The Government of Ontario has recently approved additional new regulations under the Mortgage Brokerages, Lenders and Administrators Act, 2006. Some of the new regulations went into effect on July 1, 2008, while others do not go into effect until January 1, 2009.
The new rules that go into effect on January 1, 2009 will likely require you to change some of your business practices. FSCO is committed to providing you the information you need to meet the requirements of the Act and regulations. Over the next few months, FSCO will provide you with additional information on the rules that come into effect on January 1, 2009. In order to stay up-to-date, we encourage you to:
- Read FSCO’s Mortgage Broker e-Info Newsletter;
- Visit the FSCO website to:
- get current answers to frequently asked questions;
- download Compliance Checklists for Mortgage Brokerages, Administrators, Brokers and Agents;
- Take advantage of the activities and resources that are offered by industry associations.
FSCO will note all questions that are received and will respond to them on an industry-wide basis through the resources listed above.
Financial Services Commission of Ontario