BC residents seeking to get a mortgage are soon going to have enhanced consumer protection as part of new legislation for mortgage service providers.
The Provincial Government is replacing the outdated Mortgage Brokers Act with the new Mortgage Services Act as part of the recommendations made by the Commission of Inquiry into Money Laundering in BC.
This new act’s primary improvement is giving BC’s financial services sector regulator, the BC Financial Services Authority, a way to develop rules for licensing and licensee conduct.
The main goal of the new modern mortgage services framework is to improve the protection of borrowers and lenders in today’s market and allow for changes in the future.
In summary, the Mortgage Services Act will give a framework to address every recommendation of the Cullen Commission, including the ones that will look to reduce money laundering in real estate.
The earliest these new rules can be implemented is sometime late next year.
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