MPC is pleased that many of its MBLAA review recommendations were adopted by Ontario Ministry of Finance.
The Ontario Ministry of Finance released the results of its review of the Mortgage Brokers, Lenders and Administrators Act (MBLAA), which can be found HERE. Since December 2018, we have been actively advising on the review and Ontario’s mortgage brokering sector with senior stakeholders. In January, President and CEO Paul Taylor and CMBA Ontario Executive Director Robert Gubbins submitted their joint recommendations.
Our recommendations, designed to improve our industry’s standards and to further enhance the confidence of clients, included:
- improvements to licensing and education
- adjusting reporting requirements
- better administration and regulation streamlining of the industry, with reduced regulatory burden
- better enforcement of and stiffer penalties for wrongdoing
- harmonization of the terms “agent” and “broker” with other provinces
The recommendations must still be approved by the government but we are proud to be an important player in the legislative process on behalf of our Ontario members.
If you have any questions or if you are interested in being a part of upcoming meetings with elected officials, please contact MPC’s Director of Government Relations and Regulatory Affairs, J.P. Boutros at firstname.lastname@example.org or Paul Taylor at email@example.com.