This consolidation is unofficial and is for reference only.  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.

Although every effort has been made to ensure the accuracy of this electronic version, the Office of the Registrar of Regulations assumes no responsibility for any discrepancies that may have resulted from reformatting.

This electronic version is copyright © , Province of Nova Scotia, all rights reserved.  It is for your personal use and may not be copied for the purposes of resale in this or any other form.

---

Mortgage Lender, Brokerage, Broker and Administrator Licensing Regulations

made under Section 90 of the

Mortgage Regulation Act

S.N.S. 2012, c. 11

N.S. Reg. 121/2020 (effective November 1, 2021)

amended to N.S. Reg. 147/2024 (effective September 1, 2024)

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

Application for mortgage lender licence

Application for mortgage brokerage licence

Application for mortgage broker licence

Application for associate mortgage broker licence

Application for mortgage administrator licence

Expiry date of licences

Deadline for renewing licence

Errors and omissions insurance

Criminal record check

Educational programs for mortgage brokers and associate mortgage brokers

Prescribed circumstances for reinstatement of suspended licence

Prescribed period for reinstatement

Public register of mortgage brokerages, lenders and administrators

Public register of mortgage brokers and associate mortgage brokers

---

 

Citation

1        These regulations may be cited as the Mortgage Lender, Brokerage, Broker and Administrator Licensing Regulations.

Definitions

2        In these regulations,

 

“Act” means the Mortgage Regulation Act;

 

“educational program” means an educational program, including a continuing education program, that meets the criteria of Section 12;

 

“errors and omissions insurance” means insurance that provides extended coverage for loss resulting from fraudulent Acts in the amount required by Section 10;

 

“former Act” means Chapter 291 of the Revised Statutes of Nova Scotia, 1989, the Mortgage Brokers’ and Lenders’ Registration Act;

 

“public register” means a public register required to be created and maintained by the Registrar under subsection 7(1) of the Act.

Application for mortgage lender licence

3        (1)    In addition to meeting the applicable licensing requirements in the Act for issuing or renewing licence under subsection 14(2) of the Act, an applicant for a mortgage lender licence or licence renewal must meet all of the following requirements:

 

                   (a)      for an applicant that is

 

                              (i)      a corporation, the applicant is incorporated or continued under the laws of any jurisdiction in Canada,

 

                              (ii)     a partnership or a limited partnership, the applicant is formed under the laws of any jurisdiction in Canada,

 

                              (iii)    a sole proprietor, the applicant is a resident of Canada;

 

                   (b)     the applicant has appointed an agent resident in the Province who

 

                              (i)      is able to accept service of notice and documents on behalf of the applicant, and

 

                              (ii)     has a mailing address that is not a post office box and that is suitable to permit personal service and service by registered mail;

 

                   (c)      the applicant has errors and omissions insurance;

 

                   (d)     the results of any criminal record check conducted under Section 11 do not, in the Registrar’s opinion, raise any issues concerning the appropriateness of issuing or renewing the licence;

 

                   (e)      for a licence renewal application, the applicant is in compliance with the Act and its regulations;

 

                   (f)      the applicant does not demonstrate anything that would cause the Registrar to refuse the application under subsection 14(3) of the Act.

 

          (2)    An application for a mortgage lender licence or licence renewal must be accompanied by all of the following:

 

                   (a)      proof satisfactory to the Registrar that the applicant meets all of the requirements in subsection (1), including errors and omissions insurance referred to in clause (1)(c);

 

                   (b)     proof satisfactory to the Registrar that the individual who is or will be designated as the applicant’s compliance officer meets the criteria prescribed in the Compliance Officer Regulations made under the Act, as required by subsection 25(1) of the Act;

 

                   (c)      the results of the criminal record check referred to in clause (1)(d);

 

                   (d)     any additional information or documentation required by the Registrar under Section 20 of the Act.

Application for mortgage brokerage licence

4        (1)    In addition to meeting the applicable licensing requirements in the Act for issuing or renewing licence under subsection 14(2) of the Act, an applicant for a mortgage brokerage licence or licence renewal must meet all of the following requirements:

 

                   (a)      for an applicant that is

 

                              (i)      a corporation, the applicant is incorporated or continued under the laws of any jurisdiction in Canada,

 

                              (ii)     a partnership or a limited partnership, the applicant is formed under the laws of any jurisdiction in Canada,

 

                              (iii)    a sole proprietor, the applicant is a resident of Canada;

 

                   (b)     the applicant has appointed an agent resident in the Province who

 

                              (i)      is able to accept service of notice and documents on behalf of the applicant, and

 

                              (ii)     has a mailing address that is not a post office box and that is suitable to permit personal service and service by registered mail;

 

                   (c)      the applicant has errors and omissions insurance;

 

                   (d)     the results of any criminal record check conducted under Section 11 do not, in the Registrar’s opinion, raise any issues concerning the appropriateness of issuing or renewing the licence;

 

                   (e)      for a licence renewal application, the applicant is in compliance with the Act and its regulations;

 

                   (f)      the applicant does not demonstrate anything that would cause the Registrar to refuse the application under subsection 14(3) of the Act.

