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• Mortgage Legislation
• Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA)
• Regulations of the MBLAA
• The Interest Act
• The Mortgages Act
• FSCO Regulatory Report
• Legislative & Regulatory Bulletins

 

Mortgage Legislation

On July 1, 2008 all Mortgage Agents, Brokers, Brokerages and Administrators will require a license to do business in Ontario.

 

The Mortgage Brokerages, Lenders and Administrators Act, 2006 will take full effect on July 1, 2008. There will be an Advance Application Period (transitional period), between March 1, 2008 and June 30, 2008 during which:

• All Mortgage Brokerages and Administrators in Ontario must apply for a licence at the Financial Services Commission of Ontario (FSCO) and will be required to be registered on their new electronic registration system.
• Each Mortgage Brokerage, after it has become licensed, must initiate licensing applications on behalf of its Mortgage Brokers and Mortgage Agents.

Educational Requirements for Agents

Agents will be required to have minimum levels of mortgage brokerage education. Agents who have not been registered for at least 24 of the 36 months prior to registering under the new Act will be required to take a course in order to obtain and maintain licensing.

IMBA’s “Mortgage Agent Course” is an approved course during the transition period. We encourage you to deal with this licensing requirement at your earliest opportunity to avoid a rush before future deadline dates.

 

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