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Principal Broker Regulations

made under Section 90 of the

Mortgage Regulation Act

S.N.S. 2012, c. 11

N.S. Reg. 122/2020 (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

Prescribed criteria for designation as principal broker

Duties of principal broker


 


Citation

1        These regulations may be cited as the Principal Broker Regulations.


Definitions

2        In these regulations,

 

“Act” means the Mortgage Regulation Act;

 

“principal broker” means an individual required by the Act to be designated to fulfill the duties set out in subsection 28(2) of the Act and in these regulations.


Prescribed criteria for designation as principal broker

3        All of the following are the criteria an individual is required to satisfy to be designated as a principal broker under Section 28 of the Act:

 

                   (a)      the individual is a licensed mortgage broker who is authorized by the brokerage to broker mortgages on its behalf;

 

                   (b)     the individual has the following status in relation to the mortgage brokerage:

 

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

 

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

 

                              (iii)    for a mortgage brokerage 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,

 

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

 

                   (c)      the individual has demonstrated competence to carry out the duties and responsibilities of a principal broker on behalf of the mortgage brokerage.


Duties of principal broker

4        (1)    In this Section,

 

“authorized mortgage broker” or “authorized associate mortgage broker”, in relation to a mortgage brokerage, means a mortgage broker or associate mortgage broker who is authorized by the brokerage to broker mortgages on its behalf.

 

          (2)    In addition to the duties set out in clauses 28(2)(a) to (c) of the Act, all of the following are prescribed as duties of a principal broker:

 

                   (a)      acting as a liaison or contact person with the Registrar for all matters concerning the operation of the mortgage brokerage, including all of the following:

 

                              (i)      licensing matters,

 

                              (ii)     complaints,

 

                              (iii)    inspections,

 

                              (iv)    responding to directions, orders, demands or requirements of the Registrar,

 

                              (v)     annual returns provided to the Registrar under Section 54 of the Act;

 

                   (b)     establishing, maintaining and periodically reviewing policies and procedures for the mortgage brokerage to assist the brokerage and each of its authorized mortgage brokers and authorized associate mortgage brokers in complying with the Act and its regulations;

 

                   (c)      ensuring that

 

                              (i)      each authorized mortgage broker and authorized associate mortgage broker is competent to carry out their duties and responsibilities under the Act and its regulations, and

 

                              (ii)     each authorized associate mortgage broker is adequately supervised;

 

                   (d)     ensuring that regular audits are carried out on the work of the mortgage brokerage and of each authorized mortgage broker and authorized associate mortgage broker, and investigate and respond to any complaints made to the brokerage;

 

                   (e)      advising the Registrar immediately on becoming aware of any contravention of the Act or its regulations by the mortgage brokerage or an authorized mortgage broker or authorized associate mortgage broker;

 

                   (f)      advising the Registrar in writing immediately if any mortgage broker or associate mortgage broker ceases to be authorized to broker mortgages on behalf of the mortgage brokerage;

 

                   (g)     ensuring that the mortgage brokerage immediately notifies the Registrar in writing of any change to a business address, facsimile number or electronic address provided in an application for a licence or licence renewal, as required by Section 21 of the Act;

 

                   (h)     ensuring that the mortgage brokerage notifies the Registrar in writing of any change of circumstances as required by Section 22 of the Act in accordance with, and within the time period prescribed by, the Reporting Requirements Regulations made under the Act.

 

 


Legislative History
Reference Tables

Principal Broker Regulations

N.S. Reg. 122/2020

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 Principal Broker 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

122/2020

Nov 1, 2021

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

Oct 9, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

..........................................................

 

 

 

 

 

 

 

 

 

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.