FSRA report on innovation and technology in the Ontario mortgage services sector
FSRA has published a report identifying the need to consider open banking and technological innovation in future regulation. DOWNLOAD REPORT >>
BC – property purchase cooling off period details
For persons in British Columbia entering into a residential real estate transaction, here is the guidance on the new home buyer’s rescission period. Home Buyer Rescission Period Consumer Guide
New High Cost Credit Licensing in Newfoundland
Newfoundland is now the 5th province to regulate high cost credit lenders. Consumer Protection and Business Practices Act Amendments Designed to Protect High-Cost Credit Borrowers
Lawyers call for government to revisit foreign buyers’ ban
The Federation of Ontario Law Associations raises serious concerns with the proposed regulations for the foreign buyers’ ban, to be implemented in January of 2023. Read their letter here
Mortgage fraud in private lending predicted to increase
This article from Gowling calls for increased vigilance from the private lending sector to combat increased threats of mortgage fraud. Protecting against private lender mortgage fraud
US sees the emergence of “crypto mortgages” – could they come to Canada?
Crypto mortgages are loans where crypto currency is used as security for the real estate purchase. A new concept, with some benefits and pitfalls. “Crypto-Mortgage”- Do the Benefits Outweigh the Risks?
BC – property purchase cooling off period details
Some further details concerning British Columbia’s new cooling off period for real estate purchases have been unveiled. A three day cooling off period, enabling purchasers to conduct due diligence and cancel their contract within three days of the contract date will go into effect on January 1, 2023. Vendors will be entitled to collect a […]
US develops framework for regulation of crypto with international bodies
US develops framework to regulate digital assets with International regulatory bodies -the framework’s policy objectives also include reducing the potential use of crypto for illicit finance, promoting access to financial services, supporting technological advancement. Read more here https://home.treasury.gov/news/press-releases/jy0854
New lenders association aims to provide regulatory feedback on private lending
Here is an article on Mortgage Broker News setting out the goals of CAPL, which are to provide feedback on regulatory matters to government and regulators and practice support to members. Read the article here
The Cullen Reports Hits and Misses
Hits and misses with the Cullen Commission report on money laundering