The Ontario government has announced its first-ever five-year review of the legislation governing mortgage brokers.
Finance minister Charles Sousa Friday announced that he has appointed parliamentary assistant, Steven Del Duca, to lead the first five-year review of the Mortgage Brokerages, Lenders and Administrators Act.
The government says that the review, which will include public consultations, “will focus on ways to strengthen the already substantial consumer protection provisions in the act.”
The consultations are expected to begin in late summer, and final recommendations are to be submitted to the Ministry of Finance by early 2014.
Securities legislation is long overdue for its own five-year review, with the final report of the most recent review delivered back in 2003. In response to a legislative committee recommendation, the government at the time promised to commission the next review by 2007, but that still hasn’t happened.