Who is exempt from becoming licensed under the Mortgage Brokerages, Lenders and Administrators Act?
Under the Mortgage Brokerages, Lenders and Administrators Act, 2006 ( Act), the following professionals/businesses are exempt from the requirements to be licensed as Mortgage Brokerages, Mortgage Brokers or Mortgage Agents: • Individuals or businesses that provide referrals that give limited information about a borrower to a potential lender, and vice versa. (Please refer to sections 1 and 2 of regulation 407/07 for full details). • Lawyers who act in a professional legal capacity, on behalf of clients. In these circumstances, a lawyer can: request another person to lend money to a client, administer or deal in mortgages, and solicit or trade in mortgages for a client. However, lawyers cannot hold out, promote or advertise that they are dealing or trading in mortgages. • Financial institutions such as banks or credit unions and caisse populaires to which the Credit Unions and Caisses Populaires Act, 1994 applies. This exemption also includes insurers that are licensed under the Insuran
Related Questions
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