Government is introducing a new act for mortgage brokers to protect home buyers.
Buying a home is probably the biggest investment a lot of people make. The new act is called the Mortgage Brokerages and Brokers Act, and has received second reading in the House of Assembly. Corporations, partnerships, and sole proprietorships registered as mortgage brokers will have to meet new requirements as a mortgage brokerage. Individuals working in a business registered as a mortgage broker will need to apply for a mortgage broker licence. The act will also focus on education, require mortgage brokerages have a trust account to cover errors and insurance, strengthen requirements for disclosures owed to borrowers, authorize the development of a Code of Conduct and penalties.
Wind and rainfall warnings continue for most of NL
Corner Brook woman runs from RCMP, gets caught hiding with cocaine and weapons
Two major projects on O'Connell Drive have wrapped up, traffic delays are done
New Ministers set to give speeches at events today in the capital city
Atlantic Women in Law Enforcement Conference is taking place in the capital city
