Bill 17 Has Implications for Mortgage Brokers

Summer 2014

In this article, Ed Wilson outlines the implications of the BC Government's Miscellaneous Statues Amendment Act, 2014 (Bill 17) on Mortgage Brokers who assist purchasers with financing for pre-sale units. He discusses the delivery of disclosure statements, consolidated disclosure statements, phase disclosure statements and the effect of non-complaint disclosure statements. He also mentions who constitutes a 'developer' and the process of releasing deposits.