Government is introducing a new act for mortgage brokers to protect home buyers.
Buying a home is probably the biggest investment a lot of people make. The new act is called the Mortgage Brokerages and Brokers Act, and has received second reading in the House of Assembly. Corporations, partnerships, and sole proprietorships registered as mortgage brokers will have to meet new requirements as a mortgage brokerage. Individuals working in a business registered as a mortgage broker will need to apply for a mortgage broker licence. The act will also focus on education, require mortgage brokerages have a trust account to cover errors and insurance, strengthen requirements for disclosures owed to borrowers, authorize the development of a Code of Conduct and penalties.
City approves more than $103K for the Riverside Drive Embankment Risk Assessment project
Fisheries Minister and a NL delegation are heading to the Boston Seafood Show this week
New resource for kids in grades 2-4 to learn the value of food
Corner Brook's new Recreation Centre is more than $2.6 million over budget so far
Corner Brook awards more than $239K for a water audit and leak analysis
