On June 28, 2013, Finance Minister Charles Sousa announced the
appointment of Parliamentary Assistant, MPP Steven Del Duca to lead
the first five-year review of Ontario's Mortgage
Brokerages, Lenders and Administrators Act, 2006 (the Ontario
The Ontario Act, which came into force in 2008, statutorily
mandates a five-year review of the mortgage broker legislation. It
also requires that, as part of the review, the government engage in
consultations with the public regarding the operation of the
legislation and regulations.
On August 14, 2013, the Ministry of Finance released a
Consultation Backgrounder inviting the public to participate in the
review process by providing written submissions to Mr. Del Duca by
September 16, 2013. It is expected that final recommendations will
be submitted by Mr. Del Duca to the Minister by the end of 2013 and
that the recommendations will also be made available to the
The consultation process provides the public, and particularly
participants in the mortgage industry, with the opportunity to
recommend changes to the legislation, including changes necessary
to modernize the legislation to bring it into line with current
mortgage broker practices. Among other things, it also presents
commercial mortgage lenders with a unique opportunity to clarify
with the government that the Ontario Act only applies to consumer
Despite references to consumers in the consultation materials
published prior to the enactment of the Ontario Act, and to the
government's stated intention that the first five-year review
of the Ontario Act will focus on ways to "strengthen the
already substantial consumer protection provisions in the
act", the Ontario Act does not expressly limit the application
of the legislation and regulations to consumer mortgages. As such,
commercial mortgage lenders and other stakeholders operating in the
commercial mortgage space may want to take this opportunity to
confirm that the Ontario Act is fundamentally consumer protection
legislation that is intended to protect consumer lenders and
consumer borrowers and to recommend that the Ontario Act be revised
to make this notion more explicit in the legislation and/or
Please click here for a link to the Ministry of Finance
Consultation on the initial five-year review of the Mortgage
Brokerages, Lenders, and Administrators Act, 2006.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Please join members of the Blakes Commercial Real Estate group as they discuss five key provisions of a commercial real estate purchase agreement that are often the subject of much negotiation but are sometimes misunderstood.
Emotional culture is influenced in great part by the mindset and actions of leadership, although employees also play more of a role than they may realize in creating the culture that exists in the group.
The session will be led by Dr. Robert Brooks, an award-winning author and psychologist. In his presentation, Dr. Brooks will describe the mindset and realistic practices of leaders and staff that help to nurture and sustain a culture characterized by positive emotions, satisfying, respectful relationships, a sense of meaning and ownership for one’s work, and enhanced job performance. Examples will be offered to illustrate strategies for developing a positive emotional culture in an organization.
Join leading lawyers from the Blakes Pensions, Benefits & Executive Compensation group as they discuss recent updates and legal developments in pension and employee benefits law as well as strategies to identify and minimize common risks.
The Canadian Office of the Superintendent of Financial Institutions ("OSFI") recently ruled that a bank cannot promote comprehensive credit insurance ("CCI") within its Canadian branches under the Insurance Business (Banks and Bank Holdings Companies) Regulations (the "Regulations").
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).