 

          (2)    An application for a mortgage brokerage licence or licence renewal must be accompanied by all of the following:

 

                   (a)      proof satisfactory to the Registrar that the applicant meets all of the requirements in subsection (1), including errors and omissions insurance referred to in clause (1)(c);

 

                   (b)     proof satisfactory to the Registrar that the individual who is or will be designated as the applicant’s principal broker meets the criteria prescribed in the Principal Broker Regulations made under the Act, as required by subsection 28(1) of the Act;

 

                   (c)      the results of the criminal record check referred to in clause (1)(d);

 

                   (d)     any additional information or documentation required by the Registrar under Section 20 of the Act.

Application for mortgage broker licence

5        (1)    In addition to meeting the applicable licensing requirements in the Act for issuing or renewing a licence under subsection 14(2) of the Act, an applicant for a mortgage broker licence or licence renewal must meet all of the following requirements:

 

                   (a)      the applicant is

 

                              (i)      at least 19 years old, and

 

                              (ii)     a resident of Canada;

 

                   (b)     the results of the criminal record check required by Section 11 do not, in the Registrar’s opinion, raise any issues concerning the appropriateness of issuing or renewing the licence;

 

                   (c)      unless deemed to meet this requirement under subsection (3), the applicant has successfully completed an educational program and a regulatory information program conducted by or on behalf of the Registrar in the 2 years immediately before the date of the application;

 

                   (d)     for an initial application, unless deemed to meet this requirement under subsection (3), the applicant has held an associate mortgage broker licence for at least 12 of the 24 months immediately before the date of the application;

 

                   (e)      the application is authorized by the licensed mortgage brokerage that will be named on the applicant’s licence to broker mortgages on behalf of that licensed mortgage brokerage;

 

                   (f)      for a licence renewal application, the applicant is in compliance with the Act and its regulations;

 

                   (g)     the applicant does not demonstrate anything that would cause the Registrar to refuse the application under subsection 14(3) of the Act.

 

          (2)    An application for a mortgage broker licence or licence renewal must be accompanied by all of the following:

 

                   (a)      proof satisfactory to the Registrar that the applicant meets the requirements in subsection (1), including

 

                              (i)      completion of the applicable education program requirement referred to in clause (1)(c) or (d), and

 

                              (ii)     confirmation, in a form satisfactory to the Registrar, of the authorization from the mortgage brokerage that the applicant is, or will be, authorized to broker mortgages on behalf of the mortgage brokerage;

 

                   (b)     confirmation, in a form satisfactory to the Registrar, that the applicant has read and understands the Act and its regulations and agrees to be bound by their provisions;

 

                   (c)      the results of the criminal record check referred to in clause (1)(b);

 

                   (d)     any additional information or documentation required by the Registrar under Section 20 of the Act.

 

          (3)    An applicant for an initial mortgage broker licence who meets either of the following criteria is deemed to meet the education requirement in clause (1)(c) and the requirement in clause (1)(d) of having held an associate mortgage broker licence:

 

                   (a)      the applicant meets all of the following criteria:

 

                              (i)      the applicant has successfully completed a regulatory information program about the Act and its regulations conducted by or on behalf of the Registrar,

 

                              (ii)     the applicant undertakes to successfully complete an educational program before the date their licence expires,

 

                              (iii)    for at least 24 of the 36 months immediately before the date of their application, the applicant brokered mortgages and was exempt from the requirement to hold a permit under the Act; or

 

                   (b)     the applicant holds a valid licence from 1 of the following provinces that is of a type that corresponds with a mortgage broker licence class set out in subsection 12(1) of the Act and the applicant has successfully completed a regulatory information program about the Act and regulations conducted by or on behalf of the Registrar:

 

                              (i)      British Columbia,

 

                              (ii)     Alberta,

 

                              (iii)    Saskatchewan,

 

                              (iv)    Manitoba,

 

                              (v)     Ontario,

 

                              (vi)    Quebec,

 

                              (vii)   New Brunswick.

