R.R.O. 1990, Reg. 798: GENERAL

Mortgage Brokers Act
Loi sur les courtiers en hypothèques

R.R.O. 1990, REGULATION 798

GENERAL

Note: This Regulation was revoked on July 1, 2008. See: O. Reg. 194/08, ss. 1, 2.

Last amendment: O. Reg. 194/08.

This Regulation is made in English only.

Interpretation

0.1 (1) In this Regulation,

“finance company” means a corporation that meets the following criteria:

1. A material business activity of the corporation involves,

i. purchasing, discounting or otherwise acquiring promissory notes, acceptances, accounts receivable, bills of sale, chattel mortgages, conditional sales contracts, drafts and other obligations representing part or all of the sales price of merchandise, or services,

ii. factoring or purchasing and leasing personal property as part of a hire purchase or similar business, or

iii. making secured and unsecured loans.

2. The shares of the corporation, or a corporation with which the corporation is affiliated, are listed on a stock exchange in Canada or outside Canada that is a prescribed stock exchange for the purposes of the Income Tax Act (Canada).

3. The corporation is not a corporation registered under the Insurance Act or the Loan and Trust Corporations Act, a bank under the Bank Act (Canada) or a credit union.

(2) For the purposes of this Regulation,

(a) a corporation shall be deemed to be controlled by another person or by two or more corporations if, but only if,

(i) voting securities of the first-mentioned corporation carrying more than 50 per cent of the votes for the election of directors are held, other than by way of security only, by or for the benefit of such other person or by or for the benefit of such other corporations, and

(ii) the votes carried by such securities are sufficient, if exercised, to elect a majority of the board of directors of the first-mentioned corporation;

(b) one corporation shall be deemed to be affiliated with another corporation if, but only if, one of them is a subsidiary of the other or both are subsidiaries of the same corporation or each of them is controlled by the same person; and

(c) a corporation shall be deemed to be a subsidiary of another corporation if, but only if,

(i) it is controlled by,

(A) that other, or

(B) that other and one or more corporations each of which is controlled by that other, or

(C) two or more corporations each of which is controlled by that other, or

(ii) it is a subsidiary of a corporation that is that other’s subsidiary. O. Reg. 319/98, s. 1.

Application

1. (1) An application for registration as a mortgage broker or a renewal thereof shall be in a form provided by the Minister.

(2) A notice by a mortgage broker under clause 27 (1) (a) or (b) of the Act shall be in a form provided by the Minister. R.R.O. 1990, Reg. 798, s. 1 (1, 2).

(3) When notified by the Superintendent, the applicant shall file the fee established by the Minister for the application. O. Reg. 319/98, s. 2.

2. Revoked: O. Reg. 319/98, s. 3.

Terms and Conditions of Registration

2.1 Sections 3 to 4.8 are conditions of registration that apply to every mortgage broker. O. Reg. 275/92, s. 1.

3. (1) Every registration expires one year after the date of registration shown on the certificate of registration, unless an application for renewal of registration in a form provided by the Minister, together with the application fee established by the Minister, is filed with the Superintendent before the registration expires. O. Reg. 319/98, s. 4 (1).

(2) No person shall be registered as a mortgage broker unless the person is a resident and, in the case of an individual, the person has attained the age of eighteen.

(3) Every person registered as a mortgage broker shall operate from a permanent place of business in Ontario that shall be open to the public during normal business hours.

(4) Every applicant for registration shall state in the application an address for service in Ontario.

(5) Where an applicant for registration is a corporation, a copy of the most recent audited financial statement or, where the corporation is recently incorporated, a pro forma balance sheet shall be attached to the application referred to in subsection 1 (1) and where the applicant is a sole proprietorship or partnership, a recent statement of personal assets and liabilities shall be attached to the application.

(6) Every mortgage broker shall keep and maintain books and records as set out in section 7. R.R.O. 1990, Reg. 798, s. 3 (2-6).

(7) Revoked: O. Reg. 275/92, s. 2 (2).

(8) The Superintendent may require further information or material to be submitted by any applicant or any registered person within a specified time limit and may require verification by affidavit or otherwise of any information or material then or previously submitted. R.R.O. 1990, Reg. 798, s. 3 (8); O. Reg. 319/98, s. 4 (2).

