Second

Session, 50th General Assembly

Charles III, 2023

BILL 30

AN ACT RESPECTING THE

REGULATION OF MORTGAGE BROKERAGES AND MORTGAGE BROKERS IN THE PROVINCE

Received

and Read the First Time ................................................................

Second

Reading ............................................................................................

Committee .....................................................................................................

Third

Reading ...............................................................................................

Royal

Assent .................................................................................................

HONOURABLE SARAH

STOODLEY

Minister of

Digital Government and Service Newfoundland and Labrador

Ordered to be printed by

the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would enact the Mortgage Brokerages and Brokers Act and

repeal the Mortgage Brokers Act .

This Bill would

require

the minister to appoint a Superintendent of Mortgage Brokerages and Mortgage Brokers ;

set the powers and duties of

the superintendent ;

authorize the superintendent to

issue mortgage brokerage licences and mortgage broker licences;

require the superintendent to

maintain a register of mortgage brokerages and mortgage brokers licensed under

the Act;

establish the requirements for

obtaining a mortgage brokerage licence and a mortgage broker licence;

require a

mortgage brokerage to obtain a mortgage brokerage licence to carry on the

business of brokering mortgages;

require a

mortgage broker to obtain a mortgage broker licence to engage in brokering

mortgages;

prescribe

duties of licensees;

prescribe the circumstances

where the superintendent is authorized to vary, suspend or cancel a licence;

require a

mortgage brokerage that receives trust money to maintain a trust account;

establish

requirements for advertising by mortgage brokerages and mortgage brokers;

prohibit a

person who is registered under both the Act and the Real Estate Trading Act, 2019 from providing services under both

Acts in respect of the same trade;

authorize the superintendent to

impose administrative penalties for prescribed contraventions of the Act and

the regulations; and

authorize inspections for the

purpose of administration and enforcement of the Act and the regulations.

A BILL

AN ACT RESPECTING THE REGULATION OF

MORTGAGE BROKERAGES AND MORTGAGE BROKERS IN THE PROVINCE

Analysis

Short title

Interpretation

Non-application of Act

Superintendent and deputy superintendent

Powers and duties of superintendent

Register

Types of licences

Application for licence

Principal broker

Duties of licensees

Notice of changes

Temporary licence

Variation, suspension or cancellation of

licence

Licence required

Duties owed to a borrower

Records

Trust accounts

Advertising

Limitation of liability of borrower

Prohibition

Administrative penalty

Order of superintendent

Inspectors

Powers of inspectors

Contravention of Act suspected

Telewarrant

Report by inspector

Protection order

Protection from liability

Appeal

Notice

Offences

Limitation period

Regulations

Fees and forms

Transitional

SNL2019 cR-2.1 Amdt.

RSNL1990 cS-13 Amdt.

RSNL1990 cM-18 Rep.

Commencement

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

Short title

1. This

Act may be cited as the Mortgage Brokerages

and Brokers Act.

Interpretation

(1) In this Act

(a) "borrower" means a person who applies for a mortgage through a mortgage

brokerage or a mortgage broker;

(b) "business day" means a day that is not a Saturday, Sunday or holiday;

(c) "department" means the department

presided over by the minister;

(d) "deputy superintendent" means the

Deputy Superintendent of Mortgage Brokerages and Mortgage Brokers appointed

under subsection 4(2);

(e) "former Act" means the Mortgage Brokers Act ;

(f) "licence" means a licence issued

under

section 7;

(g) "licensee" means a person who holds

a licence issued under

section 7;

(h) "minister" means the minister appointed under the Executive Council Act to administer this Act;

(i) "mortgage" means any charge on real property or both real property and

personal property for the purpose of securing money or money's worth;

(j) "mortgage broker" means an

individual who

(

i) holds a mortgage broker licence, and

(ii) brokers mortgages on behalf of a mortgage

brokerage;

(k) "mortgage brokerage" means a

corporation, partnership or sole proprietorship that holds a mortgage brokerage

licence;

(l) "mortgage brokerage licence" means a

licence issued under paragraph 7(1)(a);

(m) "mortgage broker licence" means a

licence issued under paragraph 7(1)(b);

(n) "principal broker" means an

individual designated in accordance with subsection 9(1);

(o) "superintendent" means the

Superintendent of Mortgage Brokerages and Mortgage Brokers appointed under subsection

4(1);

(p) "trade" means a trade as defined in the Real Estate Trading Act, 2019 ; and

(q) "trust money" means money received

by a mortgage brokerage but does not include money that is clearly received as

payment to the mortgage brokerage for fees or other remuneration earned by the

mortgage brokerage.

