Although the new Mortgage Brokerages, Lenders and Administrators Act, 2006 does not go into full effect until July 1, 2008, there are several sections of the new Act, as well as licensing regulations, that go into effect on March 1, 2008.
The Advance Application Period takes place between March 1 and June 30, 2008. During this period:
- All Mortgage Brokerages and Mortgage Administrators in Ontario need to apply for a licence at the Financial Services Commission of Ontario (FSCO).
- Each Mortgage Brokerage (after it has become licensed) must initiate licensing applications on behalf of its Mortgage Brokers and Mortgage Agents.
Licences issued during the Advance Application Period are effective as of July 1, 2008.
Apply for a licence before June 30, 2008 to:
- avoid any delays or disruptions, and
- ensure you are licensed to do business when the new Act goes into full effect on July 1, 2008.
Visit the Advance Application Period frequently asked questions web page for more information.
Financial Services Commission of Ontario