Atlantic Canada is edging closer to real regulation, with the Nova Scotia government now eyeing the region’s fledgling association as a provider of basic broker education even as another province appears to drag its heels.
“The province has indicated that MBAAC (Mortgage Brokers Association of Atlantic Canada) will be an approved provider of the minimum education requirement course which will be part of the new regulations when completed,” said Glen Ward, president of association. “We have already agreed to partner with AMBA to provide this and build a course specific to the new regulations in Nova Scotia once they are finalized in the province sometime next year.”
When approved, MBAAC will be the second broker association offering a broker course in the province. In June this year, CAAMP launched a broker program containing courses specific to Nova Scotia legislation, land registration and business practices.
Earlier this month, CAAMP also announced it will be launching a course in Newfoundland and Labrador come 2013. However, none of the Atlantic provinces has a specific education requirements tied to their broker licensing programs, said Ward.
Nova Scotia’s Law of Amendments Committee is currently looking into proposed changes to the province’s Mortgage Broker Act. While the industry is regulated in most provinces across Canada, only Nova Scotia and Newfoundland licenses brokers in Atlantic Canada. New Brunswick and PEI are still being encouraged by industry professionals to move in that direction.
MBAAC has also been making some headway on negotiations with other provinces, Ward told MortgageBrokerNews.ca.
He said officials of the provincial government of PEI met with MBAAC and promised that they would look into presenting a proposed bill calling for the creation of a minimum registration system for mortgage brokers in the province.
Officials in Newfoundland were also “open to working with MBAAC,” said Ward, but the organization had less success in New Brunswick.
“Unfortunately this issue seems not be a high priority for the current government,” Ward said of the result of their meeting with New Brunswick officials. “But we continue to be engaged with consumers and will act as an advocate to help induce change in New Brunswick.”