Act
Proposed amendments to O. Regs. 187/08, 188/08, and 189/08 of the Mortgage Brokerages, Lenders and Administrators Act, 2006
Regulation Number(s):
O. Reg. 187/08
O. Reg. 188/08
O. Reg. 189/08
O. Reg. 188/08
O. Reg. 189/08
Instrument Type:
Act
Bill or Act:
Mortgage Brokerages, Lenders and Administrators Act, 2006
Summary of Proposal:
The government proposes to amend O. Reg. 187/08, O. Reg. 188/08, and O. Reg. 189/08 of the Mortgage Brokerages, Lenders and Administrators Act, 2006 to strengthen existing mortgage fraud prevention measures in each of these regulations. An additional amendment to protect consumers from advance fees is made to O. Reg. 188/08 to increase the advance fee threshold in s. 37(1) to $400,000 from $300,000.
It is proposed that the amendments would come into force on July 1, 2015, subject to Cabinet approval.
It is proposed that the amendments would come into force on July 1, 2015, subject to Cabinet approval.
Further Information:
O. Reg. 187/08 - Mortgage Brokers and Agents: Standards of Practice
O. Reg. 188/08 - Mortgage Brokerages: Standards of Practice
O. Reg. 189/08 - Mortgage Administrators: Standards of Practice
Proposal Number:
14-MOF026
Posting Date:
November 20, 2014
Comments Due Date:
January 30, 2015
Contact Address:
Gina Stephens
Senior Policy Advisor
Deposit Taking Institutions and Cooperatives Policy Unit
Financial Institutions Policy Branch
Ministry of Finance
Frost North - 4th Floor
95 Grosvenor Street
Toronto, ON M7A 1Z1
Senior Policy Advisor
Deposit Taking Institutions and Cooperatives Policy Unit
Financial Institutions Policy Branch
Ministry of Finance
Frost North - 4th Floor
95 Grosvenor Street
Toronto, ON M7A 1Z1