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The British Columbia government is bringing in new laws to replace the outdated Mortgage Brokers Act as it follows recommendations from an inquiry into money laundering.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
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.