Mortgage brokers in Saskatchewan will require education credits and 24 months of on-the-job experience to gain a broker license, if new draft regulations formed by the province's Financial Services Commission get the nod.
"There are several significant changes," Cory Peters, the SFSC's audit licensing and compliance manager, said of the new Mortgage Brokerages and Mortgage Administrators Act. He added the new regulations will aim to increase consumer protection in the face of Saskatchewan's expanding broker population.
The updated regulations, which haven't been finalized, include more explicit rules surrounding licensing, education and consumer disclosure for individual brokers. In addition, brokerages will be required to have errors and omissions insurance and use their license numbers on all advertising materials, among other provisions.
The draft regulations have been sent out to industry players who must submit any comments or suggestions by August 12 (the legislation can be viewed here). The revised act will then go through the provincial legislative process and will come into force on proclamation.