Finance Minister Selina Robinson says the public deserves better transparency and protection when dealing with the industry.
That’s why the provincial government will be revamping the laws covering mortgage brokers.
The BC Financial Services Authority will be given the power to make rules for the industry, as more people turn to brokers, and online technology, to set up residential mortgages.
The changes follow recommendations from the provincial inquiry into money laundering to reduce the problem in the real estate industry.
– with files from Vista Radio newswire