B.C. launching new rules for mortgage brokers following money laundering probe
The British Columbia government is bringing in new laws to replace the outdated Mortgage Brokers Act as it follows recommendations from an inquiry into money laundering.
Finance Minister Selina Robinson introduced the bill in the legislature on Tuesday, saying B.C. residents deserve better consumer protection and more transparency in the mortgage broking industry.
The government says in a statement the act will give the BC Financial Services Authority the ability to make rules for the industry, as non-traditional lenders emerge, and more people turn to brokers and online technology to arrange residential mortgages.
It says that the act will provide a framework to address issues singled out by the Cullen Commission of Inquiry into Money Laundering that wrapped up in May, aimed at reducing the problem in the real estate sector.
One pending change is increasing fines to a maximum of $500,000 for those caught breaking the rules, while those with more than one conviction could face fines of up to $2.5 million.
The statement estimates the earliest the new rules could be introduced is late 2023.
This report by The Canadian Press was first published Oct. 4, 2022.
CTVNews.ca Top Stories
CRA no longer requiring 'bare trust' reporting in 2023 tax return
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
He didn't trust police but sought their help anyway. Two days later, he was dead
Jameek Lowery was among more than 330 Black people who died after police stopped them with tactics that aren’t supposed to be deadly, like physical restraint and use of stun guns, The Associated Press found.
Fluid in eye cells can 'boil' if you watch the eclipse without protection: expert
Millions of people in parts of Eastern and Atlantic Canada will be able to see the rare solar eclipse happening on April 8. But they should only look up if they have proper eye protection, experts say.
NEW More unauthorized products for skin, sexual enhancement, recalled: Here are the recalls of this week
Health Canada and the Canadian Food Inspection Agency recalled various items this week, including torches, beef biltong and unauthorized products related to skin care and sexual enhancement.
Where is the worst place for allergy sufferers in Canada?
The spring allergy season has started early in many parts of Canada, with high levels of pollen in some cities already. Experts weigh in on which areas have it worse so far this season.
Do these exercises for core strength if you can't stomach doing planks
Planks are one of the most effective exercises for strengthening your midsection, as they target all of your major core muscles: the transverse abdominis, rectus abdominis, external obliques and internal obliques. Yet despite the popularity of various 10-minute plank challenges, planking is actually one of the most dreaded core exercises, according to many fitness experts.
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
Angst and calls for resting places as Surrey, B.C., pet cemetery development continues
A single headstone is all that remains of dozens of markers for long-buried pets in a subdivision in Surrey’s Newton neighbourhood, where a half-acre parcel bears a large sign announcing the proposed construction of new homes.
Polar ice is melting and changing Earth's rotation. It's messing with time itself
One day in the next couple of years, everyone in the world will lose a second of their time. Exactly when that will happen is being influenced by humans, according to a new study, as melting polar ice alters the Earth’s rotation and changes time itself.