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New Law Protects Mortgage Seekers

Ontario has passed the Mortgage Brokerages, Lenders and Administrators Act, 2006.

It’s the first update to laws governing the fast growing mortgage brokerage industry in 30 years.

While details haven’t been finalized, the law mandates that:

  • Those who sell, lend, or trade in mortgages be licensed
  • Mortgage professionals meet minimum educational requirements
  • Mortgage brokers act on behalf of only one brokerage
  • Mortgage agents be closely supervised by compliance officers in their firms
  • New penalties up to $200,000 be levied for violations of the law