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)