Steven Pearlstein was one of the first to recognize a glitch in the Ontario’s new Mortgage Brokerages, Lenders and Administrators Act, 2006 (the “Act”).
Steven, on behalf of the Ontario Bar Association, made a presentation to the Province of Ontario warning that many large pension funds, private equity funds and those who regularly make investments technically may not be in compliance with the new legislation because of the limited exemptions.
The Act which came into effect in Ontario on July 1, 2008 sets forth a regulatory regime on the business of dealing in mortgages, trading mortgages or lending money on the security of real property. The goal in introducing this new legislation was to reduce mortgage fraud and improve consumer protection. For further information, please contact Steven Pearlstein at 416.369.4142.