiry and examination

  31 (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. 31 (1); 2018, c. 8, Sched. 17, s. 2. Order to enter and examine premises (2) A justice of the peace may make an order under this subsection authorizing the Chief Executive Officer or designate, as named in the order, to enter premises, other than a part of a premises that is being used as a dwelling, specified in the order and to exercise any of the powers mentioned in section 30, subject to such restrictions on their exercise as the justice of the peace considers appropriate in the circumstances, if he or she is satisfied by information under oath, (a) that the Chief Executive Officer or designate has been prevented from exercising a right of entry to the premises under section 30 or has been preven…

• 36.
• 32Inspection order – general

  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) th…

• 37.
• 33Seizure of things not specified

  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

• 38.
• 34Power to summon persons, etc.

  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 p…

• 39.
• 35Compliance order

  35 (1) This section applies if, in the Chief Executive Officer’s opinion, (a) a person or entity is committing any act or pursuing any course of conduct that contravenes or does not comply with a requirement established under this Act; (b) a person or entity is committing any act or pursuing any course of conduct that might reasonably be expected to result in a state of affairs that would contravene or not comply with a requirement established under this Act; or (c) a person or entity has committed any act or pursued any course of conduct that contravenes or does not comply with a requirement established under this Act. 2006, c. 29, s. 35 (1); 2018, c. 8, Sched. 17, s. 2, 3. Proposal re order (2) The Chief Executive Officer may propose to order the person or entity to cease committing an act or cease pursuing a course of conduct identified by the Chief Executive Officer or to perform suc…

• 40.
• 36Circumstances

  36 (1) This section applies in any of the following circumstances: 1. The Chief Executive Officer has notified, or is about to notify, a person or entity (the “designated person”) under subsection 21 (2) that the Chief Executive Officer proposes to suspend or revoke the designated person’s licence without his, her or its consent. 2. The Chief Executive Officer has made or is about to make an interim order under subsection 18 (3) or 19 (3) suspending the designated person’s licence. 3. The Chief Executive Officer has notified, or is about to notify, the designated person under subsection 35 (3) that the Chief Executive Officer proposes to make an order concerning him, her or it. 4. The Chief Executive Officer has made or is about to make an interim order under subsection 35 (7) concerning the designated person. 5. The Chief Executive Officer believes that proceedings for an offence under …

• 41.
• 37Appointment of receiver, etc.

  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 o…

• 42.
• [s47]
• 38Administrative penalties

  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).

• [s48]
• 39General administrative penalties

  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 s…

• 43.
• 40Summary administrative penalties

  40 (1) If the Chief Executive Officer is satisfied that a person or entity is contravening or not complying with or has contravened or failed to comply with subsection 29 (1) or such other provision of this Act or the regulations as may be prescribed, 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. 40 (1); 2018, c. 8, Sched. 17, s. 2. Same (2) Before imposing a penalty, the Chief Executive Officer shall give the person or entity a reasonable opportunity to make written submissions. 2006, c. 29, s. 40 (2); 2018, c. 8, Sched. 17, s. 2. Limitation (3) The Chief Executive Officer shall not make an order under this section more than two years after the day the Chief Executive Officer became aware of the contravention or failure to comply. 2006, c. 29, s. 40 (3); 2018, c. 8,…

• 44.
• 41Maximum administrative penalties

  41 An administrative penalty imposed under section 39 or 40 shall not exceed the following amount: 1. For a contravention or failure to comply by a person or entity who is, or is required to be, licensed as a mortgage brokerage or a mortgage administrator, $500,000 or such lesser amount as may be prescribed for a prescribed requirement established under this Act. 2. For a contravention or failure to comply by an individual who is, or is required to be, licensed as a mortgage broker or agent, $100,000 or such lesser amount as may be prescribed for a prescribed requirement established under this Act. 3. For a contravention or failure to comply by any other person or entity, $500,000 or such lesser amount as may be prescribed for a prescribed requirement established under this Act. 2006, c. 29, s. 41; 2020, c. 36, Sched. 29, s. 5. Section Amendments with date in force (d/m/y) 2020, c. 36, S…

• 45.
• 42Enforcement of administrative penalties

  42 (1) If a person or entity fails to pay an administrative penalty imposed under section 39 or 40 in accordance with the terms of the order imposing the penalty, the Chief Executive Officer may file the order with the Superior Court of Justice and the order may be enforced as if it were an order of the court. 2006, c. 29, s. 42 (1); 2018, c. 8, Sched. 17, s. 2. Same (2) For the purposes of section 129 of the Courts of Justice Act, the date on which the order is filed with the court shall be deemed to be the date of the order. 2006, c. 29, s. 42 (2). Same (3) An administrative penalty that is not paid in accordance with the terms of the order imposing the penalty is a debt due to the Crown and is also enforceable as such. 2006, c. 29, s. 42 (3). Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2 - 08/06/2019

• 46.
• [s52]

  Prohibitions and Offences

• 46Prohibition re reprisals
• 47.
• 43Prohibition re false or deceptive information

  43 (1) No mortgage brokerage or mortgage administrator shall give, assist in giving or induce or counsel another person or entity to give or assist in giving any false or deceptive information or document when carrying on the business of dealing in mortgages in Ontario or the business of trading in mortgages in Ontario, when carrying on business as a mortgage lender in Ontario or when carrying on the business of administering mortgages in Ontario. 2006, c. 29, s. 43 (1). Same (2) No mortgage broker or agent shall give, assist in giving or induce or counsel another person or entity to give or assist in giving any false or deceptive information or document when dealing in mortgages in Ontario or trading in mortgages in Ontario. 2006, c. 29, s. 43 (2).

• 47Immunity re disclosures
• 48.
• 44Prohibition re obstruction

  44 (1) No person or entity shall hinder or obstruct the Chief Executive Officer or a person designated by the Chief Executive Officer in the performance of their duties under this Act. 2006, c. 29, s. 44 (1); 2018, c. 8, Sched. 17, s. 2. Same (2) No person or entity shall withhold from the Chief Executive Officer or a person designated by the Chief Executive Officer or conceal, alter or destroy anything relevant to an inquiry or examination or order under section 30, 31 or 32. 2006, c. 29, s. 44 (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

• 49.
• 45Prohibition re false or misleading information

  45 (1) No person or entity shall give false or misleading information to the Chief Executive Officer or a person designated by the Chief Executive Officer in respect of any matter related to this Act or the regulations. 2006, c. 29, s. 45 (1); 2018, c. 8, Sched. 17, s. 2. Same (2) No person or entity shall include false or misleading information in any document required to be created, stored or given to the Chief Executive Officer under this Act. 2006, c. 29, s. 45 (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

• 50.
• [s56]
• 46, 47

  46, 47 Repealed: 2021, c. 40, Sched. 12, s. 3. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 17, s. 2 - 08/06/2019 2021, c. 40, Sched. 12, s. 3 - 29/04/2022

• [s57]
• 48List of offences

  48 (1) Every person who contravenes or fails to comply with any of the following provisions of this Act is guilty of an offence: 1. Subsection 2 (2) or (3) (Dealing in mortgages). 2. Subsection 3 (2) or (3) (Trading in mortgages). 3. Subsection 4 (2) (Mortgage lending). 4. Subsection 5 (2) (Administering mortgages). 5. Subsection 11 (1), (2), (3), (4), (5), (6), (7) or (8) (Prohibitions re use of title, etc.). 6. Section 27 (Prohibition re disclosure in advertising). 7. Subsection 30 (6) (Inquiries and examinations). 8. Subsection 43 (1) or (2) (Prohibition re false or deceptive information). 9. Subsection 44 (1) or (2) (Prohibition re obstruction). 10. Subsection 45 (1) or (2) (Prohibition re false or misleading information). 11. Repealed: 2021, c. 40, Sched. 12, s. 3. 2006, c. 29, s. 48 (1); 2021, c. 40, Sched. 12, s. 3. Offence re standards of practice (2) Every person who contravenes…

• 51.
• 49For an individual

  49 (1) Every individual convicted of an offence under this Act is liable to a fine of not more than $500,000 or imprisonment for a term of not more than one year or both a fine and imprisonment. 2006, c. 29, s. 49 (1); 2020, c. 36, Sched. 29, s. 6 (1). For a corporation (2) Every corporation convicted of an offence under this Act is liable to a fine of not more than $1,000,000. 2006, c. 29, s. 49 (2); 2020, c. 36, Sched. 29, s. 6 (2). Section Amendments with date in force (d/m/y) 2020, c. 36, Sched. 29, s. 6 (1, 2) - 01/02/2022

• 52.
• 50Additional order for compensation or restitution

  50 (1) If a person is convicted of an offence under this Act, the court may order the person convicted to pay compensation or make restitution in such amount and on such conditions as the court considers just, in addition to any other penalty imposed by the court. 2006, c. 29, s. 50 (1). Payment to insurer (2) If an order for compensation or restitution is made in favour of a person or entity who has received an amount from an insurer who is licensed under the Insurance Act in respect of the matter, the person required by the order to pay the compensation or make the restitution shall deliver the amount payable under the order to the insurer. 2006, c. 29, s. 50 (2). Civil remedy (3) No civil remedy for an act or omission is affected by reason only that an order for compensation or restitution under this section has been made in respect of that act or omission. 2006, c. 29, s. 50 (3).

