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O. Reg. 286/11: Mortgage Brokers and Agents : Licensing

filed June 23, 2011 under Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29

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ontario regulation 286/11

made under the

mortgage brokerages, lenders and administrators act, 2006

Made: June 22, 2011
Filed: June 23, 2011
Published on e-Laws: June 27, 2011
Printed in The Ontario Gazette: July 9, 2011

Amending O. Reg. 409/07

(Mortgage Brokers and Agents: Licensing)

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

“authorizing certificate” means a certificate, licence, registration, or other form of official recognition, granted by an out-of-province regulatory authority to an individual, which attests to the individual being qualified to practise the occupation that is substantially equivalent to that of mortgage broker or mortgage agent and authorizes the individual to practise either occupation, use a title or designation relating to either occupation, or both; (“certificat d’autorisation”)

“occupation” means a set of jobs which, with some variation, are similar in their main tasks or duties or in the type of work performed; (“métier ou profession”)

“out-of-province regulatory authority” means a regulatory authority that is authorized to issue authorizing certificates under an Act of Canada or of a province, other than Ontario, or territory of Canada that is a party to the Agreement on Internal Trade, as defined in the Ontario Labour Mobility Act, 2009; (“autorité de réglementation extraprovinciale”)

2. The Regulation is amended by adding the following section:

Partial exemption, out-of-province authorizing certificate

2.1 (1) An individual is exempted from the prescribed education and experience requirements for a broker’s licence if,

(a) the individual holds an authorizing certificate in good standing;

(b) the Superintendent is satisfied that the authorizing certificate authorizes the individual to practise the occupation that is substantially equivalent to that of mortgage broker;

(c) the individual demonstrates knowledge of matters applicable to practising as a mortgage broker in Ontario, if this is required by the Superintendent of all applicants under this subsection, and if so required, in the manner required by the Superintendent, which shall not include material additional training, experience, examinations or assessments; and

(d) the individual complies with any requirements for mortgage brokers that are listed on the website of the Ministry of Training, Colleges and Universities or other website specified in a regulation made under the Ontario Labour Mobility Act, 2009 pursuant to subsection 9 (3) of that Act.

(2) Despite subsection (1), if an individual’s authorizing certificate is subject to a condition, the Superintendent may,

(a) impose an equivalent condition on the broker’s licence issued to the individual; or

(b) refuse to issue a broker’s licence to the individual, if the Superintendent cannot impose an equivalent condition on the broker’s licence.

3. The Regulation is amended by adding the following section:

Partial exemption, out-of-province authorizing certificate

5.1 (1) An individual is exempted from the prescribed education requirements for an agent’s licence if,

(a) the individual holds an authorizing certificate in good standing;

(b) the Superintendent is satisfied that the authorizing certificate authorizes the individual to practise the occupation that is substantially equivalent to that of mortgage agent;

(c) the individual demonstrates knowledge of matters applicable to practising as a mortgage agent in Ontario, if this is required by the Superintendent of all applicants under this subsection, and if so required, in the manner required by the Superintendent, which shall not include material additional training, experience, examinations or assessments; and

(d) the individual complies with any requirements for mortgage agents that are listed on the website of the Ministry of Training, Colleges and Universities or other website specified in a regulation made under the Ontario Labour Mobility Act, 2009 pursuant to subsection 9 (3) of that Act.

(2) Despite subsection (1), if an individual’s authorizing certificate is subject to a condition, the Superintendent may,

(a) impose an equivalent condition on the agent’s licence issued to the individual; or

(b) refuse to issue an agent’s licence to the individual, if the Superintendent cannot impose an equivalent condition on the agent’s licence.

Commencement

4. This Regulation comes into force on the later of July 1, 2011 and the day this Regulation is filed.

 

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