Ontario’s Ministry of Finance has released for comment a draft of regulations for a new regulatory regime in the mortgage brokerage world.

It proposes new regulations regarding regulated activities, licensing, the powers and duties of principal brokers and the standards of practice for brokerages.

This draft is the result of on-going public consultations and comments that have been received on ways to improve consumer protection and streamline regulatory approaches, notes the government. It notes that additional regulations not included in this consultation document are being developed concerning topics such as standards of practice for brokers, agents, and mortgage administrators.

Comments are due by Jan. 19, 2007.