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Volume 47,

No. 7

B.C. Reg. 127/2004

The British Columbia Gazette,

Part II

April 6, 2004

B.C. Reg. 127/2004, deposited March 26, 2004, pursuant

to the MORTGAGE BROKERS ACT [Section 23]. Order in Council 298/2004,

approved and ordered March 25, 2004.

On the recommendation of the undersigned, the Lieutenant Governor,

by and with the advice and consent of the Executive Council, orders that, effective

June 1, 2004, the Mortgage Brokers Act Regulations, B.C. Reg. 100/73, are amended

as set out in the attached Schedule.

— G. COLLINS, Minister of Finance;

K. FALCON, Presiding Member of the Executive Council.

Schedule

1 Sections 4 and 5 of the Mortgage Brokers Act Regulations, B.C. Reg. 100/73,

are repealed and the following substituted:

Qualifications for registration under the Act

4 An applicant for registration or renewal of

registration as a mortgage broker or submortgage broker must qualify for the

registration or renewal of registration by

(

a) taking the course or courses, and passing the examination

or examinations, specified by the registrar, or

(

b) satisfying the registrar that the applicant is suitable

for registration as a mortgage broker or submortgage broker, as the case may be,

(

i) by challenging the examination or examinations specified

by the registrar and proving his or her qualifications by passing the examination

or examinations, as the case may be, or

(ii) on the basis of the applicant having successfully

completed training that is at least equivalent to having completed the course

or courses referred to in paragraph (a).

Fees respecting registration under the Act

(1) In this section, "business address"

means an address at or from which a mortgage broker or submortgage broker does

any of the things referred to in the definition of "mortgage broker" in

section 1

of the Act.

(2) There must be paid to the government, for a matter

itemized in Column 1 of the following

Schedule of Fees, the fee set out

opposite that item in Column 2 of that schedule.

Schedule of Fees

Item

Column 1

Column 2

For registration as a mortgage broker having

only a single business address

$1 000

For registration as a mortgage broker having

more than a single business

address

$1 000 payable on registration, plus $200 for each additional

business

address, payable on a one-time only basis at the time

business is first

commenced from that business address

For registration as a submortgage broker

$1 000

For renewal of registration as a mortgage broker

$500

For renewal of registration as a submortgage broker

$500

For amendment, on application by a mortgage broker

or submortgage broker,

of the register kept under

section 3 of the Act

$200

For reinstatement of the registration of a submortgage

broker, in accordance

with

section 3 (8) of the Act

$200

For late filing of a renewal of registration or financial

information

required under the Act

$50 multiplied by the number of days by which the filing is late,

$500, whichever is the lesser amount

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