(2) For the purposes of this Act, a person brokers

mortgages if the person engages in one or more of the following activities:

(

a) soliciting another person to obtain a

mortgage, where the solicitation is on behalf of another person;

(

b) negotiating or arranging a mortgage on behalf

of another person;

(

c) providing advice to a person with respect to

the appropriateness of obtaining a particular mortgage; and

(

d) any other activity prescribed in the

regulations.

Non-application

of Act

3. This

Act or a part of it does not apply to a person or class of persons exempted

from the application of this Act or a part of it by the regulations.

Superintendent

and deputy superintendent

(1) The minister shall appoint a Superintendent of Mortgage

Brokerages and Mortgage Brokers to administer and enforce this Act and the

regulations.

(2) The minister may

appoint a Deputy Superintendent of Mortgage Brokerages and Mortgage Brokers who

shall perform the duties and exercise the powers of the superintendent where

(

a) the superintendent

is absent or unable to act;

(

b) the superintendent

considers it necessary to delegate the superintendent's authority; or

(

c) the office of the

superintendent is vacant.

Powers and duties

of superintendent

5. The

superintendent may

(

a) establish a code of

conduct;

(

b) set continuing

education requirements; and

(

c) perform the other

duties and exercise the powers conferred by this Act.

Register

6. The

superintendent shall maintain a register of mortgage brokerages and mortgage

brokers on the department's website which shall include

(

a) the name of all mortgage brokerages and

mortgage brokers licensed under the Act; and

(

b) any other information prescribed in the

regulations.

Types of licences

(1) The superintendent may issue the following licences:

(

a) a mortgage brokerage licence which authorizes

the holder of the licence to carry on the business of brokering mortgages; and

(

b) a mortgage broker licence which authorizes the

holder of the licence to broker mortgages on behalf of a mortgage brokerage.

(2) The superintendent

may issue a licence or refuse to issue a licence.

(3) Where the

superintendent refuses to issue a licence, the superintendent shall provide the

applicant with written reasons for the refusal.

(4) A licence issued

under paragraph (1)(

b) shall state the name of the mortgage brokerage with whom

the mortgage broker is employed.

(5) The superintendent

(6) A

licence is not transferrable or assignable.

(7) A licence remains in effect until it is

suspended or cancelled under this Act.

Application for

licence

(1) A person applying for a licence under paragraph 7(1)(

a) shall submit to the

superintendent

(

a) an application in

the form set by the superintendent;

(

b) the fee set by the

minister;

(

c) a certified criminal

records check satisfactory to the superintendent from the Royal Newfoundland

Constabulary, the Royal Canadian Mounted Police or another organization

approved by the minister for

(

i) the principal broker, where the applicant is a

corporation,

(ii) each partner in the partnership,

where the applicant is a partnership, or

(iii) the sole proprietor, where the applicant is a

sole proprietorship;

(

d) proof, satisfactory

to the superintendent, that the principal broker has successfully completed the

education requirements prescribed in the regulations;

(

e) proof of errors and

omissions liability insurance in the amount prescribed in the regulations; and

(

f) other information or

documentation prescribed in the regulations.

(2) An individual applying for a licence under paragraph

7(1)(

b) shall submit to the superintendent

(

a) an application in

the form set by the superintendent;

(

b) the fee set by the

minister;

(

c) a certified criminal

records check satisfactory to the superintendent from the Royal Newfoundland

Constabulary, the Royal Canadian Mounted Police or another organization

approved by the minister;

(

d) proof, satisfactory

to the superintendent, of successful completion of the education requirements

prescribed in the regulations;

(

e) a statement made by

or on behalf of the mortgage brokerage for whom the applicant proposes to work

(

i) recommending the

applicant as an appropriate individual to receive a mortgage broker licence,

and

(ii) declaring that,

where the applicant is granted a licence, the applicant shall act as a mortgage

broker employed by and representing the mortgage brokerage; and

(

f) other information or

documentation prescribed in the regulations.

