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For the official version of the regulations, consult the original documents on file with the Office of the Registrar of Regulations , or refer to the Royal Gazette

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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Mortgage Insurance Regulations

made under

Section 15 of the

Housing Supply and Services Act

S.N.S. 2022, c. 36

N.S. Reg. 60/2023 (effective March 31, 2023)

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

Amalgamation of First Fund and Second Fund to form Mortgage Insurance Fund

Mortgage insurance fee

Application of regulations

Mortgage Insurance Fund monies

Use of Mortgage Insurance Fund on default

Interest credited to Mortgage Insurance Fund

No adverse effect

Citation

1 These regulations may be cited as the Mortgage Insurance Regulations .

Definitions

2 In these regulations,

“Act” means the Housing Supply and Services Act ;

“Corporation” means Housing Nova Scotia;

“Department” means the Department of Municipal Affairs and Housing;

“First Fund” means the First Mortgage Insurance Fund continued under the First

Mortgage Insurance Fund Regulations made under the Housing Act ;

“Minister” means the Minister of Municipal Affairs and Housing;

“Mortgage Insurance Fund” means the Mortgage Insurance Fund referred to in

Section 3;

“Second Fund” means the Second Mortgage Insurance Fund continued under the

Second Mortgage Insurance Fund Regulations made under the Housing Act .

Amalgamation of First Fund and Second Fund to form Mortgage Insurance Fund

3 The First Fund and the Second Fund are continued, as a special purpose fund within the

meaning of the Finance Act , and are hereby amalgamated to form the Mortgage

Insurance Fund.

Mortgage insurance fee

(1) The Minister may levy a mortgage insurance fee not exceeding 3.36% of the

principal amount of any mortgage loan payable by a borrower when the regulations

apply.

(2) If the Minister levies a mortgage insurance fee under subsection (1), the entire

amount of the mortgage insurance fee becomes payable when 1 of the following

occurs:

(

a) the first advance is made to the borrower, if the mortgage involves multiple

advances; or

(

b) the entire principal amount of a mortgage is advanced to the mortgagor, if

the mortgage does not involve multiple advances.

(3) The mortgagor may use a portion of the mortgage funds to make the payment

under subsection (2).

(4) If the Minister levies a mortgage insurance fee under subsection (1), the Minister

must pay the mortgage insurance fee into the Mortgage Insurance Fund.

Application of regulations

(1) These regulations apply to mortgages in favour of the Corporation and the

Department made pursuant to a loan made under any of the following statutes:

(

a) the Act;

(

b) the Housing Nova Scotia Act ;

(

c) the former Housing Act .

(2) These regulations continue [to] apply to mortgages referred to in subsection 5(1)

after the Minister or the Minister’s assignee, or the Corporation or its assignee,

assigns its rights and obligations in a mortgage referred to in subsection 5(1) to a

third party in order for the borrower to secure a loan from the third party to

purchase or construct housing units to be used for the purposes referred to in

Section 2 of the Act.

Mortgage Insurance Fund monies

(1) The monies in the Mortgage Insurance Fund must be held on behalf of the

Minister and may be invested by the Minister in accordance with the Finance Act .

(2) Income earned on the First Fund and the Second Fund must be credited to the

Mortgage Insurance Fund.

Use of Mortgage Insurance Fund on default

7 If a mortgage referred to in

Section 5 insured under these regulations is in default, losses

incurred as a result of the default may be charged to the Mortgage Insurance Fund.

Interest credited to Mortgage Insurance Fund

8 Interest accrued on the insurance fee may be credited to the Mortgage Insurance Fund

annually at the provincial borrowing rate as advised by the Minister of Finance and

Treasury Board on March 31 of each fiscal year.

No adverse effect

9 The repeal of the First Mortgage Insurance Fund Regulations and the Second Mortgage

Insurance Fund Regulations made under the Housing Act does not adversely affect the

First Fund or Second Fund or any outstanding loan made, guaranteed or insured under

those regulations.

Legislative History

Reference Tables

Mortgage Insurance Regulations

N.S. Reg.

60/2023

Housing Supply and Services 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 Mortgage Insurance Regulations made under the Housing Supply and Services Act includes all of the

following regulations:

N.S.

Regulation

In force

date*

How in force

Royal Gazette

Part II Issue

60/2023

Mar 31, 2023

date specified

Apr 21, 2023

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.