On 4 October, CTV News and others reported that the British Columbia government is bringing in new laws to replace the outdated Mortgage Brokers Act as it follows recommendations from an inquiry into money laundering. The government said that the Act will give the BC Financial Services Authority the ability to make rules for the industry, as non-traditional lenders emerge, and more people turn to brokers and online technology to arrange residential mortgages. The act will provide a framework to address issues singled out by the Cullen Commission of Inquiry into Money Laundering that wrapped up in May, aimed at reducing the problem in the real estate sector.
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