(9) Every mortgage broker shall notify the Superintendent of the name of every person who is employed or authorized to arrange or deal in mortgages on behalf of the mortgage broker or who ceases to be employed or authorized to arrange or deal in mortgages on behalf of the mortgage broker. O. Reg. 275/92, s. 2 (3); O. Reg. 319/98, s. 4 (3).

(9.1) Notice under subsection (9) shall be given within five days after the person is employed or authorized or ceases to be employed or authorized. O. Reg. 275/92, s. 2 (3).

(10) Where a mortgage broker is a corporation, it shall, within five days after the event, notify the Superintendent in a form provided by the Minister where there is a change in a director of the corporation or where there is a change in its controlling interest. R.R.O. 1990, Reg. 798, s. 3 (10); O. Reg. 319/98, s. 4 (4).

(11) Revoked: O. Reg. 275/92, s. 2 (4).

(12) Revoked: O. Reg. 275/92, s. 2 (4).

(13) Revoked: O. Reg. 275/92, s. 2 (5).

(14) Revoked: O. Reg. 275/92, s. 2 (6).

(15) Revoked: O. Reg. 275/92, s. 2 (6).

4. (1) An application for registration or renewal of registration shall not be granted unless,

(a) in the case of an individual applicant, he or she has successfully completed an educational program approved by the Superintendent relating to the business of mortgage brokers during the two years preceding the application;

(b) in the case of an applicant that is a partnership, association, syndicate or organization of individuals, every member of the applicant has successfully completed an educational program referred to in clause (a) during the two years preceding the application; and

(c) in the case of a corporate applicant, every active officer and director of the corporation has successfully completed an educational program referred to in clause (a) during the two years preceding the application.

(2) Subsection (1) does not apply in respect of an individual applicant, a member of an applicant referred to in clause (1) (b) or an officer or director of a corporate applicant if the individual applicant, member, officer or director,

(a) has successfully completed an educational program referred to in clause (1) (a) at any time preceding the application; and

(b) in the two years preceding the application,

(i) actively engaged in business as a mortgage broker or as a member, officer or director of a mortgage broker, or

(ii) was employed or authorized to arrange or deal in mortgages on behalf of a mortgage broker. O. Reg. 319/98, s. 5 (1).

(3) Subsection (1) does not apply to an individual applicant, to a member of an applicant referred to in clause (1) (b) or to an officer or director of a corporate applicant if the individual applicant, member, officer or director,

(a) on the 1st day of November, 1971, was registered as a mortgage broker or was an active member, officer or director of a registered mortgage broker; and

(b) in the year preceding the application,

(i) was registered as a mortgage broker,

(ii) actively engaged in business as a member, officer or director of a mortgage broker, or

(iii) was employed or authorized to arrange or deal in mortgages on behalf of a mortgage broker. O. Reg. 275/92, s. 3 (1).

(4) Subsection (1) does not apply in respect of an individual applicant, a member of an applicant referred to in clause (1) (b) or an officer or director of a corporate applicant if the individual applicant, member, officer or director is a member of the Law Society of Upper Canada or a person licensed under the Public Accountancy Act. O. Reg. 319/98, s. 5 (2).

(4.1) Revoked: O. Reg. 319/98, s. 5 (2).

(5) A corporation that is registered as a mortgage broker shall ensure that all of its directors and officers who are actively engaged in the mortgage broker business have successfully completed an educational program referred to in clause (1) (a).

(6) Subsection (5) does not apply in respect of a director or officer who is a member of the Law Society of Upper Canada or a person licensed under the Public Accountancy Act.

(7) Clause (1) (c) and subsection (5) do not apply to,

(a) a finance company that is, or is an affiliate of, the lender for all of the mortgages that the finance company arranges or deals in; or

(b) a corporation that is the lender for all of the mortgages that it arranges or deals in and that only arranges or deals in mortgages having a principal amount of $1,000,000 or more. O. Reg. 319/98, s. 5 (2).

(8) Revoked: O. Reg. 319/98, s. 5 (2).

(9) Revoked: O. Reg. 319/98, s. 5 (2).

