Protecting Consumers and Strengthening the Mortgage Industry
Ontario Government to Review Mortgage Brokerages, Lenders and Administrators Act
Finance Minister Charles Sousa has appointed Parliamentary Assistant, MPP Steven Del Duca to lead the first five-year review of the Mortgage Brokerages, Lenders and Administrators Act.
The review will include consultations with the public and stakeholders that will focus on ways to strengthen the already substantial consumer protection provisions in the act.
The consultations are expected to begin in late summer 2013. Mr. Del Duca will submit final recommendations to the Minister of Finance by early 2014.
Reviewing legislation to ensure it is consistent with the needs of the people of this province is part of the Ontario government's commitment to creating a fair society.
- Recent data suggests that 31 percent of first-time homebuyers use a mortgage broker’s services.
- This is the first five-year review of the MBLAA, which came into force on July 1, 2008. The act requires that the Minister of Finance choose an appointee to begin a review of the act by July 1, 2013.
- Steven Del Duca was elected as MPP for Vaughan in September 2012 in a provincial by-election, and currently serves as Parliamentary Assistant to the Minister of Finance.
“Steven Del Duca's appointment to lead the review further underscores our government’s continued support for strong consumer protection and reaffirms the importance of professionalism in the mortgage broker sector.”