The Ontario government is introducing legislation which will eliminate the ability for people to place Notices of Security Interest for consumer goods on the Land Registry.
Due to the sensitive and/or legal subject matter of some of the content on globalnews.ca, we reserve the ability to disable comments from time to time.Todd McCarthy Ontario's Minister of Public and Business Service Delivery attends Question Period at the Ontario Legislature in Toronto, Tuesday, Nov. 28, 2023.
McCarthy was at Waterloo police headquarters in Cambridge on Monday morning to announce the new legislation in an effort to protect residents from scammers who had been fraudulently using NOSIs.“NOSis can be registered on the Land Registry by a business when it rents, finances, or leases certain goods that become fixtures in homes, such as water heaters or furnaces,” he explained.
“Homeowners usually discover NOSIs when they want to sell or refinance their homes, and then bad actors exploit this by demanding exorbitant fees to discharge them,” he said. “In some instances, multiple NOSIs are registered on a single property, which are later converted into sham mortgages that rob hardworking and law abiding Ontarians of their life savings and their home equity.
Fraud Todd Mccarthy Waterloo Regional Police Crime Politics
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