(3) Paragraph (2)(

e) does not apply to an

individual who is also applying for a mortgage brokerage licence as a sole

proprietor.

(4) Where the

superintendent requires further information in order to assess an application

under subsection (1) or (2), the superintendent shall request further

information from the applicant and the applicant shall provide that information

in the time set by the superintendent.

Principal broker

(1) Where a corporation or partnership applies for a

mortgage brokerage licence, it shall designate an individual to act on its

behalf for the purposes of the licence.

(2) The principal broker

for a corporation or partnership shall be an individual who

(

a) is a director of the

corporation or a partner in the partnership;

(

b) is active in the day

to day operations of the corporation or partnership and knowledgeable of the business

of the corporation or partnership; and

(

c) holds a valid

mortgage broker licence.

(3) The principal broker for a sole proprietorship

is the sole proprietor.

(4) A mortgage brokerage

licence issued under this Act shall be in the name of the corporation, partnership

or sole proprietorship and shall state on the licence the name of the principal

broker.

(5) Notwithstanding

subsections (1), (2) and (4), a corporation or partnership may designate

another individual who satisfies the requirements in subsection (6) to act as

the principal broker in the absence or incapacity of the principal broker.

(6) An individual may be designated under

subsection (5) where the individual

(

a) has successfully

completed the education requirements referred to in paragraph 8(1)(d); and

(

b) satisfies the

requirements in paragraphs (2)(

b) and (c).

(7) Where a corporation

or partnership designates an individual under subsection (5), it shall provide

the name of that individual to the superintendent.

(8) Where a principal

broker for a corporation or partnership dies or becomes incapacitated or the

principal broker's employment with the mortgage brokerage is terminated and the

mortgage brokerage does not have an alternate principal broker, the

superintendent may

(

a) allow the mortgage brokerage

to appoint a principal broker that does not meet the requirements in subsection

(2) or (6) for a term of not more than 6 months; and

(

b) allow the mortgage brokerage

to carry on business during that time.

Duties of

licensees

(1) A licensee shall

(

a) pay the annual fee

set by the minister;

(

b) comply with this

licence;

(

c) complete the

continuing education requirements set by the superintendent; and

(

d) provide information

or documentation to the superintendent where requested.

(2) In addition to the requirements in subsection

(1), a mortgage brokerage shall

(

a) file an annual

report in the form set by the superintendent;

and

(

b) maintain errors and

omissions liability insurance in the amount prescribed in the regulations.

(3) For the purposes of paragraph (1)(c), where

the licensee is a mortgage brokerage the principal broker shall complete the continuing education requirements set by the

superintendent.

(4) T he superintendent may

require mortgage brokers to file an annual report in the form set by the

superintendent.

Notice of changes

11. A licensee shall notify the superintendent in writing of

the following changes within 10 business days of the change:

(

a) a change in the

address for service;

(

b) a change in email

address;

(

c) a change in the

partners where the licensee is a partnership or a change in the directors where

the licensee is a corporation;

(

d) a change in the

account number, branch or location of the licensee's trust account, where the

licensee holds a mortgage brokerage licence;

(

e) the commencement and

termination of employment of a mortgage broker;

(

f) a change in any

information submitted in the licensee's application for a licence; and

(

g) a change in any

information in the most recent annual report submitted by the licensee.

Temporary licence

(1) Notwithstanding

section 7, where a sole proprietor

who operates a mortgage brokerage dies or becomes incapacitated, the

superintendent may issue a temporary mortgage brokerage licence and a temporary

mortgage broker licence to the executor or administrator of the deceased sole

proprietor's estate or the incapacitated sole proprietor's power of attorney.

