12 | summer 2015 mbabc.ca MORTGAGEBROKER
update
The BC GovernmenT intends to overhaul the legal
system for collecting debts under a new Enforcement of Money
Judgments Act. is new legislation is intended to simplify the
process of collecting funds for creditors, so that creditors would
not have to make successive court applications for various
collection remedies. e system will make the process for
collecting monies easier and less costly, which will benefit
both debtors and creditors. Also, the proposed legislation will
eliminate some harsh and unreasonable collection practices
against debtors, for example by expanding the items exempt
from seizure.
e proposed Enforcement of Money Judgments Act
would replace B.C.'s current Court Order Enforcement Act and
would be similar to legislation in Alberta, Saskatchewan and
Newfoundland and Labrador.
Coverage expanded
MBABC is ConstAntly working to provide
members with the most comprehensive
insurance coverage available. With legal expense
insurance, the MBABC provides members
with insurance to cover the cost of legal
representation should the member be subject to
certain regulatory proceedings. is insurance
is included with the cost of membership.
On May 1, 2015, legal expense insurance
coverage was enhanced, with additional
coverage for:
Canadian Anti-Spam Legislation: Get
legal representation to help you fight CRTC
investigations for complaints alleging that you
sent unsolicited emails; and
BC Securities Commission Compliance:
Now you will get legal coverage if you face
disciplinary proceedings from BCSC.
ese new coverage enhancements are in
addition to current legal expense insurance
coverage, where legal representation is provided
at no cost for:
FICOM compliance hearings if you are facing
disciplinary charges;
Defence against a CRA tax audit, and your
policy covers the cost for a tax accountant to
help support your case; and
Property protection to help you deal with
annoying neighbours or trespassers on your
business or personal property.
Most importantly, members have
unlimited telephone legal advice for any legal
matter, regardless of whether it is covered
under the policy or not. Members can call
1-877-8-DASLEGAL for legal advice.
A new day
for debt
collectors
members'news
