Registration

Mortgage Broker and Restricted Mortgage Broker

1. Application for Registration:

(a) The mortgage broker (the "Applicant") must apply on approved forms provided by the Registrar (Application for Registration as a Mortgage Broker), and provide the following:

I. Provide confirmation that the Applicant (if a company) is authorized to carry on business in Manitoba by virtue of a copy of its Articles of Incorporation or; if the Applicant has been incorporated for more than one year, confirmation of good standing issued by the Companies Branch of the Province of Manitoba;

II. An address for service in Manitoba;

III.The Applicant's business office address in Manitoba;

IV. If the Applicant does not intend to maintain a business office in Manitoba, the Applicant must provide the address of the Applicant's solicitor or other legal representative in Manitoba where copies of documents related to transactions conducted in Manitoba and copies of trust records required to be maintained under the Act will be furnished on demand by the Registrar.

(b) Submit the registration fee of $500 for registration as a Mortgage Broker and $350 for registration as a Restricted Mortgage Broker payable to the Minister of Finance.

2. Operating under a Business or Trade Name:

Applicants must provide proof of registration under The Business Registration Act of any business or trade name under which the Applicant proposes to operate.

3. Trust Account (not applicable for Restricted Mortgage Brokers):

Applicants must provide a letter from the financial institution where the Applicant maintains its bank accounts addressed to the Registrar confirming that the Applicant has opened a non-interest-bearing trust account, giving the location, account number and name of the account.

4. Surety Bond (not applicable for Restricted Mortgage Brokers):

Applicants must provide a surety bond issued in the name of the Applicant in the prescribed form in the amount of $100,000 issued by an insurance or surety company authorized to carry on business in Manitoba.

5. Proof of errors and omissions insurance as required under the Act (Section 7 of M.R.41/2011).

6. Financial Statements (not applicable for Restricted Mortgage Brokers):

Applicants must submit a copy of their most recent audited financial statements and a letter addressed to the Registrar from the auditor confirming that the amount of capital of the Applicant meets the requirements of section 8 of M.R. 41/2011under the Act or, if the Applicant is setting up a new business, or has not previously prepared audited financial statements, or the audited financial statements cover a financial period which ended more than 120 days prior to the date of application, the auditor's letter shall be accompanied by an interim financial statement prepared as of the month immediately preceding the date of application.

7. The Applicant must designate at least one qualified individual as the Applicant's authorized official.