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Banking Interpretations

Supt.'s Regs Part 410

February 7, 2005

[ ]

Dear [ ]:

This letter is in confirmation of your letter to me received on October 15, 2004 that, based on my October 5, 2004 letter, a telemarketing informational inquiry that does not include the customer's credit profile would not be considered an "Application" for the purposes of calculating the amount of the bond or deposit a mortgage broker is required to obtain pursuant to Part 410 of the Superintendent's Regulations. Likewise, if your company uses a credit profile to formulate a loan profile for the client, then such an inquiry must be included when calculating the amount of the bond.

I trust this is responsive to your inquiry.

Very truly yours,

Alvin A. Narin
First Assistant Couns

Department of Financial Services


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