Canadian financial institutions subject to regulation under other legislation, such as banks, insurance and trust companies and credit unions, do not require licences under the Act, but the potential application of the Act must be carefully examined by other lenders (both Canadian and foreign) when considering lending on the security of real property in Ontario. Many provincial governments are imposing stricter rules in the mortgage broker industry. In Québec, the Real Estate Brokerage Act governs persons engaged in brokerage transactions relating to loans secured by immovable hypothecs.
The potential application of the Ontario Mortgage Brokerages, Lenders and Administrators Act , 2006 , must be carefully examined by other lenders (both Canadian and foreign) when considering lending on the security of real property in Ontario.
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Doing Business in Canada
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