(2) Licences issued

under subsection (1) shall be for a term of not more than 6 months and shall

authorize the holder of the licences to

(

a) carry on the

business of a mortgage brokerage on behalf of the deceased or incapacitated sole

proprietor; and

(

b) act as a mortgage broker

for clients of the sole proprietor that existed at the time of death or

incapacitation.

Variation, suspension

or cancellation of licence

(1) The superintendent may vary, suspend or cancel a licence where

(

a) the superintendent is satisfied that the

licensee contravened

(

i) this Act or the

regulations,

(ii) a term or condition

of the licence,

(iii) an order issued

under this Act, or

(iv) the code of conduct;

(

b) the superintendent

is satisfied that the licensee made one or more false or misleading statements

in the application for a licence, the information provided in support of the

application or an annual report;

(

c) in the case of a

corporation, the corporation has been dissolved or has been struck off the

register of companies under the Corporations Act ;

(

d) in the case of a

partnership, the partnership has been dissolved ;

(

e) a mortgage brokerage

has become bankrupt;

(

f) the licensee failed

to file an annual report, where required;

(

g) the licensee failed

to pay the annual fee;

(

h) the licensee did not

satisfy the continuing education requirements; or

(

i) the superintendent

is satisfied that it is in the public interest to vary, suspend or cancel the

licence.

(2) Where a mortgage broker's employment with a

mortgage brokerage is terminated, the mortgage broker's licence is cancelled.

(3) Where a mortgage

brokerage closes or winds up, the licences of all mortgage brokers employed

with the mortgage brokerage are cancelled.

(4) Where a mortgage brokerage ceases to employ at

least one mortgage broker authorized to broker mortgages on its behalf, the

mortgage brokerage licence is cancelled.

Licence required

14. A

person shall not

(

a) carry on the business of brokering mortgages,

or represent to be doing so, unless that person holds a valid mortgage

brokerage licence or is exempted from the requirement to have a licence by the

regulations; or

(

b) broker mortgages, or represent to be a

mortgage broker, unless the person holds a mortgage broker licence or is

exempted from the requirement to have a licence by the regulations.

Duties owed to a

borrower

15. A

licensee is required to act in the best interests of a borrower and shall

(

a) provide to the borrower the information

prescribed in the regulations within the time and in the manner prescribed in

the regulations;

(

b) determine the mortgage that is most suitable

for the borrower in accordance with the regulations;

(

c) provide to the borrower, within the time and

in the manner prescribed in the regulations, a written assessment of the

determination made under paragraph (

b) that contains the information prescribed

in the regulations; and

(

d) retain written evidence that the assessment

referred to in paragraph (

c) was provided to the borrower.

Records

(1) A licensee shall keep records of the following:

(

a) all information to be disclosed and

documentation to be provided to a borrower under this Act; and

(

b) any other information or documentation

prescribed in the regulations.

(2) A licensee shall keep and maintain the records

referred to in subsection (1) for the time, in the manner and at the location

prescribed in the regulations.

Trust accounts

(1) A licensee shall not receive or hold trust money unless the licensee

(

a) holds a valid mortgage brokerage licence; and

(

b) maintains a trust account of a type approved

by the superintendent in a financial institution that is authorized to receive

money on deposit.

(2) A mortgage brokerage that receives or holds

trust money shall keep all trust money separate and apart from all other money

belonging to the mortgage brokerage or those acting on its behalf.

(3) A mortgage brokerage that receives trust money

shall deposit the trust money into a trust account.

(4) A mortgage brokerage shall keep records of all

transactions involving trust money received or held under this section.

(5) A mortgage brokerage that receives or holds

trust money shall administer the trust account and maintain records in relation

to the trust account in accordance with the regulations.

Advertising

(1) A licensee shall not advertise or otherwise indicate that the licensee is a

mortgage brokerage or mortgage broker using a name other than the name set out

on the licence.

(2) A mortgage brokerage shall not advertise the business

or any products or services offered by that business unless the advertisement

(

a) indicates the name of the business as set out

on its licence; and

(

b) contains other information that may be prescribed

in the regulations.

