Mortgage Brokerages, Lenders and Administrators Act explained

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
• exemptions to educational requirements during the transition period for some individuals^[5]
• two-year licensing cycles^[6]
• introducing criteria for surrendering a license

See also

• Real Estate and Business Brokers Act

External links

• Web site: Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29 . www.e-laws.gov.on.ca.

Notes and References

1. Web site: Mortgage Brokers Act, R.S.O. 1990, c. M.39 (repealed). November 2, 2008.
2. Web site: Ontario Real Estate Law . June 27, 2013 . ComparaSave . July 2, 2013.
3. Web site: Highlights of the Mortgage Brokerages, Lenders and Administrators Act, 2006 . November 2, 2008 . dead . https://web.archive.org/web/20080725011013/http://www.fin.gov.on.ca/english/media/2006/bk02-mb.html . July 25, 2008 .
4. Web site: The Mortgage Brokerages, Lenders and Administrators Act, 2006 : Frequently Asked Questions. November 2, 2008.
5. Web site: Exemptions from licensing requirements. November 2, 2008.
6. Web site: Technical changes to licensing regulations. November 2, 2008.