Important News from the Ministry of Finance
In January 2019 CMBA Ontario and Mortgage Professionals Canada submitted comments to the Ministry of Finance regarding current and emerging issues with the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA). Here are further highlights from the report to Ontario’s Minister of Finance, the Honourable Rod Phillips:
- Recommends amendments to the MBLAA to reduce the regulatory burden on commercial mortgage transactions where the parties are large companies or financial institutions;
- Maintain the current exemptions from licensure for simple referrals, those in the legal profession and employees of financial institutions;
- Recommends the Ministry of Finance work with FSRA to create a registration regime for private/unregulated lenders that meet certain criteria.
These and other recommendations are set out in detail in the report to the Minister and can be found HERE