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Part II .

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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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Compliance Officers Regulations

made under

Section 90 of the

Mortgage Regulation Act

S.N.S. 2012, c. 11

N.S. Reg. 123/2020 (effective November 1, 2021)

amended N.S. Reg. 145/2024 (effective September 1, 2024)

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 compliance officer

Information submitted to Registrar

When criminal background check not required

Citation

1 These regulations may be cited as the Compliance Officers Regulations .

Definitions

2 In these regulations,

“Act” means the Mortgage Regulation Act ;

“compliance officer” means a compliance officer required by the Act to be

designated to fulfill the duties set out in subsection 25(2) or 35(2) of the Act;

“designated” means designated in accordance with subsection 25(1) or 35(1) of the

Act.

Prescribed criteria for designation as compliance officer

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

a compliance officer:

(

a) the individual is

(

i) at least 19 years old, and

(ii) a resident of Canada;

(

b) the individual is engaged with the activities of the licensee to the extent that

the individual is capable of carrying out their duties and responsibilities

under the Act and its regulations;

(

c) the individual has the following status in relation to the licensee:

(

i) for a licensee that is a corporation, the individual is a director or

officer of the corporation,

(ii) for a licensee that is a partnership other than a limited partnership,

the individual is a partner,

(iii) for a licensee 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, or

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

proprietor;

(

d) except as provided by

Section 5, criminal record checks are conducted on

the individual no earlier than 3 months before the date of the designation

and every 2 years while the designation is in force and the checks

(

i) disclose no evidence of any conviction for fraud or theft, and

(ii) generally do not raise any issues concerning the appropriateness of

the designation.

Information submitted to Registrar

4 Except as required by

Section 5, before being designated as a compliance officer, and

every 2 years while the designation is in force, an individual must submit all of the

following to the Registrar:

(

a) the results of the criminal record checks referred to in clause 3(d);

(

b) confirmation in writing, in a form satisfactory to the Registrar, that the

individual has read and understands the Act and its regulations and agrees to

carry out their duties and responsibilities under the Act and its regulations.

When criminal background check not required

5 A criminal record check is not required to be conducted on a compliance officer every 2

years while the designation is in force if, every 2 years while the designation is in force,

the compliance officer confirms in writing that there has been no change in the

information shown in the results of the most recent criminal record check provided to the

Registrar and the Registrar is satisfied that no further verification is required.

Legislative History

Reference Tables

Compliance Officers Regulations

N.S. Reg.

123/2020

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 Compliance Officers 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

123/2020

Nov 1, 2021

date

specified (date that Act comes into force on proclamation)

Oct 9, 2020

145/2024

Sep 1, 2024

date specified

Aug 9, 2024

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

3(d) ...................................................

am. 145/2024

4 ........................................................

am. 145/2024

. 4(a) .................................................

am. 145/2024

5 ........................................................

ad. 145/2024

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.