Ontario mortgage brokerages are licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006. Under O. Reg. 188/08, how soon must a brokerage deposit trust funds it receives into its mortgage brokerage trust account?
Correct Answer
A) Within two business days after receiving them
Section 51(1) of O. Reg. 188/08 requires a mortgage brokerage to deposit deemed trust funds into its authorized trust account within two business days after receiving them. The regulator is the Financial Services Regulatory Authority of Ontario (FSRA), not RECO.
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Under Ontario's TRESA regulations, administered by RECO, what must a registrant representing a buyer disclose to the client when financing is part of the purchase decision?
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