- What technical changes were made to regulations dealing with licensing requirements?
- What happens if I am not licensed on July 1, 2008?
- What if I submitted my application before July 1, 2008, and did not receive a licence by July 1?
- How should I report changes to my contact information?
1. What technical changes were made to regulations dealing with licensing requirements?
Ontario Regulation 23/08 - Mortgage Brokers and Agents: Licensing - This regulation has been changed to provide a two-year licensing cycle.
Ontario Regulation 183/08 - Mortgage Brokerages: Licensing – This regulation has been changed to provide criteria for surrendering a licence.
Ontario Regulation 185/08 - Mortgage Administrators: Licensing – This regulation has been changed to provide criteria for surrendering of a licence. It has also been changed to allow the financial guarantee to be unimpaired working capital or another form acceptable to the Superintendent.
2. What happens if I am not licensed on July 1, 2008?
The Mortgage Brokerages, Lenders and Administrators Act, 2006 requires all Mortgage Brokerages, Administrators, Brokers and Agents in Ontario to obtain a licence as of July 1, 2008. If you are not licensed, you cannot deal or trade in mortgages, or lend money on the security of real estate in Ontario, unless an exemption applies.
3. What if I submitted my application before July 1, 2008, and did not receive a licence by July 1?
You cannot carry on the business of dealing, trading or lending in mortgages until you receive your licence from FSCO.
4. How should I report changes to my contact information?
You need to report a change to your e-mail address through FSCO’s Licensing Link website.