(3) A mortgage broker shall not advertise the business

or any products or services offered by the mortgage broker unless the

advertisement

(

a) indicates the name of the mortgage brokerage

for which the mortgage broker is authorized to act; and

(

b) contains other information that may be prescribed

in the regulations.

(4) A licensee shall not make any false,

misleading or deceptive statements in an advertisement.

(5) Where, in the

opinion of the superintendent, a licensee has made a false, misleading or

deceptive statement in an advertisement the superintendent may order that

licensee to stop using that advertisement immediately.

Limitation of

liability of borrower

19. A borrower is not liable to pay a mortgage

broker an amount that exceeds that set out in the disclosure statement required

under the Consumer Protection and Business Practices Act and the regulations

under that Act.

Prohibition

20. A person who is licensed under this Act and licensed under

the Real Estate Trading Act, 2019

shall not provide services under the authority of this Act and the Real

Estate Trading Act, 2019 to a person in relation to a trade.

Administrative

penalty

(1) Where the superintendent is of the opinion that a

person has committed, as specified by regulation, a contravention of this Act or

the regulations for which an administrative penalty applies, the superintendent

or a person authorized by the superintendent may, in writing, notify that

person that the person is to pay to the government of the province an

administrative penalty in the amount set out in the notice for each day or part

of a day the contravention occurs or continues to occur.

(2) A person who pays an

administrative penalty with respect to a contravention may not be charged with

an offence under this Act with respect to that contravention.

(3) Where a person fails

to pay an administrative penalty in accordance with a notification under

subsection (1), the government of the province may recover the amount owing in

respect of the penalty as a debt due the Crown.

(4) For the purpose of

this section, an administrative penalty is a monetary penalty imposed in

accordance with the regulations for a contravention of this Act or the

regulations.

Order of superintendent

(1) Where the superintendent determines that a licensee

contravened this Act, the regulations, the code of conduct or an order of the

superintendent, the superintendent may make one or more of the following orders:

(

a) an order suspending

or cancelling the licensee's licence;

(

b) an order imposing

conditions or restrictions on the licensee; or

(

c) another order

prescribed in the regulations.

(2) The superintendent

may publish a

summary of an order issued under this

section in accordance with

the regulations.

Inspectors

(1) The superintendent may designate

persons or classes of persons to act as inspectors for the purpose of this Act

and the regulations.

(2) The superintendent and the deputy

superintendent are inspectors for the purpose of this Act and the regulations.

(3) A person shall not knowingly make a false or

misleading statement, either orally or in writing, to an inspector while the

inspector is exercising powers or carrying out duties or functions under this

Act or the regulations.

Powers of

inspectors

(1) An inspector has the same power to

summon and enforce the attendance of a person and to compel the person to

testify on oath or otherwise, and to summon and compel a person to produce

documents and other things, that is vested in a judge of the Supreme Court, and

the refusal of the person to attend or to answer questions or of a person to

produce documents or other things that are in the person's custody or

possession makes the person liable to be committed for contempt by a judge of

the Supreme Court as if in breach of an order of that court.

(2) An inspector may, at

all reasonable times, for purposes related to the administration or enforcement

of this Act or the regulations, inspect or examine the premises, processes,

books and records of a person that the inspector may consider relevant for the

purpose of determining compliance with this Act or the regulations, and the

inspector may, without a warrant,

(

a) enter any premises

where

(

i) any property, books

or records are or may be kept, or

(ii) anything is done or

is suspected by the inspector of being done in connection with a requirement of

this Act or the regulations;

(

b) make copies,

extracts, photographs or videos the inspector considers necessary;

(

c) require the owner or

person in charge of a premises to give the inspector all reasonable assistance,

including the production of books and records as requested by the inspector,

and to answer all proper questions relating to the administration or

enforcement of this Act or the regulations and, for that purpose, require the

owner or person in charge to attend at the premises with the inspector; and

(

d) require the owner or

person in charge to make available the means to generate and manipulate books

and records that are in machine readable or electronic form and any other means

or information necessary for the inspector to assess the books and records.

(3) Notwithstanding

subsection (2), an inspector shall not enter a dwelling-house without the

consent of the occupant except under the authority of a warrant issued under

section

25 or 26.