(10) Revoked: O. Reg. 319/98, s. 5 (2).

4.1 (1) In this section,

“investor” means a person who, using the services of a mortgage broker, lends money on the security of real estate or purchases a loan or an interest in a loan made on the security of real estate, and includes a prospective investor.

(2) A mortgage broker shall not receive money from an investor or enter into an agreement to receive money from an investor unless an existing mortgage is available on a specific property or an application has been made for a new mortgage on a specific property. O. Reg. 275/92, s. 4.

(3) At least forty-eight hours, not including any time on a Sunday or holiday, before receiving money from an investor or entering into an agreement to receive money from an investor, the mortgage broker shall deliver to the investor a completed disclosure statement in the form established by the Minister, together with the following documents:

1. If the statement concerns an existing mortgage, a copy of the mortgage.

2. If an appraisal of the property has been done in the preceding twelve months and is available to the mortgage broker, a copy of the appraisal.

3. If an agreement of purchase and sale in respect of the property has been entered into in the preceding twelve months and is available to the mortgage broker, a copy of the agreement of purchase and sale.

4. If a copy of an appraisal of the property is not delivered to the investor, documentary evidence of the property’s value, other than an agreement of purchase and sale.

5. Documentary evidence respecting the borrower’s ability to meet the mortgage payments, such as a credit bureau report or a letter from an employer disclosing the borrower’s earnings.

6. If the investor requests, a copy of the borrower’s application for a mortgage.

7. If the mortgage is a new mortgage, documentary evidence of any down payment made by the borrower for the purchase of the property.

8. A copy of any agreement that the investor may be asked to enter into with the mortgage broker. O. Reg. 275/92, s. 4; O. Reg. 319/98, s. 6 (1).

(4) At the time the statement is delivered to the investor under subsection (3), the mortgage broker shall also deliver to the investor, in writing, all other information an investor of ordinary prudence would consider to be material to a decision whether to lend money on the security of the property. O. Reg. 275/92, s. 4.

(5) At least 48 hours, not including any time on a Sunday or holiday, before receiving an agreement to renew a mortgage from an investor, the mortgage broker shall deliver to the investor a completed renewal statement in the form established by the Minister, together with the following documents:

1. If an appraisal of the property has been done in the preceding twelve months and is available to the mortgage broker, a copy of the appraisal.

2. If an agreement of purchase and sale in respect of the property has been entered into in the preceding twelve months and is available to the mortgage broker, a copy of the agreement of purchase and sale.

(6) At the time the statement is delivered to the investor under subsection (5), the mortgage broker shall also deliver to the investor, in writing, all other information an investor of ordinary prudence would consider to be material to a decision whether to renew the mortgage. O. Reg. 319/98, s. 6 (2).

(7) Revoked: O. Reg. 319/98, s. 6 (2).

(8) Revoked: O. Reg. 319/98, s. 6 (2).

(9) Revoked: O. Reg. 319/98, s. 6 (2).

(10) Subsections (3) to (6) do not apply to an investor if the investor is,

(a) the mortgage broker;

(b) a member of the mortgage broker, if the mortgage broker is a partnership, association, syndicate or organization of individuals;

(c) an officer or director of the mortgage broker, if the mortgage broker is a corporation;

(d) a person who controls the mortgage broker, if the mortgage broker is a corporation;

(e) a corporation that is affiliated with the mortgage broker, if the mortgage broker is a corporation;

(f) a corporation registered under the Insurance Act or the Loan and Trust Corporations Act;

(g) a bank under the Bank Act (Canada);

(h) a credit union;

(i) a finance company registered under the Act; or

(j) a corporation that is an approved lender under the National Housing Act (Canada). O. Reg. 275/92, s. 4; O. Reg. 319/98, s. 6 (3-5).

(11) Revoked: O. Reg. 319/98, s. 6 (6).

4.2 A mortgage broker shall not, directly or indirectly, offer any guarantee in respect of an investment in mortgages. O. Reg. 275/92, s.4.

4.3 A mortgage broker shall not make any false, misleading or deceptive statement concerning the quality or availability of mortgages or the procedures, costs or consequences of mortgage transactions. O.Reg. 275/92, s. 4.

