Government has launched a broad review of British Columbia’s Mortgage Brokers Act and has released a discussion paper that invites public input on the direction of possible reforms to the legislation.
The Mortgage Brokers Act provides a framework for the registration and regulation of mortgage brokers in British Columbia.
The purpose of the review is to identify and address any legislative aspects that may expose consumers of mortgage products to unnecessary financial risk or create undue inefficiencies in the market. We are seeking your input on any problems, gaps, inconsistencies or ambiguities in the act and any reforms you would like considered.
For many British Columbians, their mortgage is the largest and most important debt they will incur in their lifetime. The Mortgage Brokers Act was originally enacted in 1972 as consumer protection legislation to ensure that lenders were operating out of registered premises and properly disclosing the cost of borrowing. Although the act has been amended several times, most notably in 1998 to protect investors, the current financial services market has changed profoundly over the past forty years and further refinements may be warranted.
It is important that British Columbia’s legislation reflects the current mortgage environment and reduces any existing gaps in consumer protection.
You are invited and encouraged to participate by commenting on the issues or other problems there may be with the current legislation by answering a number of questions in the consultation paper.
Please direct your comments, by February 28, 2013, in electronic form to: firstname.lastname@example.org
If you wish to send comments in paper format, please direct them to:
Financial and Corporate Sector Policy Branch
Ministry of Finance
PO Box 9418 Stn Prov Govt
Victoria, BC V8W 9V1
Phone: 250 387-1269
Full Mortgage Brokers Act Review Discussion Paper
Deputy Minister’s letter to stakeholders
NOTE: The Ministry of Finance will be sharing comments it receives with the Registrar of Mortgage Brokers, and possibly others. Even where confidentiality is requested, freedom of information legislation may require the Ministry to make responses available to those requesting access.