Changes to Debt Settlement and Real Estate Transaction Practices

Monday, June 29, 2015

Ontario is changing financial protections to help consumers using debt settlement services and creating new rules to protect consumers in real estate transactions, ending unfair business practices.  

Starting July 1, 2015, debt settlement service providers will have limits to how much they can charge someone who comes to them for assistance. The new rules also: 

  • ban debt settlement companies from charging fees before a client begins making payments
  • require clear contracts 
  • provide a 10-day cooling-off period for any debt settlement services contract entered into on or after July 1, 2015 

You can read more about these new practices in the press release. You can also learn more about consumer protection on Settlement.Org.

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