News release

Consultations on Proposed Changes to Mortgage Brokers, Lenders Registration Act

Service Nova Scotia and Municipal Relations (Oct. 2000 - March 2014)

The province is seeking feedback to update mortgage brokers and lenders legislation to enhance consumer protection.

A discussion paper and on-line consumer survey were released today, May 11, to encourage input from industry and consumers.

"We are updating legislation so that we can have clearer, more modern industry guidelines for mortgage brokers and lenders in Nova Scotia," said Ramona Jennex, Minister of Service Nova Scotia and Municipal Relations. "These guidelines will help us enhance consumer protection measures to help make life better for families across the province."

The discussion paper and response booklet will be mailed to industry members. The discussion paper and a consumer survey are available on-line at www.gov.ns.ca/snsmr/consumer .

The deadline for comment is June 15.

The consultations are part of a broader review of the act, which will help determine if changes are required.

Industry statistics indicate a growing number of Canadian mortgage shoppers are consulting or dealing with mortgage brokers. In 2007, 40 per cent of mortgage shoppers consulted a broker and more than one-third of new mortgages were arranged through one.