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Mortgage Broker
The following is meant solely to help the reader understand the main features of primary regulations governing this activity, and not meant in any way to provide a legal interpretation.
Mortgage Brokers Act:
Anyone involved in the business of lending money secured by a mortgage, buying or selling mortgages or receiving fees for arranging mortgages must be registered as a mortgage broker or sub-mortgage broker.
To register, prescribed courses must be taken and a registration fee must be paid. In addition, financial statements must be filed annually.
A sole proprietor or director of the corporation must have two years experience as a sub-mortgage broker in order to register as a mortgage broker.
The Registrar of Mortgage Brokers is responsible for registering mortgage brokers under the Mortgage Brokers Act (the "Act"). The Registrar makes sure that mortgage brokers meet the requirements of the Act, and have educational standards set out in the Policy Statements. The Registrar also has the power to investigate a complaint about a breach of the Act or the regulations.
Mortage Brokers Act:
http://www.qp.gov.bc.ca/statreg/stat/M/96313_01.htm
Primary Contact:
Financial Institutions Commission
Suite 1200 - 13450 102nd Avenue
Surrey BC, V3T 5X3
Complaints and Inquiries: 604 953-5200
Reception: 604 953-5300
Toll Free : 866 206-3030 (outside local calling area within B.C.)
Fax: 604 953-5301
Email: FICOM@ficombc.ca
Website: http://www.fic.gov.bc.ca/ and http://www.fic.gov.bc.ca/responsibilities/mortgagebrokers/overview.htm
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