4.4 A mortgage broker shall not sell, attempt to sell, or arrange or attempt to arrange the sale of a mortgage that has been in default at any time in the preceding twelve months, except to a person,

(a) who has been informed by the mortgage broker of the amount and length of the default; and

(b) who acknowledges in writing that the person has received the information referred to in clause (a). O. Reg. 275/92, s. 4.

4.5 (1) A mortgage broker shall not receive payments from the borrower on behalf of a mortgagee except pursuant to an agreement in writing between the mortgage broker and the mortgagee.

(2) A mortgage broker shall not enter into an agreement referred to in subsection (1) unless the agreement contains the following provisions:

1. A provision that specifies the name in which the mortgage will be registered.

2. If the mortgage is held in trust, provisions that specify the details of the trust.

3. Provisions with respect to the disposition of all payments made by the borrower, including penalties and bonuses.

4. A provision that requires the notification of the mortgagee in the event of a default under the mortgage.

5. Provisions respecting the rights and obligations of the mortgagee in the event of default under the mortgage and the costs for which the mortgagee will be responsible in that event.

6. Provisions respecting the procedures that will be followed in the event of foreclosure or the exercise of a power of sale, including provisions respecting the rights and obligations of the mortgagee.

7. A provision that requires the mortgage broker to notify the mortgagee in the event that the mortgage broker becomes aware of a subsequent encumbrance on the property or any other significant change in circumstances affecting the mortgage.

8. Provisions respecting any fees payable by the mortgagee under the agreement, including provisions that specify the method of payment and how the fees are to be calculated.

9. Provisions respecting the terms and conditions under which the mortgagee may dispose of all or part of the mortgagee’s interest in the mortgage.

(3) At least forty-eight hours, not including any time on a Sunday or holiday, before entering into an agreement referred to in subsection (1), the mortgage broker shall deliver to the mortgagee a copy of the proposed agreement.

(4) The mortgage broker shall not make payments to the mortgagee except from payments of principal and interest made by the borrower under the mortgage.

(5) If the borrower makes a payment by cheque, other than by certified cheque, the mortgage broker shall not make a payment to the mortgagee under subsection (4) until the cheque has cleared and the mortgage broker has received the funds.

(6) If the mortgage broker receives money as the proceeds of the redemption or partial redemption of the mortgage, the mortgage broker shall promptly deliver a cheque to the mortgagee for the full amount owing to the mortgagee. O. Reg. 275/92, s. 4.

4.6 (1) At least seventy-two hours, not including any time on a Sunday or holiday, before a borrower signs a mortgage instrument or any commitment to enter into a mortgage, the mortgage broker shall deliver to the borrower,

(a) a completed statement of mortgage in the form established by the Minister;

(b) an amortization schedule showing,

(i) the principal amount of the loan,

(ii) the due date of each periodic payment,

(iii) the amount of each periodic payment,

(iv) the portion of each periodic payment charged as interest,

(v) the portion of each periodic payment applied on principal,

(vi) the outstanding balance of the loan after each periodic payment, and

(vii) the balance at maturity; and

(c) if the borrower has completed an application for a mortgage, a copy of the borrower’s application. O. Reg. 275/92, s. 4; O. Reg. 319/98, s. 7 (1).

(2) The time period prescribed by subsection (1) does not apply if,

(a) after receiving the documents referred to in clauses (1) (a) to (c), the borrower gives the mortgage broker,

(i) a written statement signed by the borrower stating that the borrower wishes to waive the time period prescribed by subsection (1), and

(ii) a written statement signed by a lawyer stating that,

(A) the lawyer has seen the documents that were delivered to the borrower under subsection (1),

(B) the lawyer has given the borrower legal advice with respect to the statement referred to in subclause (i), and

(C) in advising the borrower, the lawyer has no interest that conflicts with or is likely to conflict with the interests of the borrower; and

(b) the borrower does not sign the mortgage instrument or the commitment to enter into the mortgage until at least twenty-four hours after receiving the documents referred to in clauses (1) (a) to (c). O. Reg. 275/92, s. 4.

