The Mortgage Brokerages and Brokers Act and Regulations [effective April 1, 2025]:
- Establishes a licensing framework
- Introduces education and continuing education requirements
- Requires brokerages to have errors and omissions insurance
- Requires mortgage brokerages to maintain trust accounts
- Strengthens borrower disclosure requirements
- Authorizes administrative penalties for the industry
Government Services is responsible for licensing mortgage brokerages and brokers and handling and mediating complaints made against mortgage brokerages and their brokers.
In addition, the Department handles and mediates complaints involving the actions of real estate brokers and salespersons.