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.
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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.
The following regulations are not
yet in force and are not included in the current consolidation: