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Part II .

Regulations are amended frequently.

Please check the list of Regulations by Act to see if there are any recent amendments to these regulations filed with our office that are not yet included in this consolidation.

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Principal Broker Regulations

made under

Section 90 of the

Mortgage Regulation Act

S.N.S. 2012, c. 11

N.S. Reg. 122/2020 (effective November 1, 2021)

Table of Contents

Please note: this table of contents is provided for convenience of reference and does not form part of the regulations.

Click here to go to the text of the regulations .

Citation

Definitions

Prescribed criteria for designation as principal broker

Duties of principal broker

Citation

1 These regulations may be cited as the Principal Broker Regulations .

Definitions

2 In these regulations,

“Act” means the Mortgage Regulation Act ;

“principal broker” means an individual required by the Act to be designated to

fulfill the duties set out in subsection 28(2) of the Act and in these regulations.

Prescribed criteria for designation as principal broker

3 All of the following are the criteria an individual is required to satisfy to be designated as

a principal broker under

Section 28 of the Act:

(

a) the individual is a licensed mortgage broker who is authorized by the

brokerage to broker mortgages on its behalf;

(

b) the individual has the following status in relation to the mortgage brokerage:

(

i) for a mortgage brokerage that is a corporation, the individual is a

director or officer of the corporation,

(ii) for a mortgage brokerage that is a partnership other than a limited

partnership, the individual is a partner,

(iii) for a mortgage brokerage that is a limited partnership, the individual

is a general partner or is a director or officer of a corporation that is a

general partner,

(iv) for a mortgage brokerage that is a sole proprietorship, the individual

is the sole proprietor;

(

c) the individual has demonstrated competence to carry out the duties and

responsibilities of a principal broker on behalf of the mortgage brokerage.

Duties of principal broker

(1) In this Section,

“authorized mortgage broker” or “authorized associate mortgage broker”, in

relation to a mortgage brokerage, means a mortgage broker or associate mortgage

broker who is authorized by the brokerage to broker mortgages on its behalf.

(2) In addition to the duties set out in clauses 28(2)(

a) to (

c) of the Act, all of the

following are prescribed as duties of a principal broker:

(

a) acting as a liaison or contact person with the Registrar for all matters

concerning the operation of the mortgage brokerage, including all of the

following:

(

i) licensing matters,

(ii) complaints,

(iii) inspections,

(iv) responding to directions, orders, demands or requirements of the

Registrar,

(

v) annual returns provided to the Registrar under

Section 54 of the Act;

(

b) establishing, maintaining and periodically reviewing policies and procedures

for the mortgage brokerage to assist the brokerage and each of its authorized

mortgage brokers and authorized associate mortgage brokers in complying

with the Act and its regulations;

(

c) ensuring that

(

i) each authorized mortgage broker and authorized associate mortgage

broker is competent to carry out their duties and responsibilities

under the Act and its regulations, and

(ii) each authorized associate mortgage broker is adequately supervised;

(

d) ensuring that regular audits are carried out on the work of the mortgage

brokerage and of each authorized mortgage broker and authorized associate

mortgage broker, and investigate and respond to any complaints made to the

brokerage;

(

e) advising the Registrar immediately on becoming aware of any contravention

of the Act or its regulations by the mortgage brokerage or an authorized

mortgage broker or authorized associate mortgage broker;

(

f) advising the Registrar in writing immediately if any mortgage broker or

associate mortgage broker ceases to be authorized to broker mortgages on

behalf of the mortgage brokerage;

(

g) ensuring that the mortgage brokerage immediately notifies the Registrar in

writing of any change to a business address, facsimile number or electronic

address provided in an application for a licence or licence renewal, as

required by

Section 21 of the Act;

(

h) ensuring that the mortgage brokerage notifies the Registrar in writing of any

change of circumstances as required by

Section 22 of the Act in accordance

with, and within the time period prescribed by, the Reporting Requirements

Regulations made under the Act.

Legislative History

Reference Tables

Principal Broker Regulations

N.S. Reg.

122/2020

Mortgage Regulation Act

Note: The

information in these tables does not form part of the regulations and is

compiled by the Office of the Registrar of Regulations for reference only.

Source Law

The current consolidation of the Principal Broker Regulations made under the Mortgage Regulation Act includes all of the following

regulations:

N.S.

Regulation

In force

date*

How in force

Royal Gazette

Part II Issue

122/2020

Nov 1, 2021

date

specified (date that Act comes into force on proclamation)

Oct 9, 2020

The following regulations are not yet in force and

are not included in the current consolidation:

N.S.

Regulation

In force

date*

How in force

Royal Gazette

Part II Issue

*See subsection 3(6) of the Regulations Act for

rules about in force dates of regulations.

Amendments by Provision

ad. = added

am. = amended

fc. = fee change

ra. = reassigned

rep. = repealed

rs . = repealed and substituted

Provision affected

How affected

..........................................................

Note that changes to headings are not

included in the above table.

Editorial Notes and Corrections

Note

Effective

date

Repealed and Superseded

N.S.

Regulation

Title

In force

date

Repealed

date

Note: Only

regulations that are specifically repealed and replaced appear in this

table. It may not reflect the entire

history of regulations on this subject matter.