B.C.’s consumer protection agency has levied fines against eight banks and credit unions in the province after finding they were not complying with mortgage discharge regulations aimed at preventing fraud and making transactions more seamless.
“Consumer Protection BC’s recent assessment of the financial sector’s compliance with provincial consumer protection laws showed that there is broad non-compliance when it comes to the requirement to provide a consumer with a discharge document within 30 days of a mortgage loan being paid in full,” the agency stated, adding investigations were conducted after hearing concerns from the Law Society of BC, Society of Notaries Public of BC and Land Title and Survey Authority of British Columbia.
Massive fraud underscored discharge documents Mortgage discharge requirements were strengthened in B.C. following the fraud of lawyer Martin Wirick and alleged fraud of Wirick’s alleged associate and developer Tarsem Gill, whose case remains before the courts after Gill reportedly reversed a guilty plea from May 2013.
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