Contravention of

Act suspected

(1) Where during the course of an inspection under

section

24 or otherwise an inspector believes on reasonable grounds that there has been

a contravention of this Act or the regulations, the inspector may, with a

warrant issued under subsection (2) or

section 26, seize and take away any of

the books or records that may be required as evidence of a contravention and

may retain those documents until the time they are required in a court

proceeding.

(2) A Provincial Court judge

who is satisfied upon oath or affirmation there are reasonable grounds for

believing there is in or on a premises anything that may provide evidence with

respect to a suspected offence under this Act or the regulations, may issue a

warrant authorizing an inspector to enter the premises and to

(

a) search;

(

b) examine the contents

of the premises and make those inquiries that the inspector considers

necessary; and

(

c) copy, extract,

photograph, video, seize and take away evidence, books and records,

for the purpose of

investigating the suspected offence.

(3) The owner or person

in charge of a premises referred to in this

section or a person there shall not

obstruct an inspector in the carrying out of the inspector's duties under this

section as authorized by the warrant.

(4) A

copy of a document obtained under this section, on proof by affidavit that it

is a true copy, is admissible in evidence in proceedings under this Act and has

the same probative force as the original document would have if it had been

proved in the ordinary way.

(5) Copies

of documents obtained under this

section are not required to be returned to the

person who provided them.

Telewarrant

(1) Where, in the opinion of an inspector it would not be

practical to appear before a Provincial Court judge to apply for a warrant, the

inspector may make the application by telephone or other means of

telecommunication.

(2) Where an inspector

acts under the authority of a warrant obtained under this section, the

inspector shall provide a facsimile of the warrant to the owner or person in

charge of a premises present at the time the warrant is carried out.

(3) In subsection (2),

"facsimile" includes a record produced by electronic means or a

written record of a telephone conversation made by both parties to the

conversation while it is in progress and which the parties have confirmed as to

its accuracy by reading their record of the conversation to one another at the

end of the conversation.

Report by

inspector

27. When

directed by the superintendent, an inspector shall prepare a report and provide

a copy to the superintendent.

Protection order

(1) Where the superintendent considers it necessary for

the administration of this Act, the superintendent may direct a person, having

on deposit or under the person's control or for safekeeping funds of a person,

to retain those funds and to hold them until the superintendent in writing

revokes the direction or consents to release a particular fund from the

direction, or until a judge of the Supreme Court orders otherwise.

(2) A direction under

subsection (1) that names a bank or other financial institution shall apply

only to a branch of the bank or other financial institution identified in the

direction.

(3) As soon as

practicable, and not later than 7 days after a direction is issued under

subsection (1), the superintendent shall apply to a judge of the Supreme Court

to continue the direction or for another order that the judge considers

appropriate.

(4) A direction under

subsection (1) may be made without notice but, in that event, copies of the

direction shall be sent immediately by means that the superintendent may

determine to all persons named in the direction.

Protection from

liability

29. The superintendent, deputy superintendent, an inspector or

a person acting on behalf of the superintendent or deputy superintendent shall

not be liable for anything done in good faith in the exercise or performance of

a power, duty or function conferred or imposed on the superintendent, deputy superintendent,

inspector or person under this Act or the regulations.

Appeal

30. A person may appeal a decision or order of the

superintendent or the deputy superintendent made under this Act to the

Financial Services Appeal Board in accordance with the Financial Services

Appeal Board Act .

Notice

(1) A notice given under this Act or the regulations

shall be considered sufficiently served where it is

(

a) delivered or sent by

prepaid registered mail to the address for service provided by the person; or

(

b) sent electronically

to the email address provided by the person.

(2) For the purpose of

this section, where a notice or document is sent by registered mail, it shall

be considered to have been served on the fifth business day after mailing, and

the service may be proved by providing evidence that the notice or document was

prepaid and properly addressed and sent.

(3) For the purpose of

this section, where a notice or document is sent electronically, it shall be

considered to have been served on

(

a) the day it is sent,

if the document is sent on or before 4 p.m. on a business day; or

(

b) the next business day,

if the document is sent after 4 p.m.

