In May 2012, the Nova Scotia Legislature passed the Mortgage Regulation Act
("MRA"). The MRA has not yet come into force, but, when
it does, it will replace the Mortgage Brokers' and Lenders'
Registration Act and, in conjunction with the regulations
that will be passed pursuant to the MRA (the "MRA
Regulations"), will establish a new regulatory regime for
mortgage brokerages, mortgage brokers, associate mortgage
brokers, mortgage lenders and mortgage
administrators.
The MRA is expected to come into force before the end of 2018. A
draft of the proposed MRA Regulations (the "MRA Draft
Regulations") was released in September 2017. This Client
Update is based on the MRA and MRA Draft Regulations, which are
subject to change pending promulgation.
