Consultation request: Mortgage Regulation Act regulations draft

The following is being circulated on behalf of Service Nova Scotia:

Thank you for your extremely helpful comments on the first package of regulations, and for your continued support and interest as we move the Mortgage Regulation Act forward to enactment [planned for November 2015]. You may read the amended “Phase 1” Regulations; as well as the proposed “Phase 2” Regulations in this PDF package.

Service Nova Scotia amended the draft regulations in light of your comments. The amended “Phase 1” Regulations involve the following:

            1. Exemptions

            2. Licensing;

            3. Principal Broker Regulations; and

            4. Compliance Officer Regulations (for mortgage lenders and administrators)

The “Phase 2” Regulations package is linked above for your review and comment, and involves the following:

5. Cost of Borrowing Disclosure;

6. Disclosure Forms 1, 2 & 3

7. Mortgage Brokerage Disclosure;

8. Record-keeping Requirements; and

9. Reporting Requirements

Kindly submit comments on this second package of draft regulations to Mark Coffin at marc.coffin@novascotia.ca by Friday, April 3, 2015.

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