Mortgage Brokerages, Lenders and Administrators Act, 2006: Additional Draft Regulations for Consultation
Regulation - LGIC
Bill or Act:
Mortgage Brokerages, Lenders and Administrators Act, 2006
Summary of Decision:
The final versions of these regulations were filed July 27, 2007 and came into force, along with the new Act, on July 1, 2008.
January 11, 2008
Summary of Proposal:
The Ministry of Finance is conducting public consultations on the proposed remaining set of regulations under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and proposed amendments to existing regulations under the same act. While this act sets out a new framework for regulating the mortgage brokerage industry, many of the detailed and specific rules are described in regulations.
The Ministry is releasing the following proposed regulations for consultation: Mortgage Brokerages: Standards of Practice; Mortgage Administrators: Standards of Practice; Mortgage Brokers and Agents: Standards of Practice; Administrative Penalties; Cost of Borrowing and Disclosure to Borrowers; Document Delivery Rules; and General.
The Ministry is also releasing for consultation proposed amendments to the following regulations: Exemptions From The Requirements To Be Licensed (O. Reg. 407/07); Mortgage Administrators: Licensing (O. Reg. 411/07); Mortgage Brokerages: Licensing (O. Reg. 408/07); Mortgage Brokers and Agents: Licensing (O. Reg. 409/07); and Reporting Requirements for Licensees (O. Reg. 412/07).
Industrial & Financial Policy Branch
Ministry of Finance
95 Grosvenor St., Frost Bldg. North, 4th Floor
Toronto, ON M7A 1Z1
Tel: (416) 326-9227
Fax: (416) 325-1187
July 1, 2008