The Mortgage Brokerages, Lenders and Administrators Act, 2006 came into force on July 1, 2008, replacing Ontario's Mortgage Brokers Act, 1990, and requires all individuals and businesses who conduct mortgage brokering activities in Ontario to be licensed. The Act is currently administered by the Financial Services Commission of Ontario.
Notable changes with the new legislation include:
- restrict the use of the titles, "mortgage brokerage", "mortgage broker", "mortgage agent", and "mortgage administrator" (and their French equivalents)
- application to real estate brokers who act as mortgage brokers in Ontario
- adding regulatory oversight to mortgage brokers who administer mortgages on behalf of third parties
- exemptions to educational requirements during the transition period for some individuals
- two year licensing cycles
- introducing criteria for surrendering a license
Famous quotes containing the words mortgage, lenders and/or act:
“Loosened from the minor’s tether;
Free to mortgage or to sell,
Wild as wind, and light as feather
Bid the slaves of thrift farewell.”
—Samuel Johnson (1709–1784)
“Gratitude among friends is like credit among tradesmen: it keeps business up, and maintains commerce. And we pay not because it is just to discharge our debts, but that we might the more easily find lenders on another occasion.”
—François, Duc De La Rochefoucauld (1613–1680)
“All conservatives are such from personal defects. They have been effeminated by position or nature, born halt and blind, through luxury of their parents, and can only, like invalids, act on the defensive. But strong natures, backwoodsmen, New Hampshire giants, Napoleons, Burkes, Broughams, Websters, Kossuths, are inevitable patriots, until their life ebbs, and their defects and gout, palsy and money, warp them.”
—Ralph Waldo Emerson (1803–1882)