Application for associate mortgage broker licence

6        (1)    In addition to meeting the applicable licensing requirements in the Act for issuing or renewing a licence under subsection 14(2) of the Act, an applicant for an associate mortgage broker licence or licence renewal must meet all of the following requirements:

 

                   (a)      the applicant is

 

                              (i)      at least 19 years old, and

 

                              (ii)     a resident of Canada;

 

                   (b)     the results of the criminal record check required by Section 11 do not, in the Registrar’s opinion, raise any issues concerning the appropriateness of issuing or renewing the licence;

 

                   (c)      the applicant has successfully completed an educational program in the 2 years immediately before the date of the application,

 

                   (d)     the application is authorized by the licensed mortgage brokerage that will be named on the applicant’s licence to broker mortgages on behalf of that licensed mortgage brokerage and the authorization is limited to brokering mortgages while acting under the supervision of a licensed mortgage broker;

 

                   (e)      for a licence renewal application, the applicant is in compliance with the Act and its regulations;

 

                   (f)      the applicant does not demonstrate anything that would cause the Registrar to refuse the application under subsection 14(3) of the Act.

 

          (2)    An application for an associate mortgage broker licence or licence renewal must be accompanied by all of the following:

 

                   (a)      proof satisfactory to the Registrar that the applicant meets the requirements in subsection (1), including

 

                              (i)      completion of the education program referred to in clause (1)(c), and

 

                              (ii)     confirmation from the mortgage brokerage, in a form satisfactory to the Registrar, that the applicant is or will be authorized to broker mortgages on behalf of the mortgage brokerage under the supervision of a licensed mortgage broker;

 

                   (b)     confirmation, in a form satisfactory to the Registrar, that the applicant has read and understands the Act and its regulations and agrees to be bound by their provisions;

 

                   (c)      the results of the criminal record check referred to in clause (1)(b);

 

                   (d)     any additional information or documentation required by the Registrar in accordance with Section 20 of the Act.

 

          (3)    An applicant for an initial associate mortgage broker licence is deemed to meet the education requirement in clause (1)(c) if the applicant holds a valid licence from 1 of the following provinces that is of a type that corresponds with an associate mortgage broker licence class set out in subsection 12(1) of the Act:

 

                   (a)      British Columbia;

 

                   (b)     Alberta;

 

                   (c)      Saskatchewan;

 

                   (d)     Manitoba;

 

                   (e)      Ontario;

 

                   (f)      Quebec;

 

                   (g)     New Brunswick.

Application for mortgage administrator licence

7        (1)    In addition to meeting the applicable licensing requirements in the Act for issuing or renewing licence under subsection 14(2) of the Act, an applicant for a mortgage administrator licence or licence renewal must meet all of the following requirements:

 

                   (a)      for an applicant that is

 

                              (i)      a corporation, the applicant is incorporated or continued under the laws of any jurisdiction in Canada,

 

                              (ii)     a partnership or a limited partnership, the applicant is formed under the laws of any jurisdiction in Canada,

 

                              (iii)    a sole proprietor, the applicant is a resident of Canada;

 

                   (b)     the applicant has appointed an agent resident in the Province who

 

                              (i)      is able to accept service of notice and documents on behalf of the applicant, and

 

                              (ii)     has a mailing address that is not a post office box and that is suitable to permit personal service and service by registered mail;

 

                   (c)      the applicant has errors and omissions insurance;

 

                   (d)     the results of any criminal record check conducted under Section 11 do not, in the Registrar’s opinion, raise any issues concerning the appropriateness of issuing or renewing the licence;

 

                   (e)      for a licence renewal application, the applicant is in compliance with the Act and its regulations;

 

                   (f)      the applicant does not demonstrate anything that would cause the Registrar to refuse the application under subsection 14(3) of the Act.

 

          (2)    An application for a mortgage administrator licence or licence renewal must be accompanied by all of the following:

 

                   (a)      proof satisfactory to the Registrar that the applicant meets all of the requirements in subsection (1), including errors and omissions insurance referred to in clause (1)(c);

 

                   (b)     proof satisfactory to the Registrar that the applicant holds a trust account as required by Section 51 of the Act and in accordance with the regulations made under the Act, including all of the following information:

 

                              (i)      the name and branch address of the financial institution where the account is held,

 

                              (ii)     the name in which the account is held,

 

                              (iii)    the account number,

 

                              (iv)    a list of the authorized signing officers for the account;

 

                   (c)      proof satisfactory to the Registrar that the individual who is or will be designated as the applicant’s compliance officer meets the criteria prescribed in the Compliance Officer Regulations made under the Act, as required by subsection 35(1) of the Act;

 

                   (d)     the results of the criminal record check referred to in clause (1)(d);

 

                   (e)      any additional information or documentation required by the Registrar under Section 20 of the Act.

