REGULATIONS AND GOVERNMENT RELATIONS
WE WORK ON BEHALF OF OUR MEMBERS
We advocate for our members by engaging with policy and legislation staff at the Ministry of Finance, Ministry of Housing, and MLAs on legislative reform matters.
Our CEO and President also hold regular meetings with BCFSA to discuss several issues impacting mortgage brokers and are part of the BCFSA Mortgage Services Act Implementation Technical Working Group. We will keep our members updated as soon as the regulations are released by the Ministry of Finance and more details about the transition to the new Act and implementation timeline become available.
Joining CMBA-BC means having a dedicated team working tirelessly on your behalf to ensure your voice is heard and your interests are represented at the highest levels.
PROVINCIAL
FEDERAL
Mortgage Brokers Act Consultation: Exemptions for Bank Brokers
Mortgage Brokers Act Consultation: Cost of Credit
Mortgage Brokers Act Consultation: License Types
Mortgage Brokers Act Consultation: Advance Fees
Mortgage Brokers Act Consultation: Adding Settlement Protocols
Mortgage Brokers Act Consultation: Independence in the Adjudication Process
Mortgage Brokers Act Consultation: Employee Status
Mortgage Brokers Act Consultation: Personal Service Mortgage Broker Corporations
Mortgage Brokers Act Consultation: Responses to Finance Ministry Questions
Bill 14 – Amendments to Residential Tenancy Act Response
CMBA-BC is actively addressing member concerns about the recent amendments to the Residential Tenancy Act. We have met with ministry representatives to discuss these issues and released a joint press release with the BC Real Estate Association to propose alternative solutions. In response to our advocacy efforts, the BC Government is amending the personal-use notice periods for homebuyers from 4 months to 3 months, and reducing the dispute period from 30 days to 21 days.
Read letter from Minister Kahlon here
Read latest Member Bulletin here
Read letter to Minister Kahlon here
Read CMBA-BC and BCREA Joint Press Release here
Broker Registration Fees Relief
CMBA-BC has advocated that the significant increases in mortgage broker registration fees authorized by the provincial government should be reconsidered in light of the potential hardships they will cause during this unprecedented period of financial turmoil.
Read our letter to the Minister here
Read the Minister’s response here
Broker Registration Fees Consultation
CMBA-BC continues to advocate for a balanced approach to the regulator’s call for increased mortgage broker and sub-mortgage broker registration fees. Our Association has outlined the concerns expressed by our Members about the proposed fee structure and highlighted several potential alternative solutions.
Read the submission here
CMBA’s Submission on Anti Money Laundering Measures
Our Association recently presented to the BC Expert Panel on Anti Money Laundering measures and prepared a formal submission.
Read the submission here
CMBA-BC’s submission to the BC Law Institute regarding the Employment Standards Act – Employees vs Independent Contractors
CMBA-BC was requested to make submissions concerning the BC Law Institute (BCLI) Project Committee’s consultation paper on redrafting the Employment Standards Act (ESA).
Read the submission here
CMBA-BC’s submission to the BC Law Institute regarding the Employment Standards Act – Wage Liens and Impact on Mortgages
CMBA-BC was requested to make submissions concerning the BC Law Institute (BCLI) Project Committee’s consultation paper on redrafting the Employment Standards Act (ESA).
Read the submission here
CMBA-BC comments on the Financial Institutions Act and Credit Union Incorporation Act Review – Preliminary Review
The CMBA-BC submits comments regarding the above noted preliminary set of recommendations concerning the restructuring of the Financial Institutions Commission (FICOM), in relation to mortgage broker regulation.
Read the comments here
Responding to Announced Money Laundering Crackdown
A recent Globe & Mail story calling attention to alleged drug money laundering via the real estate sector has prompted a response from the BC government.
Read our response here
The Application of Debt Repayment Agent Licensing to Mortgage Brokers in BC
Letter to the Honourable Suzanne Anton, Q.C.
Minister of Justice and Attorney General
Read the letter here
Additional submissions regarding the application of section 17.3 of the Mortgage Brokers Act (MBA)
Letter to Carolyn Rogers, Registrar of Mortgage Brokers
Read the document here
The Registrar’s Proposal to Amend the Form 10
Letter to The Registrar of Mortgage Brokers dated October 9, 2015
Read the document here
Letter to the Honourable Suzanne Anton, Q.C., Minister of Justice and Attorney General regarding ‘The Application of Debt Repayment Agent Licensing to Mortgage Brokers in BC’
Click here
Letter to Real Estate Magazine regarding Letter to the Editor: Help your clients with mortgage shopping
Click here
Letter to Registrar regarding Compensation Disclosure and the Registrar’s Open Letter to Mortgage Brokers
Click here
Letter to Law Society regarding Changes to Definition of ‘Institutional Lender’ Click here
Letter to the Registrar of Mortgage Brokers regarding Disclosure of Fees to Borrowers
Click here
MBABC’s comments on the Registrars proposal to amend Form 10 requiring Disclosure of Fees
Click here
Letter to the Minister for Core Review regarding the proposed self-regulation of mortgage brokers in BC
Click here
MBABC position paper on the Mortgage Brokers Act
Click here
Mortgage Brokers Act – Personal Mortgage Broker Corporations
Click here
Mortgage Brokers Act – Advance Fees Charged by Mortgage Brokers
Click here
MBABC Recommends solutions for unregistered BC mortgage brokers who collect fees
Click here
Letter to The Honourable Carole James from the Coalition for Small Business Tax Fairness
The Coalition for Small Business Tax Fairness has sent a letter requesting provincial assistance on the taxation of passive investment income.