• 53.
• [s60]

  General

• 54.
• [s61]
• 51Matters of evidence

  51 A copy of a document or record that purports to be certified by the Chief Executive Officer or a person designated by the Chief Executive Officer as a true copy of the original is admissible in evidence to the same extent as the original and has the same evidentiary value. 2006, c. 29, s. 51; 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

• 53 #61Fees
• 55.
• 52Joint and several liability

  52 (1) If a licence is issued to a partnership, the partners are jointly and severally liable to comply with any requirement established under this Act applicable to the partnership. 2006, c. 29, s. 52 (1). Same (2) If a licence is issued to an entity other than a person or partnership, the members of the directing body of the entity are jointly and severally liable to comply with any requirement established under this Act applicable to the entity. 2006, c. 29, s. 52 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, section 52 of the Act is amended by adding the following subsections: (See: 2020, c. 36, Sched. 29, s. 7) Same, registration (3) If a partnership is required to register, the partners are jointly and severally liable to comply with any requirement under this Act applicable to the partnership. 2020, c. 36, Sched. 29, s. 7. Same (4) If an entity other …

• 56.
• 53Fees

  53 The Minister of Finance may make regulations governing fees under this Act, including, (a) requiring the payment of fees in relation to any matter under this Act, including any services provided by or through the Ministry of Finance or the Authority; (b) prescribing the amount of fees or the manner of determining fees; (c) prescribing the manner in which and the period within which fees must be paid. 2015, c. 20, Sched. 27, s. 1; 2018, c. 8, Sched. 17, s. 4. Section Amendments with date in force (d/m/y) 2015, c. 20, Sched. 27 - 29/01/2018 2018, c. 8, Sched. 17, s. 4 - 08/05/2018

• 55 #63Authority rules
• 57.
• 54Forms

  54 (1) The Chief Executive Officer may approve the use of forms for any purpose under this Act. 2006, c. 29, s. 54 (1); 2018, c. 8, Sched. 17, s. 2. Verification of information (2) The Chief Executive Officer may require a person to verify by affidavit or statutory declaration any information or document given under this Act to the Chief Executive Officer or to a person designated by the Chief Executive Officer for the purposes of this Act. 2006, c. 29, s. 54 (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

• 55 #64Authority rules
• 58.-65.
• 55Authority rules

  55 (1) The Authority may make rules in respect of the following matters: 1. Governing the issuance, amendment, renewal, suspension, revocation and surrender of licences. 2. Governing the public register or registers of licensees and former licensees. Note: On a day to be named by proclamation of the Lieutenant Governor, paragraph 2 of subsection 55 (1) of the Act is amended by striking out “of licensees and former licensees” at the end. (See: 2020, c. 36, Sched. 29, s. 8 (1)) 3. Governing the provision of information and documents to the Chief Executive Officer by licensees. 4. Governing proposals that are referred to in sections 21, 35 and 39 with respect to licenses. 5. Prescribing and governing how information and documents are to be given to the Chief Executive Officer under this Act, including prescribing rules governing deemed receipt of such documents. 6. Providing for transitiona…

• 66.
• 55.1Repealed

  55.1 Repealed: 2020, c. 36, Sched. 14, s. 10 (2). Section Amendments with date in force (d/m/y) 2017, c. 34, Sched. 27, s. 5 - 08/06/2019 CTS 04 SE 18 - 2 2020, c. 36, Sched. 14, s. 10 (2) - 08/12/2020

• 67.
• 56Regulations re cost of borrowing

  56 (1) The Lieutenant Governor in Council may make regulations, (a) prescribing, for the purposes of the definition of the “cost of borrowing” in section 1, charges that are included in the cost of borrowing and charges that are excluded from the cost of borrowing; (b) prescribing information other than the cost of borrowing that must be disclosed under section 23; (c) prescribing the manner of calculating the cost of borrowing for the purposes of section 23; (d) prescribing the circumstances in which the cost of borrowing must be expressed as an amount in dollars and cents for the purposes of section 23; (e) prescribing the manner of calculating any rebate referred to in paragraph 4 of section 24; (f) prescribing changes for the purposes of paragraph 6 of section 24 and paragraph 3 of subsection 25 (1); (g) prescribing rights and obligations of borrowers for the purposes of paragraph 7 …

• 57Initial review

  57 (1) Within five years after this section comes into force, the Minister shall appoint one or more persons to review the operation of this Act and the regulations and to make recommendations to the Minister. 2006, c. 29, s. 57 (1). Subsequent reviews (2) The Minister shall, no later than five years after the appointment under subsection (1), appoint one or more persons to conduct a subsequent review and shall, no later than five years after the most recent appointment under this subsection, appoint one or more persons to conduct subsequent reviews. 2006, c. 29, s. 57 (2). Public consultation (3) When conducting a review, the appointees shall solicit the views of the public. 2006, c. 29, s. 57 (3). Available to public (4) The Minister shall make the recommendations of the appointees available to the public. 2006, c. 29, s. 57 (4).

• 58.-65

  58.-65 Omitted (amends or repeals other Acts). 2006, c. 29, ss. 58-65.

• 66

  66 Omitted (provides for coming into force of provisions of this Act). 2006, c. 29, s. 66.

• 67

  67 Omitted (enacts short title of this Act). 2006, c. 29, s. 67. ______________