Expiry date of licences

8        A licence expires on October 31 in the calendar year immediately after the year it was issued or renewed.

Deadline for renewing licence

9        An application for a licence renewal must be submitted to the Registrar at least 10 days before the date the current licence expires.

Errors and omissions insurance

10      (1)    A licensed mortgage lender, mortgage brokerage and mortgage administrator must maintain errors and omissions insurance at all times while their licence is in force.

 

          (2)    The coverage provided by errors and omissions insurance must be sufficient to pay all of the following:

 

                   (a)      at least $500 000 in respect of any 1 occurrence involving the licensee, including, for a mortgage brokerage, any mortgage broker or associate mortgage broker authorized to broker mortgages on its behalf;

 

                   (b)     at least $1 000 000 in respect of the aggregate of all occurrences during a 365-day period involving the licensee, including, for a mortgage brokerage, any mortgage broker or associate mortgage broker authorized to broker mortgages on its behalf.

Criminal record check

11      (1)    Except as provided in subsection (2), an applicant for a licence or renewal of a licence must obtain a criminal record check from the Royal Canadian Mounted Police, a Canadian municipal police force or the Canadian military police that is dated no earlier than 3 months before the date of the application and is conducted on all of the following:

 

                   (a)      for an applicant that is a corporation, each officer of the corporation;

 

                   (b)     for an applicant that is a limited partnership, each officer of each general partner;

 

                   (c)      for an applicant that is a partnership, each partner or, in the case of a partner which is a corporation, on each officer of the corporation;

 

                   (d)     for an applicant that is a sole proprietorship, the sole proprietor; and

 

                   (e)      for an applicant that is an individual, the individual.

 

          (2)    A criminal record check is not required for an application for renewal of a licence if the applicant confirms in writing that there has been no change in the information shown on the most recent criminal record check provided to the Registrar and the Registrar is satisfied that no further verification is required.

Educational programs for mortgage brokers and associate mortgage brokers

12      (1)    An educational program for an initial mortgage broker licence must satisfy all of the following criteria:

 

                   (a)      the program curriculum covers the competencies for mortgage brokers established by the Mortgage Broker Regulators’ Council of Canada;

 

                   (b)     the Registrar is satisfied that the program provider uses effective teaching and evaluation methods.

 

          (2)    An educational program for an initial associate mortgage broker licence must satisfy all of the following criteria:

 

                   (a)      the program curriculum covers the competencies for associate mortgage brokers established by the Mortgage Broker Regulators’ Council of Canada;

 

                   (b)     the Registrar is satisfied that the program provider uses effective teaching and evaluation methods.

 

          (3)    An educational program for renewal of a mortgage broker licence or associate mortgage broker licence must satisfy all of the following criteria:

 

                   (a)      the program curriculum covers topics relevant to at least 2 competencies for mortgage brokers or associate mortgage brokers established by the Mortgage Broker Regulators’ Council of Canada and the program is offered as a continuing education program;

 

                   (b)     the Registrar is satisfied that the program provider uses effective teaching and evaluation methods.

Prescribed circumstances for reinstatement of suspended licence

13      The following are the prescribed circumstances required to be met for reinstatement of a suspended licence under clause 18(3)(a) of the Act:

 

                   (a)      for reinstatement of a mortgage brokerage licence suspended under subsection 18(1) of the Act, a mortgage broker becomes authorized by the mortgage brokerage to broker mortgages on behalf of the mortgage brokerage and the mortgage brokerage is named in the mortgage broker’s licence;

 

                   (b)     for reinstatement of a mortgage broker or associate mortgage broker licence suspended under clause 18(2)(a) of the Act, either

 

                              (i)      the mortgage broker or associate mortgage broker becomes authorized to act on behalf of the mortgage brokerage named in the mortgage broker’s licence or associate mortgage broker’s licence at the time of suspension, or

 

                              (ii)     the mortgage broker or associate mortgage broker becomes authorized to act on behalf of another mortgage brokerage and the mortgage broker’s licence or associate mortgage broker’s licence is amended to name the new mortgage brokerage;

 

                   (c)      for reinstatement of a mortgage broker or associate mortgage broker licence suspended under clause 18(2)(b) of the Act, either

 

                              (i)      the mortgage brokerage named in the mortgage broker’s licence or the associate mortgage broker’s licence has its licence reinstated or is issued a new mortgage brokerage licence, or

 

                              (ii)     the mortgage broker or associate mortgage broker becomes authorized to broker mortgages on behalf of another mortgage brokerage and the mortgage broker’s licence or associate mortgage broker’s licence is amended to name the new mortgage brokerage.

