The NSW Government has taken a step closer to implementing a regulatory scheme for the state’s mortgage brokers through the release of new draft laws.
It is hoped the proposed laws will become the stepping stone for standardised laws across Australia.
The proposed laws will include a new licensing regime for NSW mortgage brokers, comprehensive disclosure of product costs, on-going training, and mandatory professional indemnity insurance.
All types of broking structures will be regulated: mortgage brokers, finance brokers, single line broking and single mobile operators, as well as aggregators and franchised organisations.
The NSW Office of Fair Trading is now inviting businesses affected by this legislation to submit comments and recommendations before 15 February 2008.
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