Offences

(1) A person who contravenes this Act, the regulations or

an order under this Act is guilty of an offence and is liable on

summary

conviction

(

a) in the case of an individual, to a fine not exceeding $50,000, and in default of payment

or in addition to that fine, to imprisonment for a term not exceeding 2 years;

(

b) in the case of a corporation or a partnership,

to a fine not exceeding $100,000.

(2) Each contravention

of this Act, the regulations or an order under this Act constitutes a new and

separate offence.

(3) Where an offence

under this Act or the regulations is committed or continued on more than one

day, the person who committed the offence is liable to be convicted for a

separate offence for each day on which the offence is committed or continued.

Limitation period

33. A prosecution under this Act or the regulations shall be

started within 2 years of the date on which the superintendent becomes aware of

the alleged offence.

Regulations

34. The Lieutenant-Governor in Council may make regulations

(

a) prescribing activities for the purpose of

subsection 2(2);

(

b) exempting persons or

classes of persons from the application of this Act or a part of it;

(

c) prescribing information to be included on a

register of mortgage brokerages and mortgage brokers;

(

d) prescribing education requirements for

licensees;

(

e) prescribing the

amount of errors and omissions liability insurance;

(

f) respecting

information and documentation to be provided with an application for a licence;

(

g) prescribing the information that a licensee is

required to provide to a borrower and the time and manner in which that

information is to be provided;

(

h) prescribing the process by which a licensee is

to determine the mortgage that is most suitable for a borrower;

(

i) prescribing the information that shall be

contained in a written assessment for the purposes of paragraph 15(

c) and the time

and manner in which the written assessment is to be provided;

(

j) prescribing other information

and documentation to be kept by a licensee;

(

k) prescribing the time for, manner in and

location at which records are required to be kept and maintained;

(

l) respecting the

administration of trust accounts and the records to be maintained by mortgage

brokerages with respect to those trust accounts;

(

m) prescribing

information that is required in an advertisement;

(

n) respecting the

contravention of sections of this Act and the regulations for which an

administrative penalty may be imposed and the time, amount and manner in which

those penalties may be imposed and collected;

(

o) respecting orders of

the superintendent;

(

p) respecting the

publication of orders of the superintendent;

(

q) defining a word or

phrase used but not defined in this Act; and

(

r) generally, to give

effect to this Act.

Fees and forms

35. The minister may set fees and establish forms for the purpose

and administration of this Act and the regulations.

Transitional

(1) A person who is the Registrar of Mortgage

Brokers immediately before the coming into force of this Act shall be the

superintendent.

(2) A person who is the Deputy Registrar of

Mortgage Brokers immediately before the coming into force of this Act shall be

the deputy superintendent.

(3) A

valid registration of a person under the former Act shall continue to be valid

as if the former Act were still in force until the earlier of

(a) 3

months after the coming into force of this Act; or

(

b) the date a mortgage brokerage licence is

issued to the person .

(4) Where

a complaint proceeding was started under the former Act but not concluded

before the coming into force of this Act, the proceeding shall be concluded

under the former Act as if the former Act were still in force.

(5) A

decision under the former Act shall continue to be in force and shall be

considered to be a decision under this Act.

SNL2019 cR-2.1

Amdt.

Section 28 of the Real Estate Trading Act, 2019 is repealed and the following

substituted:

Prohibition

28. A person who is licensed under this Act and licensed under

the Mortgage Brokerages and Brokers Act shall not provide services under

the authority of this Act and the Mortgage Brokerages and Brokers Act to

a person in relation to a trade.

RSNL1990 cS-13

Amdt.

38. Paragraph 36(2)(

e) of the Securities Act is amended by deleting the words " registered or exempted from registration under the M ortgage

Brokers Act " and substituting the words "licensed or

exempted from the requirement to be licensed under the Mortgage Brokerages and Brokers Act ".

RSNL1990 cM-18

Rep.

39. The Mortgage Brokers Act is repealed.

Commencement

40. This

Act, or a section, subsection, paragraph or subparagraph of this Act, comes

into force on a day or days to be proclaimed by the Lieutenant-Governor in

Council.

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