What Mortgage Professionals Need to Know about Ontario's Homeowner Protection Act
TORONTO, Sept. 4, 2024 /CNW/ - Mortgage professionals should be aware of new legislation that states that Notices of Security Interest (NOSIs) registered against homeowners' property titles for consumer goods, like water heaters, are now expired.
This is the result of the Ontario Government's Homeowner Protection Act, which was passed on June 6, 2024. As of this date, NOSIs for consumer goods may no longer be registered in the Land Registry.
FSRA expects mortgage agents, brokers and brokerages to protect their clients from making unnecessary payments to businesses seeking to collect money based on expired NOSIs.
"While FSRA does not regulate land registrations, we want to help mortgage professionals protect homeowners from paying fees for Notices of Security Interest (NOSIs) that are now expired and help them avoid unnecessary financial stress," said Antoinette Leung, Head, Financial Institutions and Mortgage Brokerage Conduct, Market Conduct at FSRA. "We expect mortgage professionals to make their clients aware of expired NOSIs and advise their clients appropriately to prevent any further potential consumer harm."
As reported by FSRA in March 2022, homeowners have been victims of door-to-door scams resulting in new mortgages, increased mortgage loans, and new liens on their property to pay off home improvements and contracts for home service equipment for which NOSIs were registered on title.
For any NOSIs registered before June 6, 2024, consumers may want to contact their lawyer for advice if they wish to delete the NOSI from the Land Titles System.
Learn More
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.
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Russ Courtney
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Financial Services Regulatory Authority
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SOURCE Financial Services Regulatory Authority of Ontario
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