Vol. 47 No. 7 — 127/2004

Volume 47, No. 7
B.C. Reg. 127/2004

The British Columbia Gazette, Part II
April 6, 2004

B.C. Reg. 127/2004, deposited March 26, 2004, pursuant to the MORTGAGE BROKERS ACT [Section 23]. Order in Council 298/2004, approved and ordered March 25, 2004.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective June 1, 2004, the Mortgage Brokers Act Regulations, B.C. Reg. 100/73, are amended as set out in the attached Schedule.

— G. COLLINS, Minister of Finance; K. FALCON, Presiding Member of the Executive Council.

Schedule

1 Sections 4 and 5 of the Mortgage Brokers Act Regulations, B.C. Reg. 100/73, are repealed and the following substituted:

Qualifications for registration under the Act

4 An applicant for registration or renewal of registration as a mortgage broker or submortgage broker must qualify for the registration or renewal of registration by

(a) taking the course or courses, and passing the examination or examinations, specified by the registrar, or

(b) satisfying the registrar that the applicant is suitable for registration as a mortgage broker or submortgage broker, as the case may be,

(i) by challenging the examination or examinations specified by the registrar and proving his or her qualifications by passing the examination or examinations, as the case may be, or

(ii) on the basis of the applicant having successfully completed training that is at least equivalent to having completed the course or courses referred to in paragraph (a).

Fees respecting registration under the Act

5 (1) In this section, "business address" means an address at or from which a mortgage broker or submortgage broker does any of the things referred to in the definition of "mortgage broker" in section 1 of the Act.

(2) There must be paid to the government, for a matter itemized in Column 1 of the following Schedule of Fees, the fee set out opposite that item in Column 2 of that schedule.

Schedule of Fees

Item	Column 1	Column 2
1	For registration as a mortgage broker having only a single business address	$1 000
2	For registration as a mortgage broker having more than a single business address	$1 000 payable on registration, plus $200 for each additional business address, payable on a one-time only basis at the time business is first commenced from that business address
3	For registration as a submortgage broker	$1 000
4	For renewal of registration as a mortgage broker	$500
5	For renewal of registration as a submortgage broker	$500
6	For amendment, on application by a mortgage broker or submortgage broker, of the register kept under section 3 of the Act	$200
7	For reinstatement of the registration of a submortgage broker, in accordance with section 3 (8) of the Act	$200
8	For late filing of a renewal of registration or financial information required under the Act	$50 multiplied by the number of days by which the filing is late, or $500, whichever is the lesser amount