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New Legislation for Mortgage Brokering Activities - The Mortgage Brokerage, Lenders and Adminstrators Act (2006 Ontario) by Donna Spagnolo
Borden Ladner Gervais LLP - Toronto Office
K. Ruth Liu
Borden Ladner Gervais LLP - Toronto Office
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September 11, 2008
The Mortgage Brokerages, Lenders and Administrators Act, 2006 (Ontario) (the "Current Act") came into effect on July 1, 2008, at which time the Mortgage Brokers Act (Ontario) (the "Previous Act") was repealed. Unlike the Previous Act, which had only one category of registration (mortgage broker), the Current Act has four categories of licences - mortgage brokerage, mortgage administrator, mortgage broker and mortgage agent. The Current Act sets out the eligibility criteria for each of the licensing categories, and rules on the standards of practice for each category of licensee.
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