The province of Ontario — home to one in three Canadians — has passed legislation requiring that mortgage brokers be licensed and meet minimum education standards.
The Canadian Institute of Mortgage Brokers and Lenders support the new law, the first update of the laws governing their profession in 30 years, the Toronto Star reported.
One quarter of home buyers in the province, which includes the cities of Toronto and Ottawa, rely on mortgage brokers, said a spokesman for Ontario’s Finance Minister.
The details of the new regulations haven’t been finalized yet, and one legislator told the Star she had concerns that some lenders are exempt and that no money has been set aside for consumer protection and education.
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