![](https://www.ontario.ca/misc/message-24-info.png)
Important: This version of the e-Laws website will be upgraded to a new version in the coming weeks.
You can try the beta version of the new e-Laws at ontario.ca/laws-beta.
![](/sites/all/themes/ontario/images/ontario-black@2x.png)
O. Reg. 411/07: MORTGAGE ADMINISTRATORS: LICENSING
under Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29
Skip to contentcurrent | June 8, 2019 – (e-Laws currency date) |
June 5, 2019 – June 7, 2019 | |
March 6, 2009 – June 4, 2019 | |
July 1, 2008 – March 5, 2009 | |
June 6, 2008 – June 30, 2008 | |
March 1, 2008 – June 5, 2008 | |
July 27, 2007 – February 29, 2008 |
Mortgage Brokerages, Lenders and Administrators Act, 2006
Loi de 2006 sur les maisons de courtage d’hypothèques, les prêteurs hypothécaires et les administrateurs d’hypothèques
ONTARIO REGULATION 411/07
MORTGAGE ADMINISTRATORS: LICENSING
Historical version for the period July 27, 2007 to February 29, 2008.
Note: This Regulation comes into force on March 1, 2008. See: O. Reg. 411/07, s. 5.
Last amendment: O. Reg. 411/07.
This Regulation is made in English only.
Eligibility Criteria
For a corporation
1. (1) A mortgage administrator’s licence may be issued under subsection 14 (1) of the Act to a corporation if all of the following requirements are satisfied:
1. The corporation was incorporated under an Act of any jurisdiction in Canada.
2. The corporation has a mailing address in Ontario that is not a post office box and that is suitable to permit service by registered mail.
3. The corporation has errors and omissions insurance in a form approved by the Superintendent with extended coverage for loss resulting from fraudulent acts or it has some other form of assurance in a form approved by the Superintendent. The insurance or other assurance must be sufficient to pay a minimum of $500,000 in respect of any one occurrence involving the corporation and $1 million in respect of all occurrences during a 365-day period involving the corporation.
4. The corporation has a financial guarantee in an amount equal to $25,000. The financial guarantee may be an irrevocable letter of credit with a financial institution, unimpaired working capital, a surety bond issued by an insurer licensed under the Insurance Act or some other form of financial guarantee in a form approved by the Superintendent. O. Reg. 411/07, s. 1 (1).
(2) In determining whether a corporation is not suitable to be licensed as a mortgage administrator, the Superintendent is required by subsection 14 (1) of the Act to have regard to the following prescribed circumstances:
1. Whether, having regard to its financial position, the corporation cannot reasonably be expected to be financially responsible in the conduct of its business.
2. Whether the past conduct of any director or officer of the corporation affords reasonable grounds for belief that the business of the corporation will not be carried on in accordance with the law and with integrity and honesty.
3. Whether the corporation is carrying on activities that contravene or will contravene the Act or the regulations if the corporation is licensed.
4. Whether a director or officer of the corporation has made a false statement or has provided false information to the Superintendent with respect to the application for a licence. O. Reg. 411/07, s. 1 (2).
(3) If application is made for the licence before July 1, 2008, the application must include evidence satisfactory to the Superintendent that the corporation will have the insurance or other form of assurance described in paragraph 3 of subsection (1) and the financial guarantee described in paragraph 4 of subsection (1) on and after July 1, 2008, but the corporation is not required to have the insurance or other form of assurance or the financial guarantee when the application is made. O. Reg. 411/07, s. 1 (3).
(4) Subsection (3) is revoked on July 1, 2008. O. Reg. 411/07, s. 1 (4).
For a partnership
2. (1) A mortgage administrator’s licence may be issued under subsection 14 (1) of the Act to a partnership if all of the following requirements are satisfied:
1. The partnership was formed under the law of any jurisdiction in Canada.
2. The partnership has a mailing address in Ontario that is not a post office box and that is suitable to permit service by registered mail.
3. The partnership has errors and omissions insurance in a form approved by the Superintendent with extended coverage for loss resulting from fraudulent acts or it has some other form of assurance in a form approved by the Superintendent. The insurance or other assurance must be sufficient to pay a minimum of $500,000 in respect of any one occurrence involving the partnership and $1 million in respect of all occurrences during a 365-day period involving the partnership.
4. The partnership has a financial guarantee in an amount equal to $25,000. The financial guarantee may be an irrevocable letter of credit with a financial institution, unimpaired working capital, a surety bond issued by an insurer licensed under the Insurance Act or some other form of financial guarantee in a form approved by the Superintendent. O. Reg. 411/07, s. 2 (1).
