Amendments to the Mortgage Broker and Agent Licensing Regulation
O. Reg. 286/11
Regulation - LGIC
Bill or Act:
Mortgage Brokerages, Lenders and Administrators Act
Summary of Decision:
Filed as O.Reg 286/11 on June 23, 2011
July 26, 2011
Summary of Proposal:
As of July 1, 2011, all financial services occupations across Canada are covered by Chapter 7 of the AIT. The purpose of Chapter 7 of the AIT is to eliminate or reduce measures that restrict or impair labour mobility in Canada. Any individual certified in a financial services occupation by a regulatory authority in a province or territory whose occupational standards and scope of practice are substantially similar to Ontario's are now able to apply for an equivalent licence in Ontario without any material additional training, experience, examinations or assessments.
O. Reg 286/11 amends O. Reg. 409/07 under the MBLAA to exempt an individual from the prescribed education and experience requirements for licensing if the following criteria, permitted under the AIT, are met:
The individual holds an authorizing certificate in good standing from an out-of province regulatory authority.
The Superintendent of FSCO is satisfied the authorizing certificate is for an occupation that is substantially equivalent to that of a mortgage broker or agent.
The individual demonstrates knowledge of matters applicable to practising as a mortgage broker or agent in Ontario (which cannot include material additional training etc.), as required by the Superintendent.
The individual complies with any requirements for mortgage brokers or agents listed on MTCU?s website or another website prescribed by regulation made under OLMA.
In addition, the Superintendent may impose a condition on a licence if the individual?s authorizing certificate is subject to a condition or refuse to issue a licence if an equivalent condition cannot be imposed.
95 Grosvenor St., Frost Building North, 4th Floor, Toronto, Ontario M7A 1Z1
July 1, 2011