The ''Mortgage Brokerages, Lenders and Administrators Act'', 2006 (the Act) 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 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 French (french: français(e), link=no) may refer to: * Something of, from, or related to France ** French language, which originated in France, and its various dialects and accents ** French people, a nation and ethnic group identified with Franc ...

equivalents) * application to

real estate brokers A real estate agent or real estate broker is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agen ...

who act as

mortgage brokers A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products. As markets for mortgages have become more competitive, ...

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

External links

References

Ontario provincial legislation 2006 in Ontario 2006 in Canadian law Housing legislation in Canada {{Canada-law-stub

See also

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References