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.
New agreement means NL Hydro can buy power from Corner Brook Pulp and Paper at reduced rate
New CAO at Qalipu First Nation, Brad Evoy, was founding member at Bay of Islands Radio
Applications open soon for the Aging Well at Home Grant, those eligible to receive $400 a year
MHA and former TV news reporter releases Christmas recording, second one this month
St. Anthony man charged with impaired after single vehicle crash near Wiltondale Friday night