School Tax Hike on Residential Properties Assessed at Over 3 Million
CMBA – British Columbia has appealed to the BC government’s Finance Minister, the Hon. Carol James, outlining how this new tax policy actually decreases housing affordability – across their entire constituent base – and works in opposition to their own stated affordability goals.
BC Empty Homes Tax
BC Government 2018 Budget Announcement
The BC Government recently announced their 2018 budget, including a 30-point plan addressing housing affordability.
Of note, the plan calls for the elimination of the BC Home Partnership Program (HPP), championed by the BC Liberals and launched in 2017.
The HPP offered down payment assistance for prospective home buyers in the form of a second loan, with interest and payments deferred for five years.
“We are concerned that there is nothing significant in the government’s new housing program for people entering the housing market,” says CMBA-BC Chief Operating Officer Samantha Gale. “The only program in place to help people needing assistance with down payments in Canada’s most expensive housing market will be dismantled, and there are no real measures which will increase the supply of market housing.”
BCFSA AML Update
Updates to Continuing Education Requirements for Mortgage Brokers
CMBA-BC: Get Shot or Get Fired?
Proof of Vaccination Requirements for Brokerage Employees
Letter to Financial Consumer Agency of Canada
CMBA-BC submits a letter regarding bank employees identifying as mortgage brokers, misleading the public as to their position and who they are working for – the borrower or the institution they represent.
Submission to the Rental Housing Task Force
CMBA-BC submits recommendations to the Rental Housing Task Force in response to the government’s current public consultation on rental housing and the BC Residential Tenancy Act (RTA).
Housing Stakeholders Position Paper
The below listed construction and housing industry associations, primarily in market housing, have collaborated to identify several recommendations to improve housing supply. Some of the recommendations can be achieved by municipal governments, but the provincial government can also encourage or assist these processes.
Real Estate Board of Greater Vancouver
Fraser Valley Real Estate Board
BC Real Estate Association
Real Estate Institute of BC
Greater Vancouver Home Builders’ Association
Canadian Home Builders’ Association – Fraser Valley
Canadian Home Builders’ Association – BC
Urban Development Institute – Pacific Region
LandlordBC
Down Payment Assistance from BC Government for First Time Home Buyers
(BC Home Owner Mortgage and Equity Partnership Program)
Press release regarding the BC Government’s announcement made December 15, 2016
CMBA-BC Press Release Dec 15, 2016
Changes to Definition of “Institutional Lender”
Letter to Jack Olsen, Ethics Advisor
The Law Society of British Columbia
CMBA Joins Coalition for Small Business Tax Fairness
Coalition for Small Business Tax Fairness, representing hundreds of thousands of independent businesses, professionals and taxpayers, submitted a letter to the Honourable Bill Morneau regarding the proposed tax changes.
CMBA Bulletin on Purchases and Sales Involving Non-resident (Capital Gains Tax)
A mortgage broker forewarned with knowledge about the capital gains tax, as it applies to sales of real estate by non-residents, is better forearmed to assist in avoiding later delays and collapsing of transactions.
CMBA PURCHASE & SALES INVOLVING NON RESIDENT BULLETIN
Application of GST to Mortgage Broker Fees/Commissions
Do mortgage broker fees/commissions attract GST?
CMBA Commentary on the CSA proposal regarding proposed amendments to prospectus and registration exemptions applicable to syndicated mortgage transactions
We appreciate the opportunity to comment on the CSA proposal, which contains a number of recommendations to amend available securities exemptions available to mortgage syndicators. The CSA proposal contemplates that the regulation of syndicated mortgages currently within the jurisdiction of mortgage broker regulators will transfer to or remain with securities regulators. The proposal therefore attempts to harmonize securities regulation relating to syndicated mortgages from province to province.
CMBA Submission to OSFI RE: Draft Guideline – Residential Mortgage Underwriting Practices and Procedures
The Canadian Mortgage Brokers Association (CMBA) submission to OSFI concerning the Draft Guideline – Residential Mortgage Underwriting Practices and Procedures.
Consumer Protection and Oversight in Relation to Schedule I Banks
Letter to the Standing Committee on Finance
CMBA Bulletin on Mortgage Brokers Issuing Promissory Notes
Mortgage brokers in Canada who arrange loans from clients using promissory notes may, at least in some circumstances, be breaching securities legislation.
CMBA PROMISSORY NOTES BULLETIN