C-73.2, r. 1 - Regulation respecting brokerage requirements, professional conduct of brokers and advertising

Section 52 Disposition versions

2023-03-23

52. (Revoked).

O.C. 299-2010, s. 52; O.C. 173-2023, s. 31.

2012-09-01

52. A licence holder must without delay make a written disclosure of the following information to the borrower retaining the holder’s services so that the holder may act as the intermediary for a loan secured by immovable hypothec:

(1)  the number of lenders who in the previous 12 months have made loans for which the broker or agency acted as the intermediary; and

(2)  the fact that the broker or agency in the previous 12 months was a lender while brokerage or agency services were retained so that the broker or agency could act as the intermediary for a loan secured by immovable hypothec.

For the purposes of subparagraph 1 of the first paragraph, if there is more than one lender for the same loan, the lenders are considered to be one lender.

On request, a licence holder must without delay make a written disclosure to a borrower

(1)  of the fact that the broker or agency in the previous 12 months was the lender of more than 50% of the total number of loans secured by immovable hypothec for which the broker’s or agency’s services were retained so that the broker or agency could act as the intermediary; and

(2)  of the name of the lender that, if applicable, made more than 50% of the total number of hypothecary loans or loan renewals for which the broker or agency acted as the intermediary during the previous 12 months.

O.C. 299-2010, s. 52.