(3) The time period prescribed by subsection (1) does not apply if,

(a) no brokerage fee is payable by the borrower to the mortgage broker for the mortgage;

(b) the lender for the mortgage is,

(i) a corporation registered under the Insurance Act or the Loan and Trust Corporations Act,

(ii) a bank under the Bank Act (Canada),

(iii) a credit union, or

(iv) a finance company; and

(c) the mortgage broker delivers the documents referred to in clauses (1) (a), (b) and (c) to the borrower before the borrower signs the mortgage instrument or the commitment to enter into the mortgage.

(4) The time period prescribed by subsection (1) does not apply if,

(a) no brokerage fee is payable by the borrower to the mortgage broker for the mortgage;

(b) the lender for the mortgage is a corporation that is an approved lender under the National Housing Act (Canada);

(c) the mortgage is a first mortgage; and

(d) the mortgage broker delivers the documents referred to in clauses (1) (a), (b) and (c) to the borrower before the borrower signs the mortgage instrument or the commitment to enter into the mortgage. O. Reg. 319/98, s. 7 (2).

(5) Revoked: O. Reg. 319/98, s. 7 (2).

(6) Revoked: O. Reg. 319/98, s. 7 (2).

(7) A mortgage broker shall not request a borrower to sign a mortgage instrument or a commitment to enter into a mortgage that contains terms that differ in any respect from the terms described in the statement delivered under clause (1) (a). O. Reg. 275/92, s. 4.

4.7 If the principal amount of a mortgage is $200,000 or less, no mortgage broker shall accept an advance payment or deposit, or require or attempt to induce a person to make an advance payment or deposit, for services to be rendered or expenses to be incurred by the mortgage broker or any other person. O. Reg. 275/92, s. 4.

4.8 (1) A mortgage broker shall not unreasonably withhold any deeds, instruments or other documents from their owner.

(2) A mortgage broker shall promptly return deeds, instruments or other documents to their owner when requested in writing to do so by the Registrar, the owner or the owner’s agent. O. Reg. 275/92, s. 4.

Exemptions

5. (1) An individual who lends or invests his or her own money on the security of real estate and does not otherwise act as a mortgage broker is exempt from section 8 of the Act.

(2) A corporation that lends or invests money on the security of real estate and does not otherwise act as a mortgage broker is exempt from section 9 of the Act.

(3) A person who is a mortgagor, mortgagee, assignor or assignee in a mortgage transaction on the security of a lot or unit in a subdivision in Canada, as defined in section 11 of the Act, is exempt from the provisions of section 12 of the Act where the amount of the loan or the consideration for the assignment is $100,000 or greater. R.R.O. 1990, Reg. 798, s. 5.

Trust Funds

6. (1) All funds received by a mortgage broker in connection with a mortgage transaction other than those which are clearly made as payment for fees earned shall be deemed to be trust funds.

(2) Every mortgage broker shall maintain in respect of all funds that come into the mortgage broker’s hands in trust a separate trust account in an Ontario Branch of a chartered bank, a corporation registered under the Loan and Trust Corporations Act or Province of Ontario Savings Office designated as “The Mortgage Brokers Act Trust Account”, or a credit union as defined in the Credit Unions and Caisses Populaires Act. R.R.O. 1990, Reg. 798, s. 6 (1, 2).

(3) For the purpose of this section, no mortgage broker shall maintain more than one account designated as a trust account unless the mortgage broker has notified the Superintendent and has the Superintendent’s consent in writing. R.R.O. 1990, Reg. 798, s. 6 (3); O. Reg. 319/98, s. 8.

(4) All trust funds received by the broker whether by cash, cheque or otherwise shall be deposited in the mortgage broker’s trust account within two banking days of their receipt.

(5) Every mortgage broker shall deliver a written confirmation to the investor setting out therein the amount of any money received for investment purposes together with the terms upon which the money was held.

(6) No mortgage broker shall disburse any money held in trust, or any part thereof, except in accordance with the terms and conditions upon which the money was received.

(7) Nothing in this section shall be construed as affecting the right to any remedy available in law to the mortgage broker or any other person having a lawful claim to the money held in the trust account referred to in subsection (2). R.R.O. 1990, Reg. 798, s. 6 (4-7).

