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O. Reg. 23/08: Mortgage Brokers and Agents: Licensing

filed February 15, 2008 under Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29

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ontario regulation 23/08

made under the

mortgage brokerages, lenders and administrators act, 2006

Made: February 13, 2008
Filed: February 15, 2008
Published on e-Laws: February 15, 2008
Printed in The Ontario Gazette: March 1, 2008

Amending O. Reg. 409/07

(Mortgage Brokers and Agents: Licensing)

1. Section 3 of Ontario Regulation 409/07 is amended by adding the following subsection:

(2) Subsection (1) does not apply if the individual was required, as a condition of the prior licence, to successfully complete an education program by a specified date and the individual did not do so.

2. Section 6 of the Regulation is amended by adding the following subsection:

(2) Subsection (1) does not apply if the individual was required, as a condition of the prior licence, to successfully complete an education program by a specified date and the individual did not do so.

3. Subsection 7 (1) of the Regulation is amended by striking out “both” in the portion before paragraph 1 and substituting “all”.

4. Section 9 of the Regulation is amended by adding the following subsection:

(2) Despite subsection (1), an individual’s licence cannot be renewed if the individual was required, as a condition of the previous licence, to successfully complete an education program by a specified date and the individual did not do so.

5. Clause 15 (3) (c) of the Regulation is revoked and the following substituted:

(c) if the individual undertakes, as a condition of his or her licence, to successfully complete an approved education program for mortgage agents before July 1, 2009.

6. This Regulation comes into force on March 1, 2008.