Prescribed period for reinstatement

14      The 30-day period immediately after the date a licence is suspended is prescribed as the period after which the Registrar may cancel a suspended licence under clause 18(3)(b) of the Act if it has not been reinstated.

Public register of mortgage brokerages, lenders and administrators

15      (1)    All of the following information about each licensed mortgage brokerage, mortgage lender and mortgage administrator is prescribed as the information required to be contained in the public register under subsection 7(2) of the Act:

 

                   (a)      each name in which the licensee is licensed and the corresponding licence number;

 

                   (b)     the type of licence held and whether the licensee is in good standing or the licence suspended;

 

                   (c)      the licensee’s mailing address for service in the Province, as it appears in the records kept by the Registrar;

 

                   (d)     the licensee’s telephone number, as it appears in the records kept by the Registrar;

 

                   (e)      any conditions that apply to the licence;

 

                   (f)      for a mortgage brokerage, the name of the principal broker;

 

                   (g)     for a mortgage lender or mortgage administrator, the name of the compliance officer;

 

                   (h)     the details of any administrative or other penalties imposed by the Registrar under subsection 73(1) of the Act.

 

          (2)    All of the following information about each formerly licensed mortgage brokerage, mortgage lender or mortgage administrator is prescribed as the information required to be contained in the public register under subsection 7(2) of the Act:

 

                   (a)      each name in which the former licensee was licensed and the corresponding former licence number;

 

                   (b)     the type of licence held;

 

                   (c)      the date the former licensee ceased to be licensed;

 

                   (d)     whether the licence expired, renewal of the licence was refused, the licence was surrendered or the licence was revoked;

 

                   (e)      the details of any administrative or other penalties imposed by the Registrar under subsection 73(1) of the Act.

 

          (3)    The information recorded under subsection (2) must be kept in the public register for at least 2 years after the date the licensee ceased to be licensed.

Public register of mortgage brokers and associate mortgage brokers

16      (1)    All of the following information about each licensed mortgage broker and associate mortgage broker is prescribed as the information required to be contained in the public register under subsection 7(2) of the Act:

 

                   (a)      the name in which the licensee is licensed and the corresponding licence number;

 

                   (b)     the type of licence held, its expiry date and whether the licensee is in good standing or the licence is suspended;

 

                   (c)      the name of the mortgage brokerage on whose behalf the licensee is authorized to broker mortgages;

 

                   (d)     the details of any administrative or other penalties imposed by the Registrar under subsection 73(1) of the Act;

 

                   (e)      any conditions that apply to the licence, other than conditions relating to educational requirements.

 

          (2)    All of the following information about each formerly licensed mortgage broker and associate mortgage broker is prescribed as the information required to be contained in the public register under subsection 7(2) of the Act:

 

                   (a)      the name in which the former licensee was licensed and the corresponding former licence number;

 

                   (b)     the type of licence held;

 

                   (c)      the name of the mortgage brokerage on whose behalf the former licensee was authorized to broker mortgages immediately before ceasing to be licensed;

 

                   (d)     the date the former licensee ceased to be licensed;

 

                   (e)      the details of any administrative or other penalties imposed by the Registrar under subsection 73(1) of the Act;

 

                   (f)      whether the licence expired, renewal of the licence was refused, the licence was surrendered or the licence was revoked.

 

          (3)    The information recorded under subsection (2) must be kept in the public register for at least 2 years after the date the mortgage broker or associate mortgage broker it pertains to ceased to be licensed.

 

 

---

 

Legislative History
Reference Tables

Mortgage Lender, Brokerage, Broker and Administrator Licensing Regulations	N.S. Reg. 121/2020
Mortgage Regulation 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 Lender, Brokerage, Broker and Administrator Licensing Regulations made under the Mortgage Regulation Act includes all of the following regulations:

N.S. Regulation	In force date*	How in force	Royal Gazette Part II Issue
121/2020	Nov 1, 2021	date specified (date that Act comes into force on proclamation)	Oct 9, 2020
217/2022	Nov 1, 2022	date specified	Oct 7, 2022
147/2024	Sep 1, 2024	date specified	Aug 9, 2024

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
5(3)...................................................		rs. 147/2024
6(3)...................................................		ad. 147/2024
12.....................................................		rs. 217/2022

Note that changes to headings are not included in the above table.

Editorial Notes and Corrections

	Note	Effective date
1	Original text does not include any other subsections in Section 13. Subsection 13(1) redesignated as Section 13 for the purposes of this consolidation.	Nov 1, 2021

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.

 

 

---