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Compliance Officers Regulations

made under Section 90 of the

Mortgage Regulation Act

S.N.S. 2012, c. 11

N.S. Reg. 123/2020 (effective November 1, 2021)

amended N.S. Reg. 145/2024 (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

Prescribed criteria for designation as compliance officer

Information submitted to Registrar

When criminal background check not required



 


Citation

1        These regulations may be cited as the Compliance Officers Regulations.


Definitions

2        In these regulations,

 

“Act” means the Mortgage Regulation Act;

 

“compliance officer” means a compliance officer required by the Act to be designated to fulfill the duties set out in subsection 25(2) or 35(2) of the Act;

 

“designated” means designated in accordance with subsection 25(1) or 35(1) of the Act.


Prescribed criteria for designation as compliance officer

3        All of the following are the criteria an individual is required to satisfy to be designated as a compliance officer:

 

                   (a)      the individual is

 

                              (i)      at least 19 years old, and

 

                              (ii)     a resident of Canada;

 

                   (b)     the individual is engaged with the activities of the licensee to the extent that the individual is capable of carrying out their duties and responsibilities under the Act and its regulations;

 

                   (c)      the individual has the following status in relation to the licensee:

 

                              (i)      for a licensee that is a corporation, the individual is a director or officer of the corporation,

 

                              (ii)     for a licensee that is a partnership other than a limited partnership, the individual is a partner,

 

                              (iii)    for a licensee that is a limited partnership, the individual is a general partner or is a director or officer of a corporation that is a general partner, or

 

                              (iv)    for a licensee that is a sole proprietorship, the individual is the sole proprietor;

 

                   (d)     except as provided by Section 5, criminal record checks are conducted on the individual no earlier than 3 months before the date of the designation and every 2 years while the designation is in force and the checks

 

                              (i)      disclose no evidence of any conviction for fraud or theft, and

 

                              (ii)     generally do not raise any issues concerning the appropriateness of the designation.


Information submitted to Registrar

4        Except as required by Section 5, before being designated as a compliance officer, and every 2 years while the designation is in force, an individual must submit all of the following to the Registrar:

 

                   (a)      the results of the criminal record checks referred to in clause 3(d);

 

                   (b)     confirmation in writing, in a form satisfactory to the Registrar, that the individual has read and understands the Act and its regulations and agrees to carry out their duties and responsibilities under the Act and its regulations.


When criminal background check not required

5        A criminal record check is not required to be conducted on a compliance officer every 2 years while the designation is in force if, every 2 years while the designation is in force, the compliance officer confirms in writing that there has been no change in the information shown in the results of the most recent criminal record check provided to the Registrar and the Registrar is satisfied that no further verification is required.

 

 


 

Legislative History
Reference Tables

Compliance Officers Regulations

N.S. Reg. 123/2020

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 Compliance Officers 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

123/2020

Nov 1, 2021

date specified (date that Act comes into force on proclamation)

Oct 9, 2020

145/2024

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

3(d)...................................................

am. 145/2024

4........................................................

am. 145/2024

. 4(a).................................................

am. 145/2024

5........................................................

ad. 145/2024

 

 

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

Editorial Notes and Corrections

 

Note

Effective
date

 

 

 

 

 

 

 

 

 

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.