The Mortgage Brokerages, Lenders and Administrators Act, 2006 (Ontario) (the "Current Act") came into effect on July 1, 2008, at which time the Mortgage Brokers Act (Ontario) (the "Previous Act") was repealed. Unlike the Previous Act, which had only one category of registration (mortgage broker), the Current Act has four categories of licences – mortgage brokerage, mortgage administrator, mortgage broker and mortgage agent. The Current Act sets out the eligibility criteria for each of the licensing categories, and rules on the standards of practice for each category of licensee.

type Financial Services Alert - September 2008 - New Legislation for Mortgage Brokering Activities - The Mortgage Brokerages, Lenders and Administrators Act, 2006 (Ontario)