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Where does it say that a mortgage brokerage must have errors and omissions insurance?

April 26, 2017brokerage errors Insurance mortgage omissions

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Where does it say that a mortgage brokerage must have errors and omissions insurance?

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Subsection 7(4) of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) and section 42 of Ontario Regulation 188/08 – Mortgage Brokerages: Standards of Practice require all licensed mortgage brokerages to have errors and omissions insurance with extended coverage for fraudulent acts.

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Subsection 7(4) of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), together with section 42 of Ontario Regulation 188/08 – Mortgage Brokerages: Standards of Practice, establish the requirement for licensed mortgage brokerages to have errors and omissions insurance with extended coverage for fraudulent acts in the amount noted above.