Mortgage Insurance Disclosure (Trust and Loan Companies, Retail Associations, Canadian Insurance Companies and Canadian Societies) Regulations
1 The following definitions apply in these Regulations.
- borrower
borrower means a person who obtains a residential mortgage. (emprunteur)
- institution
institution means any of the following:
(a) a bank, as defined in section 2 of the Bank Act;
(b) an authorized foreign bank, as defined in section 2 of the Bank Act;
(c) a retail association, as defined in section 2 of the Cooperative Credit Associations Act;
(d) a company, as defined in subsection 2(1) of the Insurance Companies Act;
(e) a society, as defined in subsection 2(1) of the Insurance Companies Act;
(f) a company, as defined in section 2 of the Trust and Loan Companies Act. (institution)
- insurer
insurer includes a government agency that provides mortgage insurance to an institution. (assureur)
- mortgage insurance
mortgage insurance means an insurance policy or a guarantee against default on a residential mortgage. (assurance hypothécaire)
- point of service
point of service means a physical location at which an institution issues or initiates the issuance of a residential mortgage through a natural person. (point de service)
- residential mortgage
residential mortgage means a loan made in Canada on the security of residential property that has four or less residential units. (hypothèque résidentielle)
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