Books and Records

7. (1) Books and records shall be kept and maintained in accordance with generally accepted accounting principles applied on a consistent basis that show all money and assets received and paid out.

(2) Books and records shall, where applicable, distinguish between money and assets pertaining to the operation of the mortgage broker and money and assets held in trust or under administration by the mortgage broker, directly or indirectly.

(3) Books and records shall include but not be limited to a receipts journal, a disbursements journal, a general journal, a general ledger, a client’s ledger and a trust ledger.

(4) Books and records shall be audited annually by a person licensed under the Public Accountancy Act. R.R.O. 1990, Reg. 798, s. 7 (1-4).

(4.1) Every mortgage broker shall file with the Registrar a copy of the mortgage broker’s financial statements as of the end of each fiscal year of the mortgage broker, audited by a person licensed under the Public Accountancy Act. O. Reg. 275/92, s. 5 (1).

(4.2) Revoked: O. Reg. 319/98, s. 9 (1).

(5) The financial statements required under subsection (4.1) shall be accompanied by a report of an auditor of the mortgage broker who shall state in the report whether or not in the auditor’s opinion the report presents fairly the financial position of the mortgage broker with respect to,

(a) the results of the operations of the mortgage broker for the fiscal period under review;

(b) any money or assets held in trust by the mortgage broker, directly or indirectly; and

(c) any money or assets under administration by the mortgage broker, directly or indirectly. R.R.O. 1990, Reg. 798, s. 7 (5); O. Reg. 275/92, s. 5 (2).

(5.1) Subsections (4), (4.1) and (5) do not apply to a mortgage broker for a fiscal year if, in the fiscal year,

(a) the mortgage broker has not, directly or indirectly, had any mortgages under administration; and

(b) the mortgage broker has not, directly or indirectly, held any money or assets in trust, other than money held to pay property taxes.

(5.2) Every mortgage broker that is exempt from subsections (4), (4.1) and (5) for a fiscal year by virtue of subsection (5.1), other than a mortgage broker to which subsection (5.4) applies, shall file with the Superintendent a copy of the mortgage broker’s financial statements as of the end of the fiscal year prepared in accordance with generally accepted accounting principles and subject to a review made by a person licensed under the Public Accountancy Act in accordance with generally accepted standards for review engagements.

(5.3) Financial statements filed under subsection (5.2) shall include a note confirming that, for the fiscal year,

(a) the mortgage broker has not, directly or indirectly, had any mortgages under administration; and

(b) the mortgage broker has not, directly or indirectly, held any money or assets in trust, other than money held to pay property taxes.

(5.4) A mortgage broker that is a corporation shall file with the Superintendent a copy of the mortgage broker’s financial statements as of the end of the fiscal year, approved by the mortgage broker’s board of directors, if,

(a) the mortgage broker is exempt from subsections (4), (4.1) and (5) for a fiscal year by virtue of subsection (5.1); and

(b) the mortgage broker is the lender for all of the mortgages that it arranges or deals in and only arranges or deals in mortgages having a principal amount of $1,000,000 or more.

(5.5) Financial statements filed under subsection (5.4) shall be accompanied by a statement from an active officer or director of the mortgage broker confirming that, for the fiscal year,

(a) the mortgage broker has not, directly or indirectly, had any mortgages under administration; and

(b) the mortgage broker has not, directly or indirectly, held any money or assets in trust, other than money held to pay property taxes.

(5.6) The financial statements referred to in subsections (4.1), (5.2) and (5.4) shall be filed within 120 days after the end of the fiscal year.

(5.7) Subsections (5.1) to (5.6) apply in respect of every fiscal year that ends on or after July 1, 1998. O. Reg. 319/98, s. 9 (2).

(6) Every mortgage broker shall keep and maintain with respect to each mortgage transaction and each mortgage application that the mortgage broker is involved in, directly or indirectly, a record of,

(a) the names and addresses of all principals, agents and solicitors in respect of each mortgage transaction;

(b) the terms and conditions of each mortgage transaction;

(c) the itemized fees, expenses, costs and other charges required to be borne by the mortgagor, mortgage purchaser or mortgage assignor in respect of each mortgage transaction;

(d) the particulars of any agreement related to a mortgage transaction or application;

(e) mortgages held in trust or under administration;

(f) names and addresses of all participants, investors or beneficiaries of a trust;

(g) correspondence with participants, investors, mortgagees, mortgagors and prospective mortgagors;

(h) particulars of any payments received;

(i) mortgage payment dates;

(j) legal correspondence; and

(k) copies of appraisals.

