The Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act) came into force on July 1, 2008, replacing Ontario's Mortgage Brokers Act, 1990,[1] and requires all individuals and businesses who conduct mortgage brokering activities in Ontario to be licensed.[2] The Act is currently administered by the Financial Services Regulatory Authority of Ontario.
Notable changes with the new legislation include:
- restrict the use of the titles, "mortgage brokerage", "mortgage broker", "mortgage agent", and "mortgage administrator" (and their French equivalents)[3]
- application to real estate brokers who act as mortgage brokers in Ontario[4]
- adding regulatory oversight to mortgage brokers who administer mortgages on behalf of third parties[4]
- exemptions to educational requirements during the transition period for some individuals[5]
- two-year licensing cycles[6]
- introducing criteria for surrendering a license[6]
See also
editExternal links
edit- "Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29". www.e-laws.gov.on.ca.
References
edit- ^ "Mortgage Brokers Act, R.S.O. 1990, c. M.39 (repealed)". Retrieved November 2, 2008.
- ^ "Ontario Real Estate Law". ComparaSave. June 27, 2013. Retrieved July 2, 2013.
- ^ "Highlights of the Mortgage Brokerages, Lenders and Administrators Act, 2006". Archived from the original on July 25, 2008. Retrieved November 2, 2008.
- ^ a b "The Mortgage Brokerages, Lenders and Administrators Act, 2006 : Frequently Asked Questions". Retrieved November 2, 2008.
- ^ "Exemptions from licensing requirements". Retrieved November 2, 2008.
- ^ a b "Technical changes to licensing regulations". Retrieved November 2, 2008.
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