Protecting homeowners from unnecessary financial stress
Mortgage professionals should be aware of new legislation that states that Notices of Security Interest (NOSIs) registered against homeowners’ property titles for consumer goods, like water heaters, are now expired.
This is the result of the Ontario Government’s Homeowner Protection Act, which was passed on June 6, 2024. As of this date, NOSIs for consumer goods may no longer be registered in the Land Registry.
FSRA expects mortgage agents, brokers and brokerages to protect their clients from making unnecessary payments to businesses seeking to collect money based on expired NOSIs.
As reported by FSRA in March 2022, homeowners have been victims of door-to-door scams resulting in new mortgages, increased mortgage loans, and new liens on their property to pay off home improvements and contracts for home service equipment for which NOSIs were registered on title.
For any NOSIs registered before June 6, 2024, consumers may want to contact their lawyer for advice if they wish to delete the NOSI from the Land Titles System.
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FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.