Proposal
Protecting Consumers and Strengthening the Mortgage Industry with Modern Practices in Ontario - Legislative review of the Mortgages Brokers, Lenders and Administrators Act, 2006 (MBLAA)
Regulation Number(s):
Mortgages Brokers, Lenders and Administrators Act, 2006 (MBLAA) b
Instrument Type:
Proposal
Bill or Act:
Mortgages Brokers, Lenders and Administrators Act, 2006 (MBLAA)
Summary of Proposal:
The Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) sets out the licensing and regulatory requirements for participants in the mortgage broker sector. The MBLAA requires that, every five years, the Minister of Finance appoint one or more persons to review the Act and the regulations. The review is consistent with the government's commitment to continuously update and adapt Ontario's financial services regulation to maintain a sound and stable system for investors and consumers.
The aim of the paper is to gain feedback on three pillars:
1. reinforcing professionalism in the sector,
2. reducing red tape, and
3. strengthening consumer protection.
Within each pillar, background information is provided along with consultation questions. This structured approach allows for a well-rounded examination of the key areas under consideration.
In addition to the specific questions, the Ministry welcomes all other input related to the MBLAA.
This proposal is posted for a 45-day public review. You may send comments by email to mblaa.consultation@ontario.ca.
The aim of the paper is to gain feedback on three pillars:
1. reinforcing professionalism in the sector,
2. reducing red tape, and
3. strengthening consumer protection.
Within each pillar, background information is provided along with consultation questions. This structured approach allows for a well-rounded examination of the key areas under consideration.
In addition to the specific questions, the Ministry welcomes all other input related to the MBLAA.
This proposal is posted for a 45-day public review. You may send comments by email to mblaa.consultation@ontario.ca.
Analysis of Regulatory Impact:
The Ministry of Finance is not currently proposing legislative or regulatory changes, and thus there is no regulatory impact. However, in the event that feedback to this consultation paper leads to future legislative or regulatory changes being proposed, the Ministry will undertake necessary analysis to identify direct compliance costs or benefits.
Further Information:
2023 MBLAA Review Consultation Paper ENG
Proposal Number:
24-MOF004
Posting Date:
May 9, 2024
Comments Due Date:
June 24, 2024
Contact Address:
Financial Institutions Policy Branch
Ministry of Finance, Financial Services Policy Division
95 Grosvenor Street, 4th Floor, Toronto, ON M7A 1Z1
Ministry of Finance, Financial Services Policy Division
95 Grosvenor Street, 4th Floor, Toronto, ON M7A 1Z1