New Act and Regulations
For many months, MPC has been assisting Service Nova Scotia and the Government of Nova Scotia as it worked to update the Nova Scotia Mortgage Regulation Act and varied regulations related to mortgage brokering in the province. We are pleased to learn that, many years after its last update, the new Act will come into effect on November 1, 2021. We thank the Government for their efforts and for their outreach and collaboration throughout the process.
The Nova Scotia Mortgage Licensing Team has published an overview of the changes, which can be found here: https://novascotia.ca/changes-mortgage-industry-regulation/
Mortgage industry professionals should also learn and review the changes related to Licensing Requirements. Several informative pamphlets have been created, which can be found here: https://novascotia.ca/changes-mortgage-industry-regulation/resources/
Action Required!
There is also a request from the government that mortgage businesses in Nova Scotia complete a simple one-page questionnaire and return it by email to MortgageRegulation@novascotia.ca by end of day, October 13, 2020. The Nova Scotia Mortgage Licensing Team will then contact each business to help through the transition.
Nova Scotia Licensing Course Update
Mortgage Professionals Canada and Service Nova Scotia are currently updating the Nova Scotia Associate Mortgage Broker Course to incorporate the new Act and Regulations recently approved. We are nearing the final stages of content review and testing, and expect the licensing course will be available to the public by December 1, 2020.
To provide greater flexibility and options to our students, MPC has partnered with Examity – a well-known, highly rated online proctoring service – to offer online live proctoring to all students looking to write their Nova Scotia Associate Mortgage Broker license exam. Virtual exams will help provide students a safe, quiet, comfortable and socially distant environment. In addition, MPC is working with SNS to create a brand new Nova Scotia Mortgage Broker Education Program, slated to launch in April 2021.
Reminder – Webinar on Monday
Also, we remind our Atlantic members about our great webinar being provided at no cost to them this Monday morning, with two important members of the Mortgage Broker Regulators' Council of Canada (MBRCC). Kelly Wyer, Deputy Registrar, Mortgage Brokers and Lenders at Service Nova Scotia, and Alaina Nicholson, Director at the Financial and Consumer Services Commission of New Brunswick, will join MPC Atlantic Director Jennifer Burrage for Regulatory Insights & Updates: The Atlantic Provinces. This is on Monday, October 5, at 10:30am – 11:15am Atlantic. If you have
For more detailed information about the new regulations in Nova Scotia, we have provided links to the new legislation and regulations. If you have any questions about the Act for Ms. Wyer and the Government of Nova Scotia, please feel free to forward them to us.
Mortgage Regulation Act Exemption Regulations, NS Reg 120/2020 https://www.canlii.org/en/ns/laws/regu/ns-reg-120-2020/178491/ns-reg-120-2020.html
Mortgage Lender, Brokerage, Broker and Administrator Licensing Regulations, NS Reg 121/2020 https://www.canlii.org/en/ns/laws/regu/ns-reg-121-2020/178490/ns-reg-121-2020.html
General Disclosure Regulations, NS Reg 124/2020 https://www.canlii.org/en/ns/laws/regu/ns-reg-124-2020/178488/ns-reg-124-2020.html
Cost of Borrowing Disclosure Regulations, NS Reg 125/2020 https://www.canlii.org/en/ns/laws/regu/ns-reg-125-2020/178487/ns-reg-125-2020.html
Standards of Conduct for Mortgage Brokerages Regulations, NS Reg 126/2020 https://www.canlii.org/en/ns/laws/regu/ns-reg-126-2020/178486/ns-reg-126-2020.html
Standards of Conduct for Mortgage Brokers & Associate Mortgage Brokers Regulations, NS Reg 127/2020 https://www.canlii.org/en/ns/laws/regu/ns-reg-127-2020/178485/ns-reg-127-2020.html
Standards of Conduct for Mortgage Lenders Regulations, NS Reg 128/2020 https://www.canlii.org/en/ns/laws/regu/ns-reg-128-2020/178484/ns-reg-128-2020.html
Standards of Conduct for Mortgage Administrators Regulations, NS Reg 129/2020 https://www.canlii.org/en/ns/laws/regu/ns-reg-129-2020/178483/ns-reg-129-2020.html
Record-Keeping Regulations, NS Reg 130/2020 https://www.canlii.org/en/ns/laws/regu/ns-reg-130-2020/178482/ns-reg-130-2020.html
Reporting Requirements Regulations, NS Reg 131/2020 https://www.canlii.org/en/ns/laws/regu/ns-reg-131-2020/178481/ns-reg-131-2020.html
Forms Regulations, NS Reg 132/2020 https://www.canlii.org/en/ns/laws/regu/ns-reg-132-2020/178480/ns-reg-132-2020.html
