Reporting Requirements Regulations
made under Section 90 of the
Mortgage Regulation Act
S.N.S. 2012, c. 11
N.S. Reg. 131/2020 (effective November 1, 2021)
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
Annual return
Mortgage administrators’ annual financial statement
Reporting about changes of circumstances
False or misleading statements
Citation
1 These regulations may be cited as the Reporting Requirements Regulations.
Definitions
2 In these regulations,
“Act” means the Mortgage Regulation Act;
“reporting period” means the period beginning on October 1 in any year and
ending on September 30 in the following year.
Annual return
3 (1) The prescribed time period for a licensee to provide an annual return to the
Registrar under Section 54 of the Act is the 31-day period immediately after the
end of the previous reporting period.
(2) All of the following information is prescribed as the information required to be
contained in or accompany an annual return to the Registrar under Section 54 of
the Act:
(a) unless notice of the change has already been provided to the Registrar,
details of any change in the information provided to the Registrar in the
licensee’s most recent annual return or in the licensee’s licence application
form if the licensee has not yet provided an annual return;
(b) confirmation of the accuracy of all information provided to the Registrar in
the licensee’s most recent annual return or in the licensee’s licence
application form if the licensee has not yet provided an annual return, except
for any information that has changed as referred to in clause (a);
(c) confirmation that the licensee has complied with the Act in the period since
the date of their most recent annual return or since the date the licensee’s
licence was issued if the licensee has not yet provided an annual return;
(d) for a mortgage brokerage, mortgage lender or mortgage administrator,
information about transactions conducted by the licensee during the
reporting period covered by the annual return, to be set out in the following
applicable form:
(i) for a mortgage brokerage, Form 6A—Annual Information Return:
Mortgage Brokerages as prescribed in the Forms Regulations made
under the Act,
(ii) for a mortgage lender, Form 6B—Annual Information Return:
Mortgage Lenders as prescribed in the Forms Regulations made
under the Act,
(iii) for a mortgage administrator, Form 6C—Annual Information Return:
Mortgage Administrators as prescribed in the Forms Regulations
made under the Act.
Mortgage administrators’ annual financial statement
4 (1) In this Section, “fiscal year”, in relation to a financial statement for the preceding
fiscal year provided by a mortgage administrator under Section 55 of the Act,
means the preceding fiscal year of the licensee.
(2) The prescribed time period for a mortgage administrator to provide an annual
financial statement to the Registrar under clause 55(b) of the Act is the 90-day
period immediately after the end of the fiscal year.
(3) All of the following are prescribed as the information and documentation required
to be contained in or accompany a mortgage administrator’s financial statement
under clause 55(a) of the Act:
(a) a copy of the audited financial statement for the mortgage administrator’s
books, records and accounts for the fiscal year;
(b) a copy of the audited financial statement for the mortgage administrator’s
trust account and the assets and liabilities under administration for the fiscal
year;
(c) a written statement signed and dated by an officer of the mortgage
administrator indicating that they have reviewed the financial statements
referred to in clauses (a) and (b) and certify their accuracy;
(d) a copy of a report by the auditor about the books, records and accounts of
the mortgage administrator for the fiscal year;
(e) a copy of a report by the auditor about the mortgage administrator’s trust
account and the assets and liabilities under administration for the year.
(4) The financial statements referred to in clauses (2)(a) and (b) must be audited by a
public accountant licensed under the Chartered Professional Accountants Act, and
the reports referred to in clauses (2)(d) and (e) must be prepared by the same
person who conducted the audits.
Reporting about changes of circumstances
5 (1) The prescribed time period for an applicant or licensee to notify the Registrar in
writing of any change of circumstances under Section 22 of the Act is
(a) the 10-day period immediately after the date the change occurs; or
(b) if notification is required earlier than as specified in clause (a) by the Act or
its regulations, the date of that earlier notification.
(2) Each of the following is prescribed as a change of circumstances that requires
notice to the Registrar under Section 22 of the Act:
(a) a change in the location of a mortgage lender’s, mortgage brokerage’s or
mortgage administrator’s principal place of business in the Province;
(b) an opening or closing by a mortgage lender, mortgage brokerage or
mortgage administrator of an office in the Province that is open to the
public;
(c) a change of any of the directors or officers of a licensee that is a
corporation;
(d) a change of any of the partners of a licensee that is a partnership;
(e) a change of any of the general partners of a licensee that is a limited
partnership;
(f) a change of the principal broker of a mortgage brokerage;
(g) a change of the compliance officer of a mortgage lender or mortgage
administrator;
(h) cancellation or non-renewal of the errors and omissions insurance
maintained by a mortgage lender, mortgage brokerage or mortgage
administrator in accordance with the Mortgage Lender, Brokerage, Broker
and Administrator Licensing Regulations made under the Act;
(i) a change in the financial guarantee maintained by a mortgage administrator
in accordance with the Standards of Conduct for Mortgage Administrators
Regulations made under the Act, if the change results in the guarantee being
cancelled or reduced to an amount lower than the minimum amount
required by those regulations;
(j) any change of circumstance that affects any previous information about the
licensee that has been provided to the Registrar or any change in the
operation of the licensee that results in a material difference from anything
described in information previously provided to the Registrar.
False or misleading statements
6 A person must not make a false or misleading statement in any report to the Registrar
referred to in these regulations or in any information or material provided to the Registrar
under Section 20 of the Act.
The following regulations are not yet in force and
are not included in the current consolidation: