Mortgage Brokerages, Lenders and Administrators Act

The Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act) came into force on July 1, 2008, replacing Ontario's Mortgage Brokers Act, 1990,[1] and requires all individuals and businesses who conduct mortgage brokering activities in Ontario to be licensed.[2] The Act is currently administered by the Financial Services Regulatory Authority 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)[3]
  • application to real estate brokers who act as mortgage brokers in Ontario[4]
  • adding regulatory oversight to mortgage brokers who administer mortgages on behalf of third parties[4]
  • exemptions to educational requirements during the transition period for some individuals[5]
  • two-year licensing cycles[6]
  • introducing criteria for surrendering a license[6]

See also
  • "Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29". www.e-laws.gov.on.ca.

References
  1. "Mortgage Brokers Act, R.S.O. 1990, c. M.39 (repealed)". Retrieved November 2, 2008.
  2. "Ontario Real Estate Law". ComparaSave. June 27, 2013. Retrieved July 2, 2013.
  3. "Highlights of the Mortgage Brokerages, Lenders and Administrators Act, 2006". Archived from the original on July 25, 2008. Retrieved November 2, 2008.
  4. "The Mortgage Brokerages, Lenders and Administrators Act, 2006 : Frequently Asked Questions". Retrieved November 2, 2008.
  5. "Exemptions from licensing requirements". Retrieved November 2, 2008.
  6. "Technical changes to licensing regulations". Retrieved November 2, 2008.
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