(7) An entry in a book or record required to be kept under this section shall be retained for a period of six years from the date of entry.

(8) A record required to be kept under subsection (6) shall be retained for a period of six years from the date of maturity or other expiry of the mortgage transaction. R.R.O. 1990, Reg. 798, s. 7 (6-8).

Prospectus

8. A prospectus under section 12 of the Act shall contain,

(a) in the case of an individual or partnership, the full name and residence address of the individual or of each member of the partnership, as the case may be, together with the business address of the individual or partnership;

(b) in the case of a corporation,

(i) the full name of the corporation and the address of its head office,

(ii) the laws under which the corporation was incorporated and stating whether incorporated by letters patent or otherwise and the date thereof,

(iii) whether supplementary letters patent or a similar authority for variation of the letters patent or otherwise has been issued and the date thereof,

(iv) the names of the officers and directors, giving in each case the present occupation and home address in full,

(v) the particulars of the share capital authorized, issued and paid up, the number and classes of shares and the par value thereof or if without par value so stating, and

(vi) the particulars of any bonds or debentures outstanding or proposed to be issued;

(c) the name and address of the auditors of the individual, partnership or corporation, as the case may be;

(d) a general description of the subdivision and the area surrounding it;

(e) a legal description of the subdivision and particulars of the state of the title;

(f) particulars of all encumbrances, both existing and proposed, and of the provisions made or to be made for their discharge;

(g) particulars of the terms and conditions upon which it is intended to dispose of the subdivided lands and, if any particular forms of contract are to be used, stating when and where the subdivided lands may be inspected;

(h) particulars of the manner in which the plan of subdivision has been filed with the appropriate land registry office or similar recording office in the municipality or district in which the subdivision is situate, giving the date of approval or other acceptance by the appropriate officials and the date and number of the registration of the plan;

(i) particulars of the manner in which title of a particular lot or unit or other interest is to be conveyed to a prospective purchaser;

(j) particulars of the arrangements to govern the handling of deposits and other money received or to be received from purchasers or prospective purchasers between the time of payment and the time when the title of a lot or unit or other interest contracted for is conveyed to the purchaser;

(k) particulars of existing public utility services for the subdivision, including water, sewerage, electricity, gas and telephone service and whether public utility service is available or proposed, and particulars of access, roads, sidewalks, street lighting, garbage collection, fire protection, school facilities and public transportation;

(l) particulars of the plan for financing the subdivision and, without limiting the generality of the foregoing, stating,

(i) acquisition costs unpaid, costs of installation of proposed services and details of any other expenditures which are or might reasonably be anticipated, with dates for payment in each case,

(ii) the amounts and nature of all performance bonds or similar securities that are, or are to be, posted or deposited, and

(iii) the source of funds with which all unpaid costs and anticipated expenditures are to be paid;

(m) particulars of all building restrictions, zoning regulations and other restrictions governing the use or development of the subdivided lands;

(n) particulars of any clearing, fill, improvement or other change from the natural state of the subdivided lands;

(o) particulars of any drainage overflow hazard with respect to the subdivided lands and whether arrangements for dyking or drainage have been made or are proposed;

(p) particulars of the nature of the foundations required for building on the subdivided lands;

(q) particulars of arrangements, if any, that have been or are proposed to be made with contractors or builders for construction of houses or other buildings thereon contracted for, commenced or completed, including provision for lien protection, if any; and

(r) in the case of condominium units such other particulars as the Superintendent may require. R.R.O. 1990, Reg. 798, s. 8; O. Reg. 319/98, s. 10.

9. A request for voluntary cancellation of registration shall be in a form provided by the Minister. R.R.O. 1990, Reg. 798, s. 9.

FORM 1 Revoked: O. Reg. 319/98, s. 11.

FORM 2 Revoked: O. Reg. 319/98, s. 11.