Minister's Regulation for Mortgage Broker Sector Licensing Fees under the Mortgage Brokerages, Lenders and Administrators Act, 2006
Bill or Act:
Mortgage Brokerages, Lenders and Administrators Act, 2006
Summary of Proposal:
The Ministry of Finance is proposing to create a new Minister's Regulation that will increase fees for each of the four classes of licences under the Mortgage Brokerages, Lenders and Administrators Act, 2006:
1) Increase the fees payable by all new licence applicants to $1,156 (from $800), thus increasing the pro-rated, monthly fees to $44 per month (from $30) payable by new applicants that apply for a licence after April 1, 2018, plus a one-time $100 application fee;
2) Increase the fees payable by mortgage brokers and agents for licence renewals to $1,056 paid biennially (from $700); and
3) Increase the periodic regulatory fees payable by mortgage brokerages and administrators to $1,056 paid biennially (from $700).
The new fees would be payable by new applicants and current licensees for the next biennial licensing cycle commencing on April 1, 2018. Licensing fees for the mortgage broker sector have not been increased since 2010. The proposed fee increase is contemplated as the existing fees are not sufficient to cover the costs of the Financial Services Commission of Ontario's (FSCO's) compliance and enforcement activities for the mortgage broker sector.
November 17, 2017
Comments Due Date:
December 18, 2017
Senior Policy Advisor
Financial Services Policy Division
95 Grosvenor St. 4th Floor
Toronto, ON, M7A 1Z1