June 2009

June 2009

Comments requested regarding draft regulations pursuant to Bill 49

June 25, 2009 – Comments are being requested regarding draft regulations pursuant to Bill 49, The Mortgage Brokerages and Mortgage Administrators Act.  Please submit comments on the draft provisions by August 12, 2009.

Bill 49, The Mortgage Brokerages and Mortgage Administrators Act (the “New Act”), received Royal Assent on May 17, 2007. The New Act will come into force on proclamation.

Draft regulations to be enacted under the New Act have now been prepared and we are requesting your comment on the draft provisions of the regulations including the investor disclosure forms which are a component of the draft regulations but are set out separately here for ease of reference.

Please submit your comments on the draft provisions by August 12, 2009 to Roger Sobotkiewicz, Manager, Legal and Policy, by email to roger.sobotkiewicz@gov.sk.ca or by mail or fax to:

Roger Sobotkiewicz, Manager Legal and Policy
Financial Institutions Division
Saskatchewan Financial Services Commission
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan  S4P 4H2
Fax: (306) 787-9006

All comments received will be subject to the provisions of The Freedom of Information and Protection of Privacy Act (Saskatchewan).      

• The Mortgage Brokerages and Mortgage Administrators Regulations - Consultations Draft
• Investor Disclsoure Form - Consultation Draft
• Investor Disclosure Form (Renewals) - Consultation Draft

    
Priority Mortgage Plus Financial Services Inc. and Dario Antic surrendered the licenses issued to them

June 15, 2009 – Priority Mortgage Plus Financial Services Inc. and Dario Antic surrendered the licences issued to them

Priority Mortgage Plus Financial Services Inc. and Dario Antic surrendered the licences issued to them pursuant to The Mortgage Brokers Act on June 15, 2009. As of that date, they are no longer authorized to carry on business as mortgage brokers in Saskatchewan.        

    
Mortgage broker licensing kits have been revised

June 9, 2009 – the mortgage broker licensing kits have been revised. 

Changes set out potential licence conditions for mortgage brokers wishing to obtain authorization to arrange mortgages with private investors, and revise the consent and statutory declaration components of the application form.

• Information for Mortgage Industry Applicants