The Government of Ontario has made additional regulations under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (new Act). Some of the new regulations deal with technical changes to regulations dealing with licensing requirements that were communicated over the past year.  The remaining new regulations set out the business requirements that Mortgage Brokerages, Administrators, Brokers and Agents will need to meet, once they are licensed under the new Act. 

Some rules under the new regulations go into effect on July 1, 2008, while others go into effect on January 1, 2009. Over the next few months, FSCO will provide a range of online resources to help the mortgage brokering industry understand the new regulations.    FSCO will also continue to meet with members of the industry to ensure that the regulations’ rules can be implemented in a practical manner. 

As part of FSCO’s commitment to keep the mortgage brokering industry informed, FSCO created the Mortgage Broker e-Info Newsletter. If you have not signed up for the Mortgage Broker e-Info Newsletter, we recommend that you do so. In addition to the Mortgage Broker e-info Newsletter, FSCO is also sending other important communications to individuals on the newsletter distribution list.  

Technical Revisions to Regulations Dealing with Licensing Requirements:

• Ontario Regulation 23/08 - Mortgage Brokers and Agents: Licensing
  
  
• Ontario Regulation 183/08 - Mortgage Brokerages: Licensing
  
• Ontario Regulation 184/08 - Mortgage Brokers and Agents: Licensing
  
  
• Ontario Regulation 185/08 - Mortgage Administrators: Licensing
  
  
• Ontario Regulation 186/08 - Exemptions from the Requirements to be Licensed
  
  
• Ontario Regulation 193/08 - Reporting Requirements for Licensees

New Regulations Dealing with Business Requirements:

• Ontario Regulation 187/08- Mortgage Brokers and Agents: Standards of Practice 
  
  
• Ontario Regulation 188/08 - Mortgage Brokerages: Standards of Practice
  
  
• Ontario Regulation 189/08 - Mortgage Administrators: Standards of Practice
  
  
• Ontario Regulation 190/08 – General
  
  
• Ontario Regulation 191/08 - Cost of Borrowing and Disclosure to Borrowers
  
  
• Ontario Regulation 192/08- Administrative Penalties