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The Mortgage Brokerages, Lenders and Administrators Act , 2006 entered into force on 1 July 2008, replacing Ontario's Mortgage Brokers Act, 1990, and requires all individuals and businesses engaging in mortgage intermediaries in Ontario to be licensed. This law is currently administered by the Ontario Financial Services Commission.
Important changes to the new law include:
- restrict the use of titles, "mortgage brokers", "mortgage brokers", "mortgage agents", and "mortgage administrators" (and their French equivalents)
- apps for real estate brokers who act as mortgage brokers in Ontario
- adds regulatory oversight to mortgage brokers who manage mortgages on behalf of third parties Exceptions
- for educational requirements during the transition period for multiple individuals
- two-year licensing cycle
- introduces the criteria for submitting a license
Video Mortgage Brokerages, Lenders and Administrators Act
See also
- Real Estate Act and Business Broker
Maps Mortgage Brokerages, Lenders and Administrators Act
External links
- Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29
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References
Source of the article : Wikipedia
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