(2) In determining whether a partnership is not suitable to be licensed as a mortgage administrator, the Superintendent is required by subsection 14 (1) of the Act to have regard to the following prescribed circumstances:
1. Whether, having regard to its financial position, the partnership cannot reasonably be expected to be financially responsible in the conduct of its business.
2. Whether the past conduct of any partner affords reasonable grounds for belief that the business of the partnership will not be carried on in accordance with the law and with integrity and honesty.
3. Whether the partnership or any partner is carrying on activities that contravene or will contravene the Act or the regulations if the partnership is licensed.
4. Whether a partner has made a false statement or has provided false information to the Superintendent with respect to the application for a licence. O. Reg. 411/07, s. 2 (2).
(3) If application is made for the licence before July 1, 2008, the application must include evidence satisfactory to the Superintendent that the partnership will have the insurance or other form of assurance described in paragraph 3 of subsection (1) and the financial guarantee described in paragraph 4 of subsection (1) on and after July 1, 2008, but the partnership is not required to have the insurance or other form of assurance or the financial guarantee when the application is made. O. Reg. 411/07, s. 2 (3).
(4) Subsection (3) is revoked on July 1, 2008. O. Reg. 411/07, s. 2 (4).
For a sole proprietorship
3. (1) A mortgage administrator’s licence may be issued under subsection 14 (1) of the Act to a sole proprietorship if all of the following requirements are satisfied:
1. The proprietor is a resident of Canada.
2. The sole proprietorship has a mailing address in Ontario that is not a post office box and that is suitable to permit service by registered mail.
3. The sole proprietorship has errors and omissions insurance in a form approved by the Superintendent with extended coverage for loss resulting from fraudulent acts or it has some other form of assurance in a form approved by the Superintendent. The insurance or other assurance must be sufficient to pay a minimum of $500,000 in respect of any one occurrence involving the sole proprietorship and $1 million in respect of all occurrences during a 365-day period involving the sole proprietorship.
4. The sole proprietorship has a financial guarantee in an amount equal to $25,000. The financial guarantee may be an irrevocable letter of credit with a financial institution, unimpaired working capital, a surety bond issued by an insurer licensed under the Insurance Act or some other form of financial guarantee in a form approved by the Superintendent. O. Reg. 411/07, s. 3 (1).
(2) In determining whether a sole proprietorship is not suitable to be licensed as a mortgage administrator, the Superintendent is required by subsection 14 (1) of the Act to have regard to the following prescribed circumstances:
1. Whether, having regard to its financial position, the sole proprietorship cannot reasonably be expected to be financially responsible in the conduct of its business.
2. Whether the past conduct of the proprietor affords reasonable grounds for belief that the business of the sole proprietorship will not be carried on in accordance with the law and with integrity and honesty.
3. Whether the sole proprietorship or the proprietor is carrying on activities that contravene or will contravene the Act or the regulations if the sole proprietorship is licensed.
4. Whether the proprietor has made a false statement or has provided false information to the Superintendent with respect to the application for a licence. O. Reg. 411/07, s. 3 (2).
(3) If application is made for the licence before July 1, 2008, the application must include evidence satisfactory to the Superintendent that the sole proprietorship will have the insurance or other form of assurance described in paragraph 3 of subsection (1) and the financial guarantee described in paragraph 4 of subsection (1) on and after July 1, 2008, but the sole proprietorship is not required to have the insurance or other form of assurance or the financial guarantee when the application is made. O. Reg. 411/07, s. 3 (3).
(4) Subsection (3) is revoked on July 1, 2008. O. Reg. 411/07, s. 3 (4).
Licensees’ Authorized Names
Authorized names
4. (1) A mortgage administrator’s licence is issued either in the legal name of the corporation, partnership or sole proprietorship or in the legal name and one other name that is registered to the corporation, partnership or sole proprietorship under the Business Names Act. O. Reg. 411/07, s. 4 (1).
(2) Despite subsection (1), a mortgage administrator’s licence cannot be issued to a corporation, partnership or sole proprietorship in any name that the Superintendent reasonably believes is,
(a) the same as or similar to the name of another licensee such that the use of that name by two licensees would be likely to confuse or mislead the public; or
(b) objectionable on any public grounds. O. Reg. 411/07, s. 4 (2).
5. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 411/07, s. 5.