This month, the Ontario government passed legislation banning a widely used financial lending tool
During an affordability crisis, leaders should do all they can to make life easier for homebuyers and small businesses. Unfortunately, the Ford government just passed legislation that is likely to damage the credit scores of thousands of Ontarians, making life more expensive when people can least afford it.Simply put, a NOSI is a document used to alert a potential homebuyer that a piece of equipment in their future home belongs to a lender, who has the right to retrieve it.
But good intentions alone do not make for good policy. The government’s new policy is not effective. Not only will it fail to keep bad actors out of the market; it will hurt the finances of homeowners and businesses who use NOSIs responsibly. Of course, the government has a duty to crack down on abuse, even if it occurs in small numbers. But it seeks to ban NOSIs without implementing an adequate replacement. This means that with even less rules in place, bad actors will still be able to present impressionable homeowners with fraudulent contracts. What’s more, good actors will pay the price.
It could also, as the bar association suggested in its report, establish a ministry website devoted to educating the public about the lending tool that so many rely on, yet few know exist.
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