A mortgage broker in BC fails to disclose a conflict of interest to a borrower. Under the Mortgage Brokers Act, which of the following consequences may apply?
Correct Answer
B) Suspension or cancellation of registration, fines, and possible referral for prosecution
Under the Mortgage Brokers Act, BCFSA has broad enforcement powers for misconduct including failure to disclose conflicts of interest. Consequences can include suspension or cancellation of registration, administrative penalties (fines), conditions on registration, and referral for prosecution under the Act.
Why This Is the Correct Answer
Option B is correct because under the Mortgage Brokers Act, BCFSA has broad enforcement powers for misconduct including failure to disclose conflicts of interest. Consequences can include suspension or cancellation of registration, administrative penalties (fines), conditions on registration (such as additional supervision or education requirements), and referral for prosecution under the Act for serious violations.
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