Draft regulations under the mortgage brokers act



    1. A borrower who is required by a mortgage broker (if the mortgage broker is a lender in the transaction or administers the mortgage) to purchase any insurance may purchase it from any insurer who may lawfully provide that type of insurance, except that the mortgage broker may reserve the right to disapprove, on reasonable grounds, an insurer selected by the borrower.

    2. A mortgage broker who offers to provide or to arrange insurance referred to in subsection (1) must at the same time clearly disclose to the borrower in writing that the borrower may purchase the required insurance through an agent and from an insurer of the borrower's choice.



  1.   This